The Top Mistakes When Selling Your Diamond Ring

June 25th, 2024

The Top Mistakes to Avoid When Selling Your Diamond Ring

It is difficult to imagine that you have decided to sell your diamond ring. But sometimes it becomes necessary to sell something as valuable as your ring, especially if you need extra cash or want to move on from a past relationship.

dazzling diamond ring that's perfect for any occasion — GIA certified emerald cut diamond 2.03 carat (J color, SI2 clarity) ring set in 18k white gold

Selling your diamond ring is a daunting task. You do not want to sell your ring to the random diamond ring buyer you meet. While selling your diamond ring is an easy way to get quick cash, you should know what you are doing.

Avoid these common mistakes to ensure you get the most money for your diamond ring.

In this article, you will learn about the mistakes to avoid when selling your diamond ring to ensure you get top money for your jewelry.

Mistake # 1: Not Knowing the Value of Your Diamond Ring

This is a no-brainer! How can you sell something you have no idea of its value? You need to have an estimated value of your ring so you do not get disappointed by any offer you may get. If you know the value of your diamond ring, you can reject offers that do not seem fair.

The 4Cs of a diamond determine its quality and value:

Cut. This refers to how the diamond is polished, proportioned, and faceted and not to its size and shape. A diamond’s cut determines how it interacts with light.

Diamond cuts are graded as Excellent, Very Good, Good, Fair, and Poor. The cut of your diamond does not impact its value as much as the other Cs but a well-cut ring is in the range of Excellent to Very Good.
Color. Diamond colors are classified on a D-Z scale. D means the diamond is the most expensive because it is completely colorless. Z is a diamond with a light yellow hue. A standard diamond falls with the color grade of D-J.
Carat. This refers to the weight of your diamond. A one-carat diamond converts to 0.2 grams. The larger the carat, the more expensive your diamond. Carat only determines the weight of your diamond and not its actual size.
Clarity. This refers to the number of natural imperfections (inclusions) in your diamond and whether they are visible to the unaided eye. The grading scale rates of diamonds are from Flawless to Included.

Before you sell an engagement ring, have it appraised by a professional to know the value of your diamond.

selling a shimmering diamond ring in a luxurious setting — GIA certified cushion modified brilliant cut diamond 2.03 carat (M color, SI1 clarity) ring set in 18k white gold setting with 22k yellow gold basket for a Fancy Yellow look

Mistake # 2: Selling to the Wrong Buyer

There are several ways and places to sell your diamond ring. Make sure you are selling to the right diamond ring buyer to ensure you get a fair price. You also will avoid the risk of getting scammed by dishonest buyers.

A diamond jewelry buyer could be a:

Pawnshop. While it is one of the fastest and easiest ways to sell your diamond ring, a pawnshop is notorious for offering extremely low quotes.
Online marketplaces. This would be online selling platforms such as eBay, Craigslist, etc. These are good options if you know the details about your diamond and can take a good picture of your ring.

While several people have been successful in online marketplaces, there is always the risk of dealing with law ballers or scammers.
Professional Diamond Jewelry Buyer. A diamond buyer can offer the most money for your diamond ring. Professional diamond buyers are specifically trained to determine the value of your diamond jewelry and are well-versed in market conditions. They are often GIA-trained gemologists.

Do thorough research on your potential buyers. You do not want to sell your precious ring to a diamond ring buyer who has no proven track record or good references and testimonies.

Always make sure to sell your diamond ring to a reputable buyer like us, SellUsYourJewelry.com, who’s experts earned many years of experience and accreditations from institutions such as the Gemological Institute of America (GIA). Also check for online consumer reviews.

Visit the Better Business Bureau and check for high ratings and any complaints about your potential buyer. Take the time to look up online reviews, too, and read about the experiences of past customers.

Mistake # 3: Not Having Proper Documentation

Having all the proper documentation for your diamond is going to be a big help during the selling process.

When preparing to sell your diamond ring, gather all the relevant documentation such as the official receipt, certificate of authenticity, diamond certificate issued by a diamond lab, and/or the appraisal report.

The box your diamond ring came with and the paperwork can be an important factor in how much you will get for it. With proper documentation, you are assured to get what your diamond ring is worth.

selling an elegant diamond ring with a timeless design — GIA certified round brilliant cut 1.31 carat diamond (G color, VS1 clarity) ring with an 18k split shank diamond setting

Mistake # 4: Setting an Unrealistic Price

When planning to sell engagement ring, you probably already have an idea of the price you believe it should fetch. After all, you know the size of the diamond and its original price.

While you want to get the most money for your diamond ring, some factors may affect its current value:

Quality. Cut, color, clarity, and carat.
Demand. An increase in demand means higher prices while an increase in supply means lower prices.
Market Conditions. The present economic and political conditions affect the price of diamond rings.

Remember that even if your diamond ring is in flawless condition, you will not be able to sell engagement ring for the price you paid for it. So, be realistic from the beginning.

Mistake # 5 Not Cleaning or Repairing the Diamond Ring

You may have worn your diamond ring for many years. Even the hardest of stones can get scratched and precious metals wear down over time. It would be a big mistake not to take a good look at your ring and see how much wear and tear it has suffered.

Beautiful diamond ring with a brilliant cut — GIA certified round brilliant cut diamond 2.02 carat (G color, VVS2 clarity) solitaire ring set in 14k yellow gold setting with white gold 6 prongs

You can have some minor bashes and scrapes in your diamond, as well as worn- down prongs repaired by a good jeweler. As with any pre-owned jewelry, the condition of your diamond ring will affect its current price.

At Sell Us Your Jewelry.com we offer free quotes.

Sell your diamond ring, Have your ring cleaned by a professional. A good cleaning will make your ring more salable and you will get a better price for it.

Conclusion

Selling your diamond ring requires thorough research and preparation, as well as a lot of caution to avoid not getting a fair price.

Not knowing how the value of your diamond ring, selling to the wrong buyer, not gathering the proper documentation, selling at an unrealistic price, and not preparing your diamond ring for resale are top mistakes you need to avoid

Do it the right way. Sell your diamond ring with us, Sell Us Your Jewelry.com, successfully in order to avoid these mistakes. We are a buying division of Gray and Sons Jewelers, a world famous and trusted company since 1980. Our in-house diamond experts will make sure you feel comfortable every step of the way and you will get the highest price. Fill out our form and get a free quote today!

We always say; “come and see us last, we beat other offers “!

Meet Claudine Faifer: Estate Jewelry & Sterling Silver Specialist

Meet Claudine Faifer an estate jewelry, watch and sterling silver specialist with a professional career spanning over 50 years, including an impressive 30 years career at Gray and Sons Jewelers, the premier destination for selling, buying, repairing and consigning luxury watches and estate jewelry… Read more of Claudine Faifer's History in Estate Jewelry