Do you ask yourself one of the following questions? Where can i sell my diamond ring for cash?
Where can i sell my diamond ring for cash near me?
Where can i sell my engagement ring for the most money near me?
If so, then in this article you will be provided with the full detailed answer.
Now, before we go into the answer. Let me ask you a question:
Your partner and yourself split, leaving a bad taste?
We can diagnose diamonds and their deeper meaning forever, but we can also realize that even diamonds don’t always last forever.
Most people associate diamonds with a long lasting relationship,
Starting with getting engaged and then being passed down to children and grandchildren.
And then again, sometimes we just want to get rid of our diamonds.
For instance, if you ever face a near bankruptcy situation and the only way out is by selling luxuries.
Or if you want to sell a wedding ring after divorce.
Maybe you just had a bad breakup, and you want to remove any item that reminds you of your former partner, with the jewelry being first on the list.
Finding and buying a diamond or any other trinket is super easy nowadays, just get a selling diamonds price guide, and go into the local jewelry shop and find something nice.
However, selling that used piece of jewelry is very tricky.
In this article we’ll look at 4 ways that you can sell sell your diamond ring for cash.
Certificate From a Reputable Lab is Required
Diamonds are expensive and most people take great care when selecting their next purchase.
Experience shows that most will require a certificate of authentication and proof of the diamond’s quality before moving forward with a purchase.
The easiest way to show this type of proof is from a reputable gemological lab, like GIA – Gemological Institute of America.
The lab’s certificate will give a full report about the diamond – it’s exact weight, cut type, quality, clarity, and color.
Since the certificate is given by an unbiased party, it eliminates any rough estimations by you or your buyer.
In addition, a second evaluation by a local appraiser may give you the extra edge, adding further assessment of your diamond’s value in the current market.
Comparing your diamond against the Rapaport report will allow you to figure out it’s value more precisely.
This report is used as a benchmark by jewelers and other experts in the field.
The Rapaport report gives the “high asking price” that buyers and sellers use as a guide when trading diamonds, and many retail stores use it as a baseline for their jewelry prices.
You may know this already if you ever tried to search for jewelry stores that buy diamond rings near me or jewelry stores that buy diamonds near me.
The difference between the prices in the Rapaport report and your selling price will change according to market conditions, and can tell you if you have a good deal.
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How to Deal with a Jeweler in a Used Jewelry Transaction
Some jewelers will buy used jewelry from private people in addition to distributors, refurbish them and sell them for a profit.
It’s important to come prepared, know your diamond’s appraisal value, and bring a certificate from a known lab like GIA.
These jewelers are looking for a good deal, and they are usually very crafty.
They will often offer you a price that’s well below market value (also called “dump price”), so they can increase their profit margins considerably, counting on most people being unprepared when they come to sell their used jewelry.
Compared to the Rapaport list price, dump price will be roughly around 40% for your diamond.
You should never agree to lower your price below that when selling to any jeweler, no matter how much they flex their metaphorical muscles.
Most jewelers use haggling techniques, starting at a very low price, and slowly agreeing to up it if there is sufficient resistance.
Their agenda is always to maximize their profit margins as much as possible.
Just like in flea market negotiations, you should never agree to the first price, and at times even act as if you’re leaving in order to strengthen your position.
This will require some negotiation skills, so you can settle on a price that is not only good for the buyer, but also for you.
And remember that after purchasing from you, even below dump price, the jeweler will refurbish the diamond a bit, and then quickly resell it above dump value to make a profit.
Try your best to bargain for prices of 60-70% of the Rapaport value, or as close to it as possible, even if the jeweler says it’s worth much less and does that very convincingly.
Sell Your Used Jewelry to Private People by Yourself
Some people like to do things by themselves, and there are many ways to sell your used items to potential buyers, that can also be used to sell diamonds and jewelry.
Well known forums and websites like eBay and Craigslist are a great option to sell your used jewelry, or you can just talk directly with friends, family and acquaintances.
Placing an ad in your local newspaper is also a valid way to go.
Keep in mind that you have a lower chance of selling using these methods and that you are taking a slight risk, as the cost of diamonds and other jewelry is substantially high compared to other items on these platforms.
Partnering With a Local Jeweler to Sell Your Diamonds
Buying a jewel or a diamond from a private person is too risky or frightening for most, I mean who knows where that jewelry came from, right?
This is why some jewelers will be willing to partner with you for a piece of the profit.
Partnering with a local jeweler means they will present your used jewelry with their regular inventory and attempt to sell it on your behalf.
In practice, saving you the hassle of trying to sell it yourself and in exchange, getting a percent of the profit.
The two main factors that determine the speed of the sale are how many people visit the store on a daily basis and the need or popularity of the specific piece of jewelry type you want to sell.
Finding the right jeweler to partner with is key to this method’s success.
By doing so you will save the hassle of vetting each and every potential client, and remove any safety risk completely, even though it will cost you a percentage of the sale.
Partnering with a jeweler will mostly be better all around, as they only get their share of the profit if your diamond is sold.
This is a great situation in which everyone involves benefits, even more so if you have an above-average quality diamond.
Other Alternative Methods to Sell Your Used Jewelry
If you have a grading report, you can upgrade your old jewelry with us.
Dianoche Singapore is by far the easiest and hassle free place to sell your used diamonds.
Also, if you ever asked yourself the question:
Where can i sell my diamond ring for the most money?
Then we are the best option for you.
We run a commission-free model, and the entire experience is a breeze from start to finish if you’re looking to sell your used diamonds.
The process is risk free – if you change your mind before the transfer is completed.
If you happen to be close to our office, you can also schedule an appointment and personally bring in your used jewelry at your convenience, to conduct the sale on location.
Sell your diamonds quickly and safely with Dianoche. With thousands of happy consumers working in a smooth and easy manner.
Just enter your details in the opt-in box below to get your 100% FREE consultation from a diamond expert.