Princeton is the single best place to sell a Diamond Ring in New Jersey. NJ has seven cities with over 100,000 people and over 1,000 jewelers and pawnbrokers across the state. On the face of it, New Jersey should be a great place to sell a diamond ring. If you’re in one of New Jersey’s smaller townships or live right out in a rural area, you’ve got fewer choices.
If you want to sell second-hand jewelry for a high price, small towns have never been a good option. Even cities like Newark, Jersey City, Paterson, and Elizabeth are surprisingly tough for sellers. We’ll take a closer look at where to sell a diamond ring in New Jersey. We’ll also explore some practical alternatives like how to sell your diamond ring online.
Should I Sell my Diamond Ring to a NJ Jeweler?
The Garden State is a great place to do business, and there are some outstanding independent jewelers. Hamilton Jewelers in Princeton was established over 100 years ago. Family & Co in Marlton was established 85 years ago. There’s a solid tradition of craftsmanship and luxury personal jewelry businesses in NJ – the best are easily on a par with New York’s world-famous Diamond District. Unfortunately, their business models are geared towards selling jewelry – not towards buying individual items.
There is definitely a market for used personal jewelry. The second diamond market generates big bucks – both in the US and worldwide. The problem is that unless you have personal contacts at the right point in the supply chain, you’re always going to get below the supplier’s price for your diamond ring. This is how it works:
- A diamond is mined and graded as suitable for personal jewelry.
- It is sold to a buyer (and may actually pass through various middlemen).
- The rough diamond is cut and polished until it meets market standards.
- It’s then matched with a setting to create a diamond ring.
- The ring may subsequently be sold to a jeweler – who sells it to a customer.
The price of the diamond jumped at every stage of the process. The final stage was where the jeweler added between 20% – 30% to the supplier’s price. The NJ sales tax added another 7% on top of that. If you bought your diamond ring online, you may also have paid shipping costs.
Any jeweler or diamond dealer in New Jersey is going to take one look at your diamond ring and start doing the mental math. Don’t be surprised if the initial offer is 40% less than whatever you paid retail. Some jewelers will try and drive an even harder bargain. At the end of the day, they don’t need to buy your ring. They have to see a large profit and a fast resale before they pay cash for a used diamond ring.
|Should I Sell my Diamond Ring in the New York Diamond District?|
If you’re living in Jersey City or North Bergen, you may be tempted to drive over the bridge and try to sell your diamond ring in New York. The NYC Diamond District is in Manhattan on 47th street between 5th and 6th Avenue. There are over 4,000 diamond wholesalers and retailers crammed into the world-famous New York Diamond District!
The problem with the NYC Diamond District is that it’s a great place to go and buy a diamond engagement ring or a diamond wedding ring. Most of the jewelers aren’t especially interested in buying single second-hand rings. They’ll snap up a real bargain if they see one, but already have a good sales or return deals with local suppliers.
You won’t find any real price differences between New Jersey and New York when you try to sell a diamond ring.
Should I Sell my Diamond Ring to a NJ Pawn Store?
If you live in Newark, Atlantic City, Jersey City or Trenton, you’ve probably driven past plenty of pawn stores. In fact, pretty much every town and city in the State has at least one pawn store. They’re a fact of life in modern America and are a convenient place to convert unwanted property into cash or raise a fast loan against a personal item. The bulk of pawn stores trade is guns, musical instruments like guitars, electrical items, and gold/personal jewelry. These are easily portable goods that are always in demand.
You might think that a visit to your local pawn store is a quick and convenient way to sell a diamond ring for cash. That’s about half right; it’s certainly quick and convenient, and pawn stores love to pay cash for diamond rings. The problem is that you won’t get very much cash. A typical initial offer is 20% of whatever you paid for your diamond ring. If you’re confident and have good bargaining skills, you can hold out for a better offer. With some patience and determination, you might succeed in raising the offering price to 30%…
The reason that pawnbrokers typically drive such a hard bargain is that they traditionally serve poor communities. Their entire business model is based on buying cheaply and reselling the goods at a price that was still affordable to the average walk-in customer. The seller was invariably the losing party in the equation. Pawn brokers apply the same principles to buying diamond rings and high-end jewelry, but they are being more exploitative. If a pawn broker buys your diamond ring, it will usually be resold to a professional online buyer the same day.
Pawnbrokers don’t really like to store high-quality diamond rings on their premises. A jewelry display case is a magnet for thieves and will push their insurance premiums up. Any jewelry you see on display will usually be lower-end brands like Pandora, or 9kt gold chains and bracelets. Any expensive diamond rings with 1-carat diamonds or above will be collected by FedEx courier the same day. They are quickly shipped away for sale to a professional online diamond buying
service like Gemesti.
|Should I Sell my Diamond Ring in Philly?|
Philadelphia is a pretty easy drive if you’re in one of the small New Jersey towns south of the Delaware River. Plenty of NJ residents commute to Philly for work or drive over for shopping trips. The choice of stores easily makes up for the 1% difference in sales tax.
If you’re already looking around for where to sell a diamond ring in New Jersey, it might make sense to head straight for the big city. If you’re in Deptford, Camden or Cherry Hill, you’re not exactly spoiled for choice when it comes to local jewelers.
Philly jewelers can offer some good deals if you’re coming to buy jewelry, they won’t offer any special prices if you’re trying to sell a diamond ring. If you’re in a small township in New Jersey, your best bet is to sell a diamond ring online.
Where To Sell a Diamond Ring In New Jersey?
If you want to cut out the middlemen and get a high cash price for a diamond ring, go online. Gemesti is a professional online diamond buyer that is keen to buy diamond rings and diamond jewelry from New Jersey residents. You can check them out on Facebook or the Better Business Bureau.
Gemesti is a nationwide diamond buyer that covers the entire continental United States. They use FedEx secure overnight delivery to transport sellers’ diamond rings across the country for appraisal and then sale. It may sound complicated, but it’s actually incredibly simple and stress-free.
How to Sell a Diamond Ring Online?
As soon as you visit our website you’ll see a basic online form. It’s designed to allow you to give a clear and accurate description of your diamond ring. Take a couple of minutes to complete the form and you’re just 48 hours away from getting cash in the bank.
|Day 1||Complete the online form. |
If you want, you can photograph the ring and upload the images. The same applies to any certificates or paperwork.
You can use your cellphone to do everything.
|5 – 10 minutes maximum|
|Day 1||Get a call back from a client services manager with a provisional offer for your diamond ring.||5 minutes|
|Day 1||If you decide to sell, you’ll be entitled to free FedEx shipping. |
Arrange collection by a FedEx courier
Take your item to a FedEx point.
|Usually less than 1 hour |
A few minutes
Probably less than 1 hour
|Day 2||Your package arrives at the EGL Laboratory for an independent appraisal by a gemologist.||2 hours|
|Day 2||Your client services manager receives the EGL report and makes a formal offer.||5 minutes|
|Day 2||If you accept the offer you’ll get an email with a sales agreement. Sign it and return it.||5 – 10 minutes|
|Day 2||Your money will be wired to your bank.||Immediate.|
If you decide not to sell your diamond ring – at any point before uploading the signed sales agreement – it will be returned to you free of charge. There’s no hard sell and no pressure to close a deal.
Gemesti is ideal for anybody who wants to sell a diamond ring in New Jersey and wants a high price with no fuss or hassles!