If you want to sell a diamond ring in San Francisco, the best place to start is the jewelry stores in Mission Bay or the Financial District. The stores in these areas cater to an upmarket clientele and will always consider buying good-quality diamond jewelry. All the stores in the Mission Bay and Financial districts work to the same pricing formulas when they buy second-hand diamond rings. If you don’t get the price you’re hoping for after visiting three different jewelers, you will either have to lower your price or try selling online.
If you’re selling a diamond ring that is smaller than 0.5 ct, has a 9kt gold setting or a clarity grading of SI or I, you are better off going to your nearest jewelry store. You’re unlikely to get a worthwhile offer and there’s no point wasting your time with a special trip into the city. The same applies to Pandora diamond rings and similar low-cost items of personal jewelry. Generally speaking, prestigious San Francisco jewelry stores aren’t interested in buying them. A pawn store or a neighborhood jeweler might offer you 20% retail.
You might think that the biggest city in Northern California, with almost 900,000 residents would have a thriving second-hand jewelry market. In fact, there is plenty of demand for used diamonds and diamond rings. The problem is that the market works in favor of the jewelers and the buyers. When you try to sell your jewelry, you invariably have to sell at a significant loss. Although a diamond ring doesn’t depreciate in value the same way that white goods or a family car does, there is a price structure at play.
Where To Sell a Diamond Ring In San Francisco for Top Dollar?
If you want to sell a diamond ring for top dollar in San Francisco, your best bet is to find a private buyer who likes your ring. By private buyer, we mean a friend, family member, colleague or acquaintance. There are the people who are most likely to give you a good price. The other alternative is to place an ad on Craigslist or eBay. In theory, you’ll have ready access to a couple of million people when your listing covers San Francisco, Berkeley, Oakland and the dozen other cities encircling the Bay.
The problem with Craigslist is that you’re dealing with strangers. There is a significant crime problem in many California cities and you have to plan for the possibility that you may be targeted. An online ad for a good quality diamond ring is an open invitation to the State’s muggers, burglars, gangbangers, fraudsters and rip-off artists. eBay is safer than Craigslist, but presents sellers with a variety of logistical problems and the issue of returns.
How do I Get a High Price for a Diamond Ring in San Francisco?
If you’re going to sell a diamond ring to a jeweler in San Francisco, you need to know how the second-hand jewelry market actually works. If you go into a high-end jewelry store like La Bijouterie or G Krown in the Financial District, you’ll see all kinds of beautiful diamond jewelry on display. They can also custom design diamond wedding and engagement rings.
The huge majority of their stock (loose diamonds or diamond rings) is bought on a sale or return basis from specialist suppliers. The jewelry market is extremely tough and the suppliers compete to offer retail jewelers the best sale or return deals that they can. A jeweler might take a batch of rings on consignment and put them on public display. If they don’t sell after three months, they’ll be returned to the supplier. The jeweler won’t be out of pocket.
If the jeweler buys your diamond ring, it is essentially an investment. He is risking money in the hope of making more money in the near future. He can’t call you up three months later and ask you to take the ring back if it remains unsold. Some jewelers get around this by offering to sell your diamond ring on commission. You agree on a minimum price and the jeweler displays the ring in the store for an agreed time period. If he sells it for a higher price, he pockets the difference. If he can’t sell it, you can reclaim the ring back whenever you want.
5 Tips for Selling a Diamond Ring
If you’re wondering where to sell a diamond ring in San Francisco for cash, you can try any jeweler. Some are more receptive to walk-ins than others. You need to remember that you’re basically cold calling.
- Try and choose a time when the store is quiet and you’re not distracting the staff and the manager from paying customers.
- Do your research. Work out what the ring is worth brand new and then deduct 40% from that price (8.5% San Francisco sales tax plus the Jewelers expenses and profit margin). This price should be your bottom line. Try opening with a request for 70% of the retail price and be ready to bargain.
- If you have a GIA (or another institute’s) certificate, or an original store receipt or an insurance appraisal, bring them with you and show them to the jeweler.
- Memorise the names of a few local stores. If necessary you can say that X or Y offered you an extra $50 or $100.
- Be prepared to walk away quickly if you don’t like the jeweler’s attitude or final offer. If you get the same reaction in three different stores, you’re wasting your time trying to sell locally and need to look online.
It can be frustrating and even depressing trying to sell a diamond ring, particularly if it has sentimental value. You need to bear in mind that a jeweler is simply an ordinary person trying to run a profitable business. When the jeweler does the mental math and makes you an offer for your ring, the equation includes rent, utilities, taxes, employee salaries, insurance, security costs, and every other headache that comes with running a business.
Sell a Diamond Ring Online for a High Price
The real issue for most people isn’t where to sell a diamond ring in San Francisco. Prices are much the same across the Financial District, Mission Bay, and Union Square. You might get a lower offer in Haight, and the city’s pawn stores will try to gouge you. You’ve also got the problem of hawking your diamond ring around the City (or returning home with a wad of banknotes). Crime is an issue in San Francisco. Even if you’re not targeted by pros, there are plenty of people on the streets who’ll commit opportunistic or impulsive muggings or bag snatches.
It makes a lot of sense to give the City’s jewelers and pawnbrokers a miss and sell a diamond ring online. Professional diamond buyers like Gemesti focus exclusively on buying used diamond rings and jewelry online. Their entire business model is geared towards providing a smooth service and they actively welcome inquiries from potential sellers. Instead of driving round San Francisco’s jewelry stores, and risking a cold reception, you can go online and be immediately welcomed as a valued client!
Why Sell a Diamond Ring Online?
- Online buyers pay high prices for diamond rings
Gemesti operates a nationwide online business. Economies of scale and slimline online structures create big savings that directly benefit sellers. Gemesti pays higher prices because it can afford to – and wants to buy good quality diamond rings.
- It’s fast and convenient to sell a diamond ring online
Gemesti works with FedEx to provide sellers with free overnight shipping for their diamond rings (or other diamond jewelry). You send your ring for an independent appraisal. If you like the offer, you’ll get your money that day. If you don’t, you’ll get your ring back by secure delivery. The appraisal and shipping is free.
- Your personal security and privacy is guaranteed
Gemesti is ideal for anybody with concerns about their personal safety. When you decide to send your ring for appraisal, you liaise directly with FedEx to activate your free overnight shipping. You can use a drop off point or schedule a pickup from your home or workplace. Nobody will know that you have decided to sell a diamond ring or that you have received a cash payment.
Anybody who is asking where to sell a diamond ring in San Francisco should check out Gemesti on Facebook or with the BBB. It’s definitely worth taking a couple of minutes to fill out their online form and get an initial quote for your diamond ring. There’s no obligation to sell, and even if you decide to send your ring for appraisal, you can back out at any time. They’ll simply send your ring back to you free of charge.
Most Gemesti clients are able to close a deal and get money in the bank just 48 hours after completing the online form. If you want to sell your diamond ring for cash and you’re in a hurry, your client services manager will walk you through the entire sales process.