Are you willing to get rid of your engagement ring or want a diamond upgrade? Selling your engagement ring is not that easy. It requires a lot of research and patience to find the right seller. You can make some money out of your engagement ring by following smart strategies. Firstly you need to know about the worth of the ring based on facts and laboratory testing for GIA diamonds.
When should I sell my engagement ring?
The biggest concern is whether you should sell your diamond ring. Is it the right time and how would you know about it? The choice is quite personal and depends on your purpose. Whether you want to get rid of the ring or just want to earn some money. It can sometimes be very emotionally difficult to let go of something memorable. Also, remember that diamonds can surely get you some money but they are not an investment like gold or silver. Here’s how to sell my engagement ring for profit.
How can I sell my engagement ring?
Selling an engagement ring can be a daunting task and you need to follow these steps:
Provide documentation
The first step is to make sure you present all the documentation that proves the authenticity of your possession. Make sure you have the original purchase slip, an appraisal, and a certificate of authenticity to get value for your ring. A formal appraisal is an estimate or accurate payment of your diamond Jewellery and improves the price. The buyers trace the credibility of diamond Jewellery through authentication tests.
Know the value of your ring
The value of your ring depends on four factors i.e. color, carat, clarity, and cut commonly known as 4C’s. Carat is the measurement of the weight of a diamond whereas cut refers to its shape and features like depth, angles, height, etc.
Color and clarity work together to demonstrate the condition of the diamond. Clarity includes the visible scratch or blurriness in the diamond, on the other hand, color is represented on a scale of D to Z where D means a clear diamond and Z is for a yellowish or hazy one.
Metal
The metal used in the ring also stands for its value. Platinum is the most valuable and can get you profit based on ring size. Yellow and white cold also have a higher price range. Also if you will get a higher price for more than one diamond or additional stones like sapphire or ruby etc.
Where to sell my certified diamond?
There is no exact figure to tell you about the payment for your diamonds. It varies from retailer to retailer and depends highly on the condition of the Jewellery. You cannot provide documentation if the Jewellery is antique but the buyer is likely to pay more if it is valuable. You can sell your engagement ring to:
An online retailer
An online retailer can be ideal as they provide complete assurance and guidelines for your Jewellery. But check the review about them and their certification. An important tip is not to let go of your ring until you get paid for it. You must take quotes from different online retailers and select the one that fulfills your requirements and provides satisfactory services.
Jewellery shop
A local Jewellery shop can be your choice if you want to sell the ring quickly. But they are more interested in new Jewellery. They will sell second-hand or used diamonds to a wholesaler while keeping their profit. You are more likely to get a less price for your diamonds.