When you were first given your diamond ring, you probably had no intention of ever selling it. However, there are occasions when this changes: a divorce, a broken off engagement, or a death in the family. Or perhaps you are looking to upgrade your engagement ring.
No matter the reason, many people decide to sell their diamond rings for both emotional and financial reasons. For one thing, getting rid of the most tangible symbol of a relationship that has ended can often do wonders when it’s time to move on. For another, selling your diamond can help you earn a sudden financial windfall.
In this article, we will fully explain where, how, and why Worthy is the best place to sell a diamond ring for the most money. By the time you’ve finished reading it, you may even decide you are ready to sell yours right now.
Is It Worth Selling Your Diamond Ring?
In short, the answer is absolutely yes. If you have a diamond engagement or wedding ring you no longer need or want, it makes sense to sell it. Its resale value doesn’t help you if the diamond is tucked away in a drawer at home. And why continue to hold onto a diamond that brings you painful memories or that you simply do not want?
You are likely wondering how much your diamond is worth. It can be a difficult question to answer. On the one hand, a diamond, like any other asset or object, is worth whatever people are willing to pay you for it. On the other hand, there is an established market for new and pre-owned diamonds that helps to influence what a person will be willing to pay you for your ring. And most importantly, you want to get paid the highest price possible for your diamond.
What Factors Determine Your Diamond Ring’s Value?
Estimating the cost of a diamond can be quite challenging. There are many factors that go into valuing a diamond ring, but some are far more influential than others. Here are the main factors that influence the price someone is willing to pay when you go to sell a piece of diamond jewelry.
The 4 C’s
The famous 4 C’s of diamond valuation are cut, color, carat weight, and clarity. These are generally the most important characteristics in determining a diamond price. The better a diamond is graded along these four attributes, the more valuable the ring is likely to be.
Jewelry Or Diamond Brand
Some jewelry brands are worth more than others, and the value of a brand name can change over time. If your ring is from a luxury jeweler such as Tiffany, David Yurman, Cartier, or Harry Winston, it’s probably worth more than a similar ring that doesn’t carry luxury branding.
Diamond Shape
Diamond shapes go in and out of style, and those that are currently trending typically fetch more than those that aren’t. This doesn’t mean that a diamond ring isn’t valuable if it isn’t trendy – it simply means that fair market value increases when a certain diamond shape is in high demand.
Diamond Age
Some vintage or antique diamond rings are worth quite a bundle. So, don’t hesitate to sell an older diamond ring if you aren’t interested in keeping it.
Jewelry Condition
When it comes to selling a diamond ring, the condition of the setting can make a small difference. Buyers pay more for rings that are in good to excellent condition. But, the main driver of the value of a piece of jewelry is the diamond or gemstone. So, most buyers are happy to overlook worn or scratched settings as the diamond is the main attraction.
Where Can You Sell A Diamond Ring?
You have more than a few options when it comes time to sell a diamond ring that you no longer want. Of the following choices, each has their pros and cons. Let’s look at each of these options in turn:
Consignment Shops
Many consignment shops sell jewelry; however, the process can be lengthy and expensive. While some sales do happen quickly, most take weeks or months.
To complete the sale, the right customer must come into the shop and decide to purchase your ring. On top of that, consignors charge an average of 20-50% of the final sales price, and you only keep what’s left after they take their cut.
Local Jewelry Stores
Some jewelers will purchase second-hand diamond rings if they are trendy and in excellent condition. Some can offer fair market value, but unfortunately, most cannot offer much more than wholesale due to their business model.
Costs associated with running a brick-and-mortar jewelry store are high, and it’s usually easier for jewelers to buy diamond rings wholesale in order to make a profit. If you’re considering this alternative, try to get at least a few offers from different jewelry stores so that you can get a better price for your ring.
Pawnshops
If you have a serious financial emergency and you need cash immediately, a pawnshop might be the best option available. These shops are typically well-regulated and they can provide payment in short order.
The bad news is that you are likely to receive a price that’s far below fair market value. The pawnshop must cover costs and turn a profit and to do so they need to pay as little for your diamond as possible. Most are safe, and if you have time to check a few different locations, you may be able to get a little more than you would by selling it to the first pawn shop you visit.
Ebay
Unfortunately, scammers have ruined eBay for many buyers, and the likelihood of making a good sale is slim. Only about 5% of diamond jewelry offered on eBay sells.
Additionally, the market is very much in the buyer’s favor as there is a lot of competition on the platform. But if you are already a respected eBay seller with a solid reputation and proven track record, you have a better chance of selling your diamond. Be sure to use every safety net available to ensure that you receive payment, as scams harm sellers just as they do buyers.
eBay is not the only marketplace where you can sell your diamond ring online. Other options include craigslist and Facebook marketplace. But, unfortunately, they involve essentially the same pitfalls. So, selling your ring at a great price can be extraordinarily difficult when using any of these options.
Worthy: The Best Place To Sell Your Diamond Ring
Your diamond ring is a financial asset and should be treated as such. Worthy’s auction platform and personalized services set us head and shoulders above the rest when it comes to getting you the most money for selling your jewelry. Here are some of the major benefits of choosing to sell a diamond ring with Worthy.
Get The Most Money For Your Diamond Ring
With our auction platform, multiple professional jewelry buyers are competing for your diamond ring at once. This makes it easier to sell it for a much higher price.
We work with a network of esteemed jewelry buyers from around the world to make your diamond auction as competitive as possible. This means your ring will be visible to numerous educated buyers who will recognize the fair market value of your jewelry – and be willing to pay it.
A Fast And Simple Process
Worthy helps you sell your diamond ring on a fast, fair, convenient platform. Diamond cleaning, official diamond grading, professional photography, and expert marketing and customer service are an essential part of every sale and all included for free.
This ultimately enables us to offer your ring to a worldwide network of professional jewelry buyers for top dollar. The only thing left for you to do is schedule a free and fully insured FedEx pickup at your convenience and watch the bids roll in during your auction.
Your Diamond Jewelry Is Fully Insured
When you transfer your diamond ring to Worthy for auction, we provide a prepaid FedEx shipping label that protects and fully insures your ring. This coverage will remain active until your ring sells.
Worthy provides full insurance coverage for every shipment through brokers from Lloyd’s of London. Lloyd’s has been a global leader in insurance since 1688, and we rely on them to protect all valuables auctioned on our platform. You can read more about our diamond and jewelry protection policy.
Complimentary Diamond Grading From A Leading Lab
Understanding what you have is key to obtaining a fair price for your diamond ring. If you don’t know what your ring is worth, you may be more likely to sell it for a lower price. One way to find out how much to expect is to get your ring officially graded.
All diamonds bought and sold through Worthy are graded at a leading gemological laboratory such as the GIA. We only trust the best diamond grading labs in the world to grade valuables prior to auction.
Diamonds sold with GIA grading reports are considered more valuable and can command higher prices. So not only will you get a fair evaluation of what your diamond ring is worth, but this report can even raise the final price of your sale.
Your Own Dedicated Account Manager
When you sell a diamond ring with Worthy, you’ll be assigned an account manager to help you with the details. Your Worthy account executive walks you through each step of the process so that you’re never left in the dark.
You remain updated as the auction progresses and you always know where your ring is and what is happening with it. If you have any questions along the way, you can reach out to your account manager for more information. Our talented customer service staff is part of why worthy has so many rave reviews from our customers.
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What Diamond Jewelry Does Worthy Accept?
Diamond engagement rings are by far the most popular item that people sell with Worthy. After all, they are of ten the most expensive single piece of jewelry that a person owns. But, almost 50% of marriages in the United States will end in divorce or separation.
Diamond engagement and wedding rings are not the only diamond jewelry that people sell with Worthy. We are also here to help you sell your:
If you have any specific question about selling your jewelry, do not hesitate to reach out and contact Worthy today!
Sell Your Diamond Ring With Worthy Today
Due to current market conditions and the high prices of diamonds today, there has never been a better time to sell your diamond ring. Worthy’s established network of professional buyers are eager to purchase diamond rings and other luxury jewelry using our platform right now.
Get the most money for selling your diamond ring on the market. Click below to start selling your jewelry with Worthy today.