Selling a diamond ring, whether it’s a diamond engagement ring or a diamond solitaire ring isn’t an easy thing to do. Indeed, when you search for ‘sell diamond ring’ online you’ll get a myriad of options and advice but very few hard and practical tips. That’s where we come in.
If you read this comprehensive guide, designed to show you all the best options you can explore for selling your diamond ring, then instead of playing the ‘sell diamond ring lottery’, you’ll be in a much stronger position to decide exactly what you want to do and how you want to do it.
HOW TO SELL A DIAMOND RING
There are many ways to go about selling a diamond ring, but it usually requires two key things: research and patience. It is rarely a case of simply advertising your ring on an auction site and then sitting back and just waiting for someone to buy it as you would with, say, a mobile phone.
Diamond rings vary dramatically in terms of style, colour, size and clarity so you need to be armed with the facts before you embark on the selling process.
Be Prepared
- Make sure you have researched the diamond ring market. All commodities fluctuate in response to market forces and while waiting won’t necessarily triple the price of your ring, a calm approach could mean additional money in your pocket.
- Have your diamond ring valued by a trusted, independent jeweller.
- Ensure the ring is clean and free of blemishes.
- Keep all the relevant paperwork together, since your buyer will need them to guarantee your diamond ring’s condition and value.
- If you decide to sell your diamond ring online, take clear, high-quality photos that show the ring’s detail.
SELLING A DIAMOND RING: YOUR OPTIONS
Sell Diamond Ring – Auction
The process is simple. Your ring is sold to the highest bidder after an auction process.
- Once the gavel goes down, the sale is final. The upside is that you have your desired result but the downside is that if you’re not happy with the final price, there’s no comeback.
- You can set a reserve price but you run the risk of your ring not selling if it isn’t reached.
- Before you sell your diamond ring at auction, make sure you know the fees and costs associated with the sale.
Selling Your Diamond Ring on the Internet
The online world has thrown the market for selling diamond rings wide open.
- There are a number of online services who can either value or make you an offer.
- Reliable and free websites, such as 62days.com, offer you innovative and easy ways to sell your diamond ring.
- With 62days, quotes are free, collection is free and you are secure in the knowledge that you have the backing of TRUSTe, the web’s leading online privacy provider.
- You get 62 days to change your mind and within that time you have the option to buy back your diamond ring for exactly the same price you sold it for with no handling fees, hidden charges or stealth costs of any kind.
- To get going, just upload a photograph of your diamond ring and we’ll send you a fast, free quote which you can accept or decline as you wish.
- Since 62days.com is 100% online, low overheads mean we can offer you excellent prices for your diamond ring and other valuables.
- We only use secure, trusted payment methods including PayPal, Google Checkout, Neteller, Moneybookers or we can transfer the money directly into your bank account.
- Your items are collected and delivered by FedEx and are insured while in transit.
When looking at your options to sell online, bear in mind that often peer-to-peer sales through online auction sites can sometimes feel like you’re playing ‘sell diamond ring’ poker and can sometimes involve possible risk – the general rule of thumb is that you never invite a stranger to your home and always keep in mind other security issues surrounding payment, delivery and communication.
Different Ways to Sell Your Diamond Ring
Dealers – A specialist diamond ring dealer will value your piece and may even offer to buy it themselves. They will also have a network of buyers and may, if asked, put you into contact with certain people interested in the diamond ring you have to sell. Note that this route could potentially incur higher than usual fees.
Pawnbrokers – A pawnbroker will offer you cash for your diamond ring using a time-limited loan agreement, usually between 6-12 months. The ring acts as collateral against the loan and if you don’t come back for the ring within the timeframe of the loan agreement, it becomes their property. If you want your diamond ring back, you have to pay back the loan amount, plus a traditionally high rate of interest.
DIAMOND RINGS – A SHORT HISTORY
Diamonds share some common characteristics with coal. Both are composed of carbon, but what makes diamonds different from coal is the way the carbon atoms are arranged and how the carbon is formed. Diamonds are created when carbon is subjected to the extremely high pressures and temperatures found approximately 90-240 miles below the earth’s surface.
The first recorded presentation of a diamond engagement ring was in 1477, when Archduke Maximilian of Austria proposed marriage to Mary of Burgundy. Although engagement rings were common at this time, diamonds were a rarity and were reserved predominantly for royalty and the landed gentry.
DIAMOND RINGS – THE FACTS
- The most expensive diamond sold at auction is a ‘D’ colour, internally flawless pear-shaped diamond weighing 100.10 carats and it was sold for SF19,858,500 (£10,548,444) at Sotheby’s in Geneva, Switzerland in May 1995.
- The world’s largest diamond is a 3,106 carat diamond found at the Premier Diamond Mine in South Africa in January 1905 and was presented to the reigning British monarch, King Edward VII. Named The Cullinan, it was cut into 106 polished diamonds.
- The Cullinan produced the largest cut fine-quality colourless diamond, the Star of Africa, weighing 530.2 carats, which sits on top of the Royal Sceptre. It also produced the slightly smaller Cullinan II, which resides in the Imperial State Crown that Queen Elizabeth wears for the State Opening of Parliament. The Queen is rumoured to call the smaller diamonds ‘Granny’s rocks’!
WHY DO YOU WANT TO SELL YOUR DIAMOND RING?
You have a number of choices on how to sell your ring, but before you do, what are your reasons for selling?
Your reasons may be emotionally charged or simple practicality but it’s important to understand that the sale of any item is a financial transaction driven by the basic rules of economics – you want to sell your diamond ring for the best price while the purchaser wants your diamond ring for the lowest price.
Our advice is to take your time making a decision and thoroughly research the diamond ring market to ensure you know what you’re selling.
Finances – Selling a diamond ring is potentially a quick and easy way to either pay down debt or to use the money for unplanned emergencies. If you need to sell your ring quickly, there are High Street and online outlets that offer fast quotes and immediate cash payments. Keep in mind that your ring will now be considered a second hand item, so offers will not match those prices you see for new rings in High Street jewellers, which often contain significant mark up.
Sentiment – There is often a sentimental aspect to diamond rings that is different from other tangible assets like cars or houses, however it’s likely you simply don’t like its style or it doesn’t reflect your personality.
Emotion – One of the main reasons people want to sell diamond rings is as a result of a relationship breakdown, where you simply don’t want to keep the ring. Try not to let emotion cloud your judgement and take your time to make sure that selling your ring is definitely the right thing for you.
Inheritance – Diamond rings are traditionally passed down through generations and vintage or antique diamond rings can realise very high sums of money to the right buyer.
WHAT YOU CAN DO NOW
If you have followed our advice, researched the market and come to a decision on how you want to sell your diamond ring, the sale process can start.
If you’d like to see how much you could get for your diamond ring instantly with an expert offer from 62days, upload your item now for a fast, free online quote.