While jewelers love closing sales with the saying, “diamonds are forever,” this is not always true. If you’re in a position where you need (or want) to sell your diamond jewelry, know that you’re not alone. The experts at The Jewelers & Loan Co. are here to help you navigate the overwhelming (and sometimes confusing) process of selling diamond rings, necklaces, bracelets, and earrings. Here are our top tips for selling diamond engagement rings and other pieces of jewelry.
Understand Your Diamond’s Value
Before selling your diamond engagement ring or an antique necklace, make sure you have an accurate understanding of its true value. There’s a distinct difference between price and value when it comes to pre-owned jewelry. You cannot simply compare your piece of jewelry to the one you’ve found online and decide that it is worth roughly the same amount. Instead, you will need to have it appraised by a professional.
A loose diamond buyer or pawnbroker can give you a free assessment. They will evaluate the piece based on the stone’s characteristics and condition. Specifically, they will look at the stone’s cut, color, clarity, and carat.
Calculate a Realistic Price
It’s important to note that your diamond’s resale value will be much lower than its retail price. This is due to several reasons, including the fact that it is pre-owned and market trends have changed. You can get a realistic estimate of your diamond jewelry’s resale price by asking your local pawnbroker or jeweler about recent market changes and how your piece will do under those circumstances.
Determine Where You Will Sell Your Diamond Jewelry
You could attempt to sell your diamond pieces yourself, but this process is often slow and frustrating. It can be challenging to find potential buyers among your group of friends and even harder in your local area. You could advertise on social media, but this puts you at risk of being conned by someone with poor intentions.
Instead of absorbing all the risk yourself, turn to someone with industry experience, such as the professionals at your local pawn shop. In addition to giving you an accurate estimate of current diamond prices, they will also be able to take care of the marketing for you and ensure your piece sells quickly and safely.
Emotionally Separate Yourself From the Sale
Make sure you’re emotionally ready to sell. Selling before you’re completely prepared to part with the piece can result in a lifetime of regrets.
At the same time, you need to recognize emotional bias when pricing diamond jewelry. Your ring, necklace, or bracelet may be worth more in your eyes than those of potential buyers. If you keep receiving estimates well below what you expected, the problem may not be with the market but with your expectations. Make sure you recognize that the jewelry piece is only a material item, not a tie between you and someone else, before you sell the diamond. If you can’t do this, it may not be time to sell it.
Ready to Sell? Get Cash Today!
With these tips in your back pocket, you can sell your diamond jewelry like a pro! Visit our professional jewelers at The Jewelers & Loan Co. and receive a free, no-obligation estimate of your diamond’s resale value. If you’re ready to sell, we can give you cash that same day! Stop by our shop or contact us with any questions today.