Are you looking to sell a diamond ring that you no longer have use for? Knowing where to start with the selling process can be intimidating. One of the most common questions any prospective seller wants to know is, how much can you sell a diamond ring for? There are many factors that will affect the amount you can sell your ring for, and it is a good idea to have an understanding of what you can expect when selling.
Often when trying to sell a diamond on your own or even to a reputable jewellery buyer, sellers feel disappointed. If you have recently purchased a diamond ring and are now looking to sell it, you might be surprised to find that it might not sell for what you paid for it. In this article, we will help you know what to expect when trying to figure out how to sell a diamond ring in Canada and offer our best tips on how you can get the most for your diamond ring.
For more information on selling your diamond ring online, see our previous article “How to Sell a Diamond Online.” In it, we share everything you need to know about where you can sell your diamond online and what precautions you should take when doing so.
How to Sell Your Diamond Ring
There are three main steps you need to take when selling your diamond ring. Below we will detail what you need to do to sell your ring and be happy with the price you sell for.
Set a price for your diamond ring.
When considering whether or not you should sell your diamond ring the first thing you are likely to consider is, how much could I sell my diamond ring for? If you were the person who originally purchased the ring, you may be under the assumption that you should be able to sell your ring for around the same price you paid for it. But there are a few things you need to consider when pricing your ring for sale.
Generally, you should expect to sell your diamond ring for less than you paid for it. Not only did you likely pay retail for your item, neither jewellery buyers or private buyers are likely to pay full market value for your diamond ring. Most individual buyers are expected to turn to a brick and mortar store for their purchase, while jewellery buyers and sellers will buy with the intention of reselling, they will want to make a profit.
Many people also feel that they should be able to sell their diamond rings for the appraisal certificate amount. Often the number that your diamond is appraised at will be higher than the price you paid for the diamond ring new. This is due to the appraisals commonly being used for insurance-related replacement value in the future and will be inflated to reflect future market trends. You should never expect to sell your diamond ring for the amount or close to the amount on your appraisal certificate.
Find a Buyer
After you have priced your diamond ring appropriately, it is now time for you to find a buyer for your ring. When selling your diamond ring there are generally two options. You can either sell your diamond ring to a gold and jewellery buyer or you can sell your diamond privately through word of mouth or by using online selling platforms. There are pros and cons to either option but you should consider a few things when making the decision.
Selling your diamond on your own might lead you to sell for a higher amount than a gold and jewellery buyer would offer. Though you might get more money, it will likely take more time to market and will undoubtedly bring more effort on your part. You will need to take good pictures, be willing to deal with potential buyers’ questions or offers, and meet with potential buyers. Selling privately can be an excellent option for some sellers if they are up to spending time or waiting for the right price. Always remember to keep your safety in mind when selling to buyers online.
When you sell your diamond ring to a gold and jewellery buyer such as the experts at Pinto Gold and Jewellery Buyers, you can expect to have a stress free experience. A great, professional buyer will walk you through the process to help you understand what your item is valued at and what they will pay you for it. You can expect that the process will be quick and easy, and you won’t have to spend months trying to sell it to flakey buyers online. Before you sell your diamond ring privately, consider getting an opinion from a professional gold and jewellery buyer.
Sell Your Diamond
Once you have found a buyer that gives you a price you feel good about, sell your diamond. Though selling your diamond can be stressful or even emotional, you deserve to sell to someone who treats you with respect and gives you a fair price. Always ensure that you put your safety first when selling your diamond ring online and consider having someone come with you if you choose to sell privately to someone you do not know.
How Can I Ensure a Fair Price?
Now that you know how to sell my diamond ring, you may be wondering what the best way to ensure you get a fair price for your diamond is? Knowing what a fair price is will depend a lot on your understanding of the actual resale value of your diamond ring.
Always remember that your emotional attachment to the diamond ring is real to you, but it is not something that your potential buyer will consider. It may be a good idea to start your selling process by getting a free appraisal from a professional gold and jewellery buyer. Doing this will help you to set the tone and know what to expect when selling your diamond ring.