How Much is my Diamond Ring Worth?
When looking to sell or finance a diamond ring, often times it’s difficult to know how much to expect for it. Many people will go to their local jeweler to get it appraised. But a jewelry appraisal isn’t always the best way to know how much you should expect to get when reselling your beautiful ring. When selling such a valuable item, you want to be confident that you are getting a fair price for it. That’s why, before heading to your local jewelry store, it is important to first learn what is the best way to find out your diamond’s value.
Diamond Ring Appraisal
Diamond ring appraisals are the most popular method people use to find out their diamond ring’s value. Carried out by professional appraisers, a diamond ring appraisal is the process of assigning a monetary value to the whole ring, including the diamond, the metal, and other stones if existing. Diamond ring appraisals are carried out for specific purposes, like insurance or tax, and the value stated in the appraisal is only valid in that context.
There’s a common misconception that often leads to disappointment when selling a diamond ring. Most people expect to get the appraisal value for their ring, but the truth is, it doesn’t reflect the diamond ring’s resale value. The appraisal states the Retail Replacement Value, this is, how much will it cost to replace the item, and it’s directly related to insurance policies. To learn more about this, read the article What’s My Jewelry Worth?
Resale Appraisal or Diamond Ring Grading?
If appraisals don’t state the absolute value of a diamond ring, how do you find out it’s value for resale purposes? There are two main ways to do it. The first one is to get a specific resale appraisal. This will provide you with an estimate of what a buyer will pay for your ring in the wholesale market. Like with every other pre-owned goods, the value will be lower than the retail price you paid for originally.
The second and most accurate way is to get your diamond ring graded by a professional gemologist. A diamond grading report includes a very accurate description of your diamond’s attributes: carat, cut, color and clarity. It is carried out by prestigious diamond grading institutes, like GIA or IGI, or by certified gemologists. Diamond grading reports don’t include a monetary value of the diamond.
There are a few kinds of locations that can professionally evaluate your diamond ring. But from all of them, diamond grading institutions are the most objective ones. While many locations, including local jewelers, have the expertise and equipment to assess your diamond, you must be aware that not all will be entirely objective. This depends on whether or not your diamond ring was sold to you at that location or if the evaluator is interested in buying your diamond ring.
Diamond gradings are carried out by objective third-party laboratories that aren’t involved in the resale process. Ultimately, a diamond grading report is the most transparent and accurate way to find out how your diamond’s attributes are valued by the market in a specific moment in time.
Trusted Diamond Grading Institutions
These prestigious institutions have the experience and expertise required to provide the most objective, accurate diamond evaluation possible:
GIA: Gemological Institute of America
EGL: European Gemological Laboratory
IGI: International Gemological Institute
AGS: American Gem Society
When submitting a diamond ring to Worthy for sale, we provide GIA and IGI diamond grading reports, at no cost to you. A proper and objective diamond evaluation is vital to us and we only trust the very best in the business to carry them out.
What is a Worthy Diamond Ring Grading?
A diamond ring grading at Worthy is carried out not just by any evaluator, but by GIA and IGI, the world's leaders in diamond certification. Because of a diamond’s natural characteristics, each and every diamond ring Worthy sells on behalf of our clients is unique. For this reason, we have partnered with the top diamond grading labs, in order to make sure that each and every one of the evaluations is carried out with cutting-edge equipment and according to the highest standards.
While the diamond rings we handle undergo an evaluation similar to the one which may have been carried out by your local jeweler or another grading lab, there is one very important difference: Worthy’s appraisals are 100 percent objective, meaning that no monetary price is assigned. Instead, a GIA/IGI certification is issued, which enhances buyer trust while helping to ensure that you receive the best value for your diamond ring. After authentication, we write accurate yet compelling descriptions designed to entice interested buyers to ultimately bid on them and decide the fair market value. Not to mention, a Worthy evaluation is free of charge and requires no obligation.
The diamond ring grading process begins with a good cleaning. This is done so that any scratches or blemishes can be seen clearly. Then the diamond is measured with gauges and scales to determine the 4 C’s; cut, color, clarity, and carat size. The ring band material is then inspected and taken into consideration. In the final steps of the grading, a full description is composed and high quality images taken. Using the professional description and image, your valuable item is put up for auction for hundreds of trusted buyers to view and bid on.
How Do I Get my Diamond Ring Graded at Worthy?
If you are looking to sell or finance your diamond ring, the best place to start is our homepage. There you will have immediate access to a request form in which you can briefly describe your diamond ring, attach a picture, and get an initial estimate. If the initial estimate interests you, you can send your diamond ring to our secure facilities for a free physical evaluation. The costs of shipping and insurance are covered by us so that your valuable ring is protected all along the way. Once your diamond arrives at our offices, we facilitate the GIA/IGI grading as described above. It is so easy and simple, and absolutely risk free.
Why Work with Worthy?
Here at Worthy, we strive to make your selling or financing experience as safe and simple as possible. Here are just a few of the things that we provide when you choose to get money for your diamond ring:
- Value: We get the best price for your diamond ring.
- Trust: We hold a Secondhand Dealer's License issued by the NYC Department of Consumer Affairs and accredited by the BBB.
- Specialization: We specialize in evaluating watches and other luxury items.
- Simplicity: We do all the legwork for you from start to finish.
- No Obligation: We do not sell your item until you accept a deal.