Selling Your Diamond Wedding Ring: Is It Possible?

Selling a diamond wedding ring can be a daunting task, especially if you are looking to get a good price for it. There are many options for selling diamond rings, including local jewellery stores, pawn shops, online platforms, and auctions. However, it is important to keep in mind that you will likely get a lower offer than your ring is worth, especially at pawn shops or local jewellery stores. To get the best price, it is recommended to sell online to a wholesaler, although this can take a lot of work. Before selling, it is a good idea to get your ring professionally appraised so that you know its worth and have a bargaining chip when negotiating prices.

Where to sell your diamond ring

So, you're thinking of selling your diamond ring? There are several options for where to sell it, each with pros and cons to consider. Here's a guide to help you decide which route to take.

Online Buyers

Selling your diamond ring online can be a convenient option. Reputable online buyers such as myGemma, Worthy, and Diamonds USA offer fair prices and a straightforward process. They often provide free shipping and insurance, and some even offer free returns if you're not happy with their offer. The entire process can be completed in as little as 24 hours, and you can sell from the comfort of your own home.

Pawn Shops

Pawn shops are a quick and easy option if you need immediate cash. They will buy your diamond ring or offer a pawn loan, which allows you to borrow money against the value of your ring while still retaining ownership. However, pawn shops may not offer the highest price for your ring, and it's important to find a reputable one to ensure you get a fair deal.

Local Jewellers

Selling your ring to a local jeweller is another option, but it may not be the best choice. Jewellery stores are typically not in the business of reselling used rings, and their offers tend to be very low. Additionally, selling to a local jeweller requires you to leave the comfort of your home, and the process may not be as private as you'd like.

Online Marketplaces

Online auction sites and marketplaces like eBay, Etsy, Craigslist, and Kijiji can connect you with buyers both locally and globally. However, there is a high risk of scams and fraud, and it can be challenging to set the right price. It's also important to note that over 90% of diamond jewellery listings on eBay don't sell.

Auction Houses

Selling your diamond ring through an auction house can be a good option, especially if you have a designer ring or large diamonds. Auction houses, such as Worthy, have a network of professional buyers and can help you reach a wider audience. However, this process may take longer than other options, and there may be fees involved.

Direct to Customer

Selling directly to a customer can be done through online marketplaces or in-person meetings. This option allows you to set your price and avoid middlemen. However, it's important to protect yourself by always getting the money first and providing proof of postage. If meeting in person, choose a safe, public place.

How much can you sell your diamond ring for?

When selling a diamond ring, it's important to keep in mind that you will likely receive a lower price than what you paid for it. This is because the resale value of diamond jewellery is typically between 30% and 50% of the original price.

There are several options for selling a diamond ring, each with their own pros and cons:

• Consignment shops: The process can be lengthy and expensive, and you will have to wait for the right customer to come along. You will also have to pay the consignors a cut of the final sales price.
• Local jewellery stores: Some stores will offer fair market value, but most can only offer wholesale prices due to their business model.
• Pawn shops: This is a good option if you need cash immediately, but you are likely to receive a price that is far below the fair market value.
• Online platforms: Selling your diamond ring online can get you a higher price than selling to a local business. For example, Abe Mor offers 50% more than jewellery stores or pawn shops.
• Auction houses: An auction can help you get a higher price, especially for vintage or antique rings. However, auction houses will charge fees that will eat into your profit.

There are several factors that will influence the price someone is willing to pay for your diamond ring:

• The 4 Cs of diamond valuation: cut, colour, carat weight, and clarity.
• The brand of the jewellery. Luxury brands like Tiffany, David Yurman, Cartier, or Harry Winston are worth more than similar rings without luxury branding.
• Whether the diamond shape is currently trending.
• The age of the ring. Rings that are between 20 and 100 years old are considered vintage and will have a higher price, while those older than 100 years are considered antique and will be even more valuable.
• The condition of the setting. Buyers pay more for rings that are in good to excellent condition.

What is a diamond's resale value?

The resale value of a diamond is almost always significantly less than the amount you originally paid. In most cases, a diamond engagement ring or other diamond jewellery will have a resale value of between 20% and 60% of the amount it cost when it was new.

The resale value of a diamond is determined by a variety of factors, including the diamond's retail markup, the difficulty of reselling a pre-owned diamond, and the diamond's characteristics. The diamond's characteristics are graded according to the 4Cs: colour, clarity, cut, and carat weight. The more colorless a stone, the higher its grade. The cut refers to the shape of a diamond's facets, their arrangement, and their number. Bigger diamonds are rarer, and this is why they have a higher value per carat compared with smaller ones. A carat is a unit of measurement equal to 0.2 grams.

The price you're offered for your diamond can vary depending on how you choose to sell it. Pawn shops and local jewellery stores usually pay 50% of the value of the gold. So, for a ring with a scrap value of $400, expect to receive $200. If you go through a professional, reputable resale vendor, you will receive approximately 50% more than in a jewellery store or pawn shop.

The resale value of your diamond engagement ring or other jewellery you don't wear is that it frees up the negative energy attached to the item, stewing indefinitely in your jewellery box.

How to sell your diamond ring

Selling a diamond ring can be a daunting task, but knowing where and how to sell it can make the process smoother and more profitable. Here is a step-by-step guide on how to sell your diamond ring:

Understand the value of your diamond ring

It is important to know the value of your diamond ring before selling it. The value of a diamond ring is determined by various factors, including the quality of the diamond (often referred to as the 4Cs: carat weight, cut, colour, and clarity), current market trends, and the materials and design used. Getting a professional appraisal from a certified gemologist or jeweller with appraisal credentials can help you understand the true value of your ring and ensure you get a fair price.

Prepare your ring for sale

Once you have an understanding of your ring's value, you can prepare it for sale. This may include getting your ring professionally cleaned and gathering any relevant paperwork, such as certification, appraisals, and the original receipt. If selling online, taking high-quality photos that showcase the ring's details can also be beneficial.

Choose a selling platform

There are several options for selling your diamond ring, each with its own advantages and disadvantages. These include:

• Jewellery stores: Some jewellery stores will buy jewellery for resale or for the value of the gemstones and metals. Selling at a local jewellery store allows you to speak directly to the buyer and may result in a quicker sale.
• Pawn shops: Pawn shops will buy gold and jewellery to resell, but they may not offer the best prices.
• Online marketplaces: Selling directly to a buyer through an online marketplace may fetch a better price, as buyers do not have access to wholesale prices. However, it is important to be careful of which sites you use and who you sell to.
• Auction houses: Consigning your ring with an auction house is another option, but be sure to vet the auction house and ask about similar items sold and reserve prices.

Price your diamond ring

When pricing your diamond ring, consider researching other diamonds with similar characteristics, shopping listings on online marketplaces, and taking into account current trends. It is important to be realistic and understand that you may only receive 40-75% of the original value of the ring.

Negotiate the sale

When negotiating the sale of your diamond ring, it is important to know your bottom line and be prepared to counteroffer. Stay calm and respectful, and educate yourself on your ring's value and why others might want to buy it.

Pawn shops and diamond rings

Pawn shops are a viable option for selling diamond rings, but there are some things to keep in mind. Firstly, it is important to have a good understanding of the value of your ring. Diamond rings can be appraised by a local jeweller or a lab report can be obtained, which details the size, cut, clarity and colour of the stone, as well as the market value of the metal it is set in. This will usually cost between $100 and $300, so it is only recommended if your ring is worth at least $1000. It is also a good idea to get multiple offers for your ring, as pawn shops can have a reputation for paying lower prices.

Pawn shops can be a good option if you want to sell your ring quickly and get immediate cash. They may also offer a pawn loan, which allows you to maintain ownership of your ring and secure a short-term loan. This can be a good option if you are not ready to part with your ring but need money quickly.

However, it is worth noting that you are unlikely to get the full value of your ring from a pawn shop. Diamond values have decreased significantly in recent years, and pawn shops may only offer 50% or less of the ring's value. Online buyers or speciality jewellers may offer a higher price, but selling to a pawn shop can be a convenient and fast option.

If you are considering selling a diamond ring that holds emotional value, it may be helpful to know that many people choose not to sell for this reason. However, selling a diamond ring can also bring a sense of relief and freedom from negative energy attached to the item. Ultimately, the decision to sell a diamond ring to a pawn shop depends on individual circumstances, and it is important to do your research and understand the potential value of your ring before making a decision.

Frequently asked questions