Selling a diamond ring can be emotional, financial or a mix of both. However, one thing that remains constant in this process is ensuring you receive the best price.
If this is your first time selling a diamond ring in the market, you must consider a few aspects to ensure a successful sale. The amount you fetch varies based on many factors, but the right knowledge and tips can lead to significant financial rewards.
Follow these essential tips and tricks by The Luxury Hut to successfully sell your pre-owned diamond rings while maximising their worth.
10 Ways to Increase Your Diamond Ring’s Worth
- Understand the ring’s value
Only when you understand the value of the diamond ring you are using can you establish whether the value offered is fair. Here are some of the contributors that shape the price:
- The 4Cs: Cut, Clarity, Colour, and Carat – each of these factors helps assess a diamond’s market worth. A diamond expert determines the diamond’s accurate value based on these four characteristics.
- Metal: The metal type of the diamond ring setting, whether gold or platinum, impacts the value. For example, platinum is worth more than yellow and white gold. If the diamond ring has a gold band, the carat weight is a contributing factor -the higher the carat, the higher the value.
- Brand: Designer diamond rings from renowned brands like Cartier, Tiffany & Co., and others, or rings certified by GIA, are sold for a higher price.
- Age: Vintage diamond rings (20-100) years old secure a higher return as they are considered ‘antique’, making them more valuable.
- Professional Appraisal
It is strongly recommended that you get a professional appraisal before selling a diamond ring. The experts will help you determine the most accurate value by using various tried-and-tested methods. By knowing the value of your second-hand diamond ring, you can ensure a competitive resale price and negotiate with buyers.
- Prepare the ring
Presentation matters more than you think. Whether you’re planning to sell men’s pre-owned diamond rings or women’s pre-owned diamond rings, you must present them in the best possible condition to get the best price.
Clean and well-maintained diamond rings attract better offers than the ones that are poorly presented. Here’s what to do:
- Clean the diamond ring with warm water, mild soap and a soft-bristled toothbrush to remove any dirt. However, taking it to a professional jeweller for a more thorough cleaning is best.
- Polish your ring to ensure the precious metal shines nicely. There is special polishing cloth available to help you do this.
- Take high-quality photographs highlighting your diamond’s features and special characteristics to enhance its appeal online.
- Stay updated with the market trends
The price of diamonds varies according to current market demand, such as changes in demand for certain styles or the diamond 4Cs, brands, etc. Researching the trends beforehand will enable you to time your sale accordingly and earn as much profit as possible when you sell your diamonds.
- Where to sell
It’s important to understand your options when selling a diamond ring. You can sell to a local jeweller, private sale, or auction. While each option has its merits, seeking out reputed pre-owned jewellery buyers or diamond specialists with notable expertise is advisable to generate a competitive price.
To ensure the highest price, try to find companies with experience dealing with pre-owned diamond rings. A reputed dealer has a secure payment getaway and transparent process to complete the sale. Research the buyer’s legitimacy, check reviews, and understand their mode of operation before parting ways with your ring.
- Set realistic expectations
Contrary to popular belief, diamond rings are actually not a very strong investment over time. Diamond jewellery, including pre-owned diamond rings, resells for 20-40% of the original retail price. Plus, the amount you paid for your diamond ring at the time of buying (retail price) has nothing to do with its resale amount. The money you get for the ring at the time of selling is decided by other factors such as its condition, market demand, etc. So, be realistic about the pricing and accept what’s fair.
- Gather Documentation
Take time to collect all paperwork you have for the ring, such as purchase receipts, certificates, boxes, or anything related to the ring, as it affects the resale price. The documents confirm the item’s provenance and establish its authenticity, adding to its appeal in the pre-owned market.
Although you can sell your ring without the box and papers, having them is a plus point. Jewellery buyers are keener on buying the ones that come in full sets. Additionally, having the certificate for your diamond ring from reputable diamond laboratories like GIA, HRD, EGL, and AGS will be very helpful.
- Compare Offers
Don’t rush a fast sale and accept the first offer you receive for your valuable diamond ring. You should always consider seeking valuations from multiple buyers before settling for one. Also, getting the highest price for your ring shouldn’t be the only lookout. Choosing a buyer who ensures safety, security, and professionalism is equally important.
- Navigate & Negotiate confidently
Approach price negotiations with confidence. Once you know how much your diamond ring is worth, don’t shy away from claiming the right price. Most buyers offer an arbitrary price, expecting that you’ll negotiate. Trust your instincts and be prepared to justify your asking price with market data and appraisals. Don’t settle for anything less than you deserve.
- Wait for the right time
Timing can make a significant difference when selling a diamond ring. Certain times of the year, like the holiday season, New Year or Valentine’s Day, might increase the demand for diamond rings, potentially leading to better offers. Thus, waiting for the right time when market conditions are favourable will ensure a boost in value.
Final Thoughts
Selling a diamond ring can be a rewarding experience when approached with patience, careful planning, the right strategy, and knowledge. You can achieve a successful and profitable transaction by following the expert tips listed above.
Remember, a well-thought-out sale is not just about getting a good price but about making an informed decision that aligns with your preferences and goals.