Downtown or Green Hills are the best places to sell a diamond ring in Nashville. However, the city has an estimated 150 jewelers (or at least businesses that also sell jewelry) so you won’t have any problems finding another place to sell a diamond ring. The problem is that you’ll struggle to get a good price. Even in a city of almost 700,000 people, the second-hand jewelry trade is very much a buyer’s market. If you’re wondering where to sell a diamond ring in Nashville, or anywhere in Tennessee, your best bet is always to sell online.
Why can’t I sell a diamond ring for a high price in Nashville?
The simple reality is that jewelers in Nashville don’t need your diamond ring. They have existing deals with major suppliers and receive new rings on sale or return. Put simply, the supplier sends them diamond rings on consignment. If they don’t sell them, they can send them back. Nashville Jewelers have access to suppliers all across the US (and even sometimes internationally). They can pick and choose who they work with and look for good deals.
When a jeweler takes rings on consignment, he can’t lose any money on the deal. When a jeweler buys your second-hand ring, he absolutely has to sell it. He also has to make a reasonable profit on the sale. That means that you will have to sell your ring at a significantly lower price than the supplier. The bottom line price often comes as a shock to anybody who wants to sell their diamond ring for a high price!
How do Nashville jewelers buy diamond rings?
Nashville jewelers work on a fairly standard formula when they pay cash for a used diamond ring. The first thing they will do is evaluate the resale value of your diamond ring. This is where it gets tricky. A diamond ring doesn’t really depreciate in value unless the economy has completely tanked (we’re talking a depression, not a recession).
A jeweler can take a used diamond ring and recondition it. This is a simple process of giving the entire ring an ultrasound clean to remove deeply ingrained dirt and grease. A professional polish will then remove any tiny scratches or dents and restore the precious metal setting to its original display cabinet gleam.
An unscrupulous jeweler can easily pass a used diamond ring that he just paid cash for as a brand new item straight out of the atelier’s workshop. Even so, it’s still only really worth his while if he buys the ring at a substantially cheaper price than his supplier will offer. This is how the price is calculated:
Let’s say that you bring your diamond ring to any Jeweler in Nashville. It could be a Downtown store, a place in Green Hills or Hillsboro; the same rules will apply. The jeweler will immediately deduct the 9.25% Nashville sales tax from the retail value of your ring. He’ll then deduct another 25% or 30% that represents the legitimate store markup. He’ll then consider the issue of sale and return and the fact that if he buys your ring, he’s stuck with it. Don’t be surprised if your jeweler offers you 40% of whatever you originally paid for your diamond ring!
Do Nashville Pawn Stores Pay Cash for a Diamond Ring?
If you’re still thinking about where to sell a diamond ring in Nashville, you may be considering a visit to one of the city’s many pawn stores. The simple advice is don’t waste your time. If you think that jewelers drive a hard bargain when you try to sell a diamond ring, you’ll get an even bigger shock if you visit a pawn store. The average pawn store owner will start by offering you around 20% of the retail value of your diamond ring. He’ll use every trick in the book to manipulate you into a quick sale.
Pawn store owners love diamond rings because they know that they can resell them online within 48 hours and make a fast cash profit. If a pawnbroker gets his hands on a good-quality diamond ring, he won’t even bother putting it on display in his store. He won’t even take it to a neighboring jewelry store. He’ll simply snap a few digital photos with his phone and immediately sell the ring online.
How to sell a diamond ring in Nashville safely
If you’re determined to sell a diamond ring to a pawn store, you should take certain safety precautions. Pawn stores are best known for the 3Gs – guitars, guns, and gold. Along with electrical items, these are typically what people in Tennessee like to pawn. The fact that pawn shops are a ready source of firearms hasn’t gone unnoticed by violent criminals. Many Nashville residents will remember the 2018 robbery at Music City Pawn on Nolensville Pike when three robbers snatched 11 firearms and nearly $8,000 in cash. 25 guns were seized in another pawn store robbery in Hixon this year.
The simple reality is that even totally legitimate pawn stores attract criminals. If you want to sell a diamond ring to a Nashville pawn store, you should take three basic precautions.
- Either go with a reliable friend or opt for concealed carry
- Don’t try to sell your diamond ring if there are other customers in the store
- Watch your surroundings if you have either a diamond ring or cash on your person
Where To Sell a Diamond Ring In Nashville
Where to sell a diamond ring in Nashville isn’t really an issue. Most of the city’s jewelry stores survived the COVID-19 lockdowns and there are plenty to choose from. The best stores are south of the river. You can do a tour of the area via 8th Ave S, 12th Ave S, and 21st Ave S.
- Margaret Ellis
- Barker Diamond Company
- King Baby Studio
- Minor Jewelry
- Genesis Diamonds
These are all reputable jewelers, but they will probably make cash offers for your diamond ring that are typical for Nashville as a whole (and other cities in Tennessee, Kentucky and neighboring states).
Where to sell a diamond ring for top dollar
If you’re in Nashville and you want to sell a diamond ring for top dollar, your only real solution is to go online. If you sell to a professional online diamond jewelry buyer like Gemesti, you’ll get a better price. You’ll also be spared the hassle of driving around jewelry stores and trying to haggle with jewelers who’d much rather deal with buyers.
Gemesti can offer local sellers in Tennessee national prices for second-hand diamond rings – as well as earrings, tennis bracelets, pendants, necklaces and other diamond jewelry. Not only will you get a good price for your diamond ring, you’ll be treated like a valued client and not like a nuisance seller. Selling online to a national buyer is definitely the safest and easiest way to sell a diamond ring.
How do I sell a diamond ring online?
When you decide to sell your diamond ring online, all you have to do is visit www.gemesti.com the first thing you’ll see on the home page is an online form. This is the self-assessment form that helps you to describe your diamond ring. It takes a couple of minutes to complete the form and there are flow charts to help you identify the cut and style of your diamond. If you want, you can also upload digital photos, or any certificates, receipts or documents that you have.
We recommend that you take a couple of extra minutes to give the best possible description of your ring. There’s a good reason for this – the better your description, the more accurate the initial price quote will be. Once you’ve completed the form, a Gemesti client services manager will review your info and call you back with an initial offer for your diamond ring. If you like the offer, you’re just 48 hours away from money in the bank.
- You’ll receive free FedEx shipping for your ring, with insurance up to $100k and priority overnight shipping.
- Your ring will go to the EGL Laboratory for a free appraisal by an independent gemologist. The whole process is filmed for your security.
- The gemologist’s report will be emailed to your client services manager who’ll call you back with a final offer. If you like the price, you’ll get a sales agreement via email and your money will go straight to your account.
- If you decide not to sell your diamond ring, your property will be returned to you for free by a secure courier.
Wherever you are in Nashville (or in Tennessee) you’re never too far from a FedEx point. If you’re out in the countryside or don’t have transport, a courier will come to you. Not only will Gemesti aim to complete the entire process and pay you in 48 hours, they’ll respect your privacy. Nobody will know that you decided to sell a diamond ring, or that you have come into some money.