Diamonds are forever, and we know it. But there comes a time when you need immediate cash, or maybe the diamond has become a permanent part of your jewelry box and you just need to get rid of it. Another reason might be to sell the old ring and get your hands on a newer one. There could be a lot of reasons for selling your diamond ring. The question is how? Do you just go to a jewelry store, or does it involve something else?

Here’s how you can make an informed decision to sell your diamond ring.

KNOW WHAT YOU HAVE

You must have heard it a thousand times, “Get your diamond appraised”. This is the best way to know what you actually have in your hands. It may be a little annoying, but it is definitely helpful and it gets the job done.

WHY APPRAISE IT?

The problem comes when you go to buy your ring. You must remember that your jeweler handed over a grading report. This report can, sometimes, not be trusted. Let’s face it. At the end of the day, the jeweler is running a business. They have an interest in a good rating as it will help you choose the diamond. You might have thought that what you have is diamond with a D grade color, but when you go to appraise it, you will find out that what you actually have is a grade F color.

SELF-DAMAGE

The above is not the only thing that might have happened to your diamond ring. You could have damaged your ring yourself by using harsh detergents or maybe banging the ring against the kitchen counter.

DIRECT RETAIL

This method removes the middle man from the equation. You can reach out through ecommerce sites like eBay, Pricescope, among others to easily sell your diamond. Just take a few pictures, upload them, and wait for the customer to contact you.

This might not get you the best price as people looking at these sites are looking for deals and discounts.

CONSIGNMENT OR AUCTION

If time is not an issue for you then this might be the best possible action for you. This way you have the best negotiator in your corner, fighting to get you a good price. Just make sure that you partner with an authentic and reputable jeweler.

Auction is another way to go, but it takes all the control away from your hands.

SALE TO DEALER

This is by far the fastest way of getting rid of your jewelry and making a quick buck. But, this may not be the most profitable way to go. The person buying your diamond will have to repair some damage and then resell it for profit.

 

TRADE IN

So, you’re in love with the latest Chocolate Diamond® necklace and want to exchange it for your diamond ring. This is easy as these deals are offered by the dealers when you go to buy your diamond. But make sure that you read the fine print. A lot of these policies have an expiration date and there might be other terms and conditions too.

Now that you know what it takes to resell your diamond ring, you can go out and make an informed and calculated decision. Happy selling!