Deciding whether or not to sell a diamond can be a difficult decision for anyone. 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 your diamonds, you want to make sure you get the most money for your jewelry.
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 why Worthy remains the best place to sell your diamond jewelry.
Reasons to Sell a Diamond
Personal Reasons For Selling Diamonds
Whether or not to sell a diamond 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 their unwanted 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
- Saving money for a rainy day
Others inherit vintage jewelry that doesn’t fit or feel right. The piece might 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 something joyful.
In other cases, diamond jewelry can represent something from one’s past that they would rather put behind them. For example, 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
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 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 diamond 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:
- 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.
- Color – Diamonds come in a variety of colors including:
- colorless (white)
- blue
- pink
- yellow
- 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.
- 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.
- 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 accurately evaluate a diamond’s value. 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.
Where Can You Sell Your Diamonds?
Selling Diamonds Locally Versus 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.
Physical stores have high overhead costs and are looking to pay you as little money as possible for your item so they can resell it for a profit. While it can be the best way to get fast cash, it’s not your best option if you are looking to sell your diamond for the most money.
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. That’s why we created Worthy.
Hear from our sellers
Our sellers are very vocal about their positive experiences with us. See what they have to say as you prepare to start your jewelry selling journey.
Why Worthy is the Best Place to Sell Your Diamonds
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 2 to 3 times more money for their diamond jewelry than options like pawn shops, jewelry stores, and other online buyers 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.
Worthy is a safe and trustworthy business that has thousands of 4 and 5 star reviews from extremely satisfied customers. We take the utmost care to keep your valuables safe and secure throughout the entire process. This includes providing 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.
Recently Sold Jewelry
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
What Jewelry Can You Sell with Worthy?
Worthy accepts a wide variety of diamond, fine gemstone jewelry, and watches.
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!