Sell Your Diamond Online for the Best Price

Last updated: June 17, 2022
sell diamonds

Deciding whether or not to sell a diamond, whether it’s a diamond engagement ring, wedding ring, or other diamond jewelry, can be a difficult decision for anyone to make. Oftentimes, diamond jewelry will have lots of sentimental value attached to it. This makes the decision to sell it much harder. So the first question you have to ask yourself is: are you really ready to sell your diamond?

But once you decide you are ready to sell, then there is the issue of how much money you will actually receive from selling your jewelry. Selling diamonds will never get you anything close to the price you originally paid retail. That’s just not how the diamond market works. However, you can still earn a lot more money by selling a diamond ring than you would by letting a diamond sit on a dusty shelf.

As it turns out, you can make more money selling your engagement ring now than ever before. In this article, we will look at the reasons why now might be the best time to sell your diamond ring for the most money. And we’ll explain where and how to sell diamonds so you know you’ll be getting the best deal for your jewelry.


REASONS TO SELL A DIAMOND

Personal Reasons for Selling Diamonds

Whether or not to sell a piece of diamond jewelry like a wedding ring is a very personal decision. Sentimental value, fear of getting ripped off, or just not even really considering the option to sell can all be reasons why people hold on to diamonds much longer than they probably should.

However, there are many reasons a person may want to sell their diamond. These motivations can range from emotional to financial to downright practical. Some people sell their valuables so that they can garner some funds to do something they would really like to do. This can include:

  • Paying for higher education 
  • Home renovations 
  • A new car 
  • Paying off a loan 
  • Simply saving money for a rainy day or investing.

Others inherit antique pieces of diamond jewelry that don’t fit or feel right. They may be quite out of style or just not to your taste. When this happens, the jewelry can begin to feel like clutter and a burden rather than a treasured reminder of a loved one.

In other cases, diamond jewelry can represent something from one's past that they would rather put behind them, like an ugly divorce or toxic relationship. For many in this type of situation, selling diamonds after a divorce or a relationship ends badly can help you release your emotions surrounding the traumatic event.

And this can help you embark on a journey towards healing, fully recovering, and even thriving. Selling your diamond can be an emotionally healthy way to deal with and sever toxic elements from your past

Using Worthy was so easy, I felt very comfortable.
Sierra Fein · Happy Client

The Current Diamond Market and High Prices in 2022

Another reason why now might be the very best time to sell your diamond is due to external market conditions. The fact is, diamonds are more in demand, and therefore going for higher prices on the resale market, than ever before! There are several reasons why this is happening in 2022.

One reason is due to the current conflict between Russia and Ukraine. Did you know that 30% of the world’s rough diamonds are mined in Russia? As a result of the war, many countries — including the United States and many European countries — have put embargoes on Russian goods. As a result, new Russian diamonds are no longer available in these markets. This cuts off about a third of the supply, driving diamond prices way up.

At the same time that supply has been shrinking due to Russia-Ukraine, demand for diamonds has been spiking more than ever. Some in the jewelry industry have even been calling this era a “buying frenzy.” As a result, major diamond mining operations like de Beers have been raising their prices substantially.

There have also been a number of COVID pandemic-related economic factors contributing to the current demand for diamonds. These include supply chain limitations stemming from India, inflationary pressures in the United States and around the world, and an increase of online commerce due to trends started during COVID-19. Read more about 2022 prices and why they are higher than ever.

So, now you know that today is a great time to sell diamonds for the most money. But how much is a diamond actually worth on the market and, more specifically, how much is your diamond worth? Let’s tackle that question in this next section.

How Much Do Diamonds Sell For at Worthy?


HOW MUCH IS A DIAMOND WORTH?

While selling diamonds is lucrative, it's not as simple as selling other precious valuables like gold. While gold has a quantifiable melt value, the resale prices for diamonds do not have just one objective measure.

This makes the process feel overwhelming for those who are not professional gemologists or appraisers. But Worthy can help you understand how much your diamond might really be worth!

Diamonds are evaluated primarily based on the famous “4 C’s”. These are clarity, cut, color, and carat weight. Understanding how each of the 4 C’s applies to your diamond will go a long way in helping you determine how much your diamond may actually be worth.

The Famous 4 C’s of Diamond Grading

Here is how each of these famous 4 C’s is defined:

  1. Carat- A diamond’s carat weight is a measurement of how heavy the diamond is in carats (1 CT = 0.2 g). Physically larger diamonds typically weigh more but the carat size is a measure of weight, not size. However, the higher the carat weight, the more the diamond will be worth all else being equal.

  2. Color- Diamonds come in a variety of colors including colorless (white), blue, pink, yellow, and black. But even “colorless” diamonds can have hints of color. The more colorless a white diamond is, the more it will be worth. On the other hand, diamonds of other colors, known as fancy colored diamonds, will often be worth more the deeper their hue. 

  3. Clarity- A diamond’s clarity measures how free a diamond is from blemishes and flaws, or its purity. A diamond may have internal flaws (inclusions) or external flaws (blemishes). In general, the fewer the blemishes a diamond has, the rarer it is and the higher its value.

  4. Cut- This refers to the shape of the diamond that has been given by the diamond cutter. Unlike the other four C’s, a diamond’s cut is not a natural feature of a diamond but is created by the craftsperson handling it. A well-cut diamond can tremendously enhance the beauty of the stone and, therefore, its value.

It is hard for a non-professional to do an accurate evaluation of a diamond’s value. As a result, the best way to determine what a diamond might be worth on the free market is to submit it to a diamond grading agency like the Gemological Institute of America (GIA) for an evaluation. After the grading is complete, you will receive an official certificate (the fifth “C”) with all of the attributes that affect the value of your diamond from the agency.

100% Seller Protection
We only trust the best diamond grading lab in the world, GIA, to grade valuables prior to auction. Diamonds sold with GIA grading reports are considered more valuable and can command higher prices.
More About Our Seller Protection Policy.

DIAMOND RETAIL VS. DIAMOND RESALE

Diamond retail value and diamond resale value are two very different things. When you buy a new piece of diamond jewelry at a store, such as a local jeweler or an online merchant, you are paying retail price for that diamond. Think of it as similar to the price you pay when you buy a new car from a dealer - there is a significant markup charged to cover the dealer’s expenses. Generally, the retail value of diamond jewelery is by far the most that piece of jewelry will ever be worth.

After a diamond has been initially purchased, it loses much of its original value, just as a new car loses much of its value “as soon as you drive it off the lot.” If you decide to resell your used diamond, you will never be able to get the original full retail value for it. If you paid $12,000 for a new diamond ring, you won’t be able to get $12,000 when you go to sell the ring. Instead you might get half that ($6,000), one third ($4,000), one quarter ($3,000) and potentially even less.

A lot of people may tell you that’s a bad investment - and it is! Diamonds are generally not investable assets like stocks, bonds, real estate, or even Bitcoin. They are not expected to go up in value as time passes. They are expected to lose a lot of value once they are initially sold at retail. The price depreciates rather than appreciates.

Why is diamond resale value so low compared with diamond retail value? There are a number of factors at play here:

  1. The Center Stone is what matters - Jewelers who buy pre-owned diamonds are not interested in your setting or side stones. They are looking for the center stone. When you buy a new piece of jewelry, you are paying for everything - center stone, side stones, metal, etc. But when you resell, those other pieces essentially have no value. The metal will be melted down for scrap and the side stones will be repurposed in some other way. 

  2. Total carat weight - Let’s say you buy a 1 carat diamond ring with a center stone and two side stones. Did you know that the 1 carat refers to the total carat weight of the ring including all three diamonds? So in this instance, the center stone may only be worth one half carat while the side stones are a quarter each.

    In this case, when you go to resell your diamond, the jeweler is only going to pay you for your 0.5 carat center stone and will disregard the rest of the original retail value of the jewelry. In other words, you aren’t getting price quotes for 1 carat but only for a half carat - the center stone.

  3. Markup - Jewelers are in the business of selling diamonds, not buying them. This means that they only buy a diamond if they think they can resell it for enough money to make them a suitable profit on the sale. In order to do so, they have to pay a low enough price to be able to mark up the diamond substantially. Paying you $10,000 for a ring they sell for $10,000 will earn them nothing. But paying you $3,500 for a ring they turn around and sell for $10,000 may net them a substantial profit.  
As a result of all this, you may think it’s not even worth selling your diamond. After all, you won’t get nearly what was originally paid for it. However, holding onto a diamond ring you no longer want or need can also be a big mistake.


So Is It Worth It To Sell Diamonds?

Yes, it’s still worth it to sell a diamond! Even though you won’t get anything close to the original retail value of your ring, some money - even a lot of money - is better than nothing.

If you have a piece of jewelry that you no longer love, no longer wear, or has too much emotional pain attached to it, selling your ring can absolutely be the right thing to do.

But, it’s important to keep your expectations realistic when you sell a diamond. You now know that selling a diamond for your original retail value is next to impossible. For a variety of reasons, no jeweler is going to pay you even close to that.

So instead, what you want to do is find the buyer who is going to buy your ring for the highest resale price. As a result, you don’t typically want to sell your ring to the first person who makes you an offer. It is better to either shop your ring around to multiple different buyers, or even better, find an auction situation where multiple bidders are competing against each other to pay you top dollar for your ring.

Where To Sell Diamonds

SELLING DIAMONDS LOCALLY VS. ONLINE

When you think of selling diamonds for cash, you might first think of heading to a pawn shop or your local jeweler. But these may not be your best options when it comes to getting the highest price at which to sell your valuables.

On the other hand, people have many fears about selling a diamond online. And some of these fears are justified. When you try to sell your diamond on a platform like eBay, Facebook, or craigslist, you will encounter platforms with high competition (which drives down the price you get paid) and lots of scammers looking to swindle you.

However, that doesn’t mean you shouldn’t sell your diamond online. It just means you need to find the right place that combines a simple process, safety guarantees for your jewelry, and that will get you the most money for your diamond.

Luxury Item Protection
Based in Richmond, Virginia, Brinks is a global leader in security-related services for banks, retailers and even governmental customers. We trust Brinks, to assist us in the secure transport of high value items and the maintenance of our vaulting systems.
Click here for more about our item protection policy

WHY SELLING DIAMONDS ONLINE WITH WORTHY IS THE BEST OPTION

Worthy was created to allow people to sell diamonds online easily, fast, safely and for the highest possible prices on the market. Because people have trouble finding a vendor willing to pay top dollar for their diamond jewelry, we designed an innovative auction platform that allows an array of professional diamond buyers to bid on your valuables.

Worthy allows diamond sellers to receive up to 3 times more money for their diamond jewelry than pawn shops, jewelry stores, and other online outlets usually can. That’s because our competitive bidding system encourages our curated network of professional jewelry buyers to pay true market value for your diamond rather than making you a lowball offer.

But does Worthy really work? And can you really trust an online company with your valuables worth thousands of dollars? The answer to both of these questions is a resounding yes! But let’s take a look in more detail and see why.

Is Worthy A Legitimate Site?

Worthy is a safe and trustworthy business that has thousands of 4 and 5 star reviews from extremely satisfied customers on highly trusted platforms like TrustPilot and Sitejabber. We’ve also received glowing reviews from highly esteemed publicans and blogs like Millennial Money and Money Crashers.

Worthy takes the utmost care to keep your valuables safe and secure throughout the entire process. We provide full insurance coverage for every diamond we receive. We trust the brokers at Lloyd's of London, a global leader in insurance since 1688, to protect all valuables auctioned on our platform.

Meanwhile, people who sell diamonds with Worthy have a dedicated account manager who will help walk them throughout the entire process. This gives you maximum visibility and transparency into the entire process from shipping, receiving, pre-auction to the final sale and payment.

LATEST SUCCESS STORIES

See what sellers on our marketplace have to say:

How To Sell Diamonds with Worthy

  1. The first step in the process when you sell a diamond with Worthy is to submit your item through Worthy’s online form. This is where you describe your diamond and can upload photos to see whether your jewelry qualifies for our auction platform.

  2. If your diamond jewelry qualifies, we will schedule a completely secure shipment through FedEx and supply you with a shipping label to use in sending us your valuables. The shipment is fully insured by brokers at Lloyds of London so you do not have to worry about your diamonds being lost or stolen in transit.

  3. Once your item arrives at our offices, it is screened and put into our secure tracking system so we always know exactly where it is and who is handling it. We then get your diamond auction-ready by carefully cleaning it and taking professional photography to maximize its sales potential.

  4. Next, Worthy sends the diamond to an industry-leading diamond grading lab such as the Gemological Institute of America (GIA) to officially evaluate and grade your diamond’s attributes. This is the best way to fully understand what your diamond will be truly worth on the free market and allows buyers to know exactly what they are paying for.

  5. Once we receive the diamond back from the grading lab, it’s time for auction! We create a thorough and detailed auction listing and allow you to set a minimum reserve price. This is the minimum bid you are willing to accept in order to sell your diamond.

  6. Once the auction starts, you will be able to see the bids roll in from the buyers live on our platform. Accept the highest bid above your reserve price when the auction closes, choose your payment method, and receive your money within a few days. That’s it!
lloyds insurance
Luxury Item Protection
Worthy provides full insurance coverage for every shipment. We trust Lloyd's of London, a global leader in insurance since 1688, to protect all valuables auctioned on our platform.

What Jewelry Can You Sell With Worthy?

Worthy accepts a wide variety of diamond, fine gemstone jewelry, and watches. But the most popular items to sell on our platform are diamond engagement and wedding rings. No matter what reason you have for selling your jewelry, Worthy is the best way to earn 3x as much or more for selling your diamond jewelry including:

Finally, Worthy accepts a variety of fine luxury watches as well as gemstone jewelry like rubies, emeralds and sapphires. If you have a piece of jewelry you aren’t sure qualifies for our platform, give us a call and we would be happy to speak with you about selling your valuables.

Get Started Selling Your Diamond with Worthy Today

If you have a diamond you no longer want or need, there is no better time to sell it with Worthy than today. To get started selling your diamond with Worthy, simply click the button below and start filling our online description form now. We can’t wait to work with you and help you get the most money on the market for selling your diamond today!


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