Tag Archives: Rapaport Value

Selling Engagement Rings at a Pawnshop

Posted on Apr 22,2014

Selling Engagement Ring at Pawnshop

Pawnshops are one of the most accessible venues for selling jewelry, which is why when most people need to sell their old jewelry one of the first places they go to is their local pawnshop. However, if you’re selling something very valuable like an engagement ring, you might want to consider other options besides your local pawnshop. Below are a few factors to consider before selling your engagement ring to a pawnshop:

Your Engagement Ring’s Value

While it’s difficult to establish exactly how much you can resell an engagement ring, knowing your ring’s value (4cs) can help you get a general idea of its worth. If you have an appraisal certificate, jeweler’s certificate, or even better, a GIA certificate, you can easily determine your diamond’s monetary value by checking out the latest Diamond Rapaport report. Knowing your ring’s value will help determine whether a buyer’s price offer is too high or too low. It will also help you set reasonable expectations about the price of your engagement ring.

Valuation Expertise

Most pawnshops specialize in the business of buying and selling precious gems and metals so they usually have someone who is capable of valuing items like silver, gold, and other precious metals. However, since they are in the business of buying different kinds of stones and metals, they might not have the specialized expertise to value your diamond properly. Most pawnshops only check if your diamond is real, its carat size, and give the surface a quick look for any inclusions or scratches. As a result, they might give you a lower valuation for your diamond compared to its actual value.

Pawnshop Pricing

While price offer often vary from pawnshop to pawnshop, most of them have the same standards for pricing. Most pawnshops, for example, pay much lower for stones that are less then 0.5 carats in weight. So if you have a small diamond on your engagement ring, you might not be able to get your diamond’s worth if you sell to a pawnshop. For bigger stones, pawnshops usually take into account the rapaport value of a diamond. Most of them offer to pay the rapaport value minus 40% for stones that are bigger than 0.5 carats so if you’re looking to maximize your profits, pawnshops probably aren’t the best option for you.

While pawnshops pay more for items that are actually being sold compared to items that are used as collateral for a loan, you can still get better prices from other buyers. If your main goal is to just take out a quick loan and use your engagement ring as collateral, then your local pawnshop will definitely be able to help you out but if you’re looking to sell for the most money, it’s better to consider other options like online diamond buyers before you sell your engagement ring to a pawnshop.

Alternatives to Pawn Shops

Online diamond buyers won’t let you pawn your rings, but you can sell them if you’re looking to get cash.  Typically, they offer higher prices due to lower overhead fees and offer fast, insured shipping.  For more information on a number of companies offering online diamond buying services, take a look at our online diamond buyer ratings and reviews.

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Where is the Best Place to Sell a Diamond Ring?

Posted on Apr 15,2014

One of the many advantages of the Internet is that it has given individuals access to different markets that extends from their current location to anywhere in the world. In the past, if you wanted to sell something, you had to either advertise on your local classifieds or manually look for interested buyers. Now, selling something even as valuable as a diamond ring is just a few clicks away.

Many people who are going through divorces or are in need of some extra money are selling their diamond rings to online diamond buyers. While pawnshops and jewelry stores still remain a viable option, if you’re looking for the best place to sell your old diamond ring, online diamond buyers are definitely the best option today.

Fast, Reliable Service

Whether you want to immediately dispose of your diamond ring for personal reasons or you have an immediate need for cash, selling to a reputable online diamond buyer is one of the quickest ways to sell diamond jewelry. They usually take care of everything, from shipping and insurance to valuations and even return shipping. What makes selling your old jewelry to online diamond buyers so convenient is that the whole process takes place in the comfort of your own home. Everything is done online and the only time you have to leave your house is to drop off your shipping package to the courier.

Competitive Pricing and Convenient Payments

If you’re looking for better prices than what you can get from pawnshops and jewelry stores (they usually only offer about 40% to 50% of a diamond’s rappaport value), then you’re best option would definitely be to sell online. Since all reputable online diamond buyers have their own diamond valuation experts, they can offer better prices for diamonds compared to other venues.

A lot of them also offer convenient payment methods: some even offer electronic payments like PayPal but most offer wire transfer and check payment options. Payments are usually processed right away after the purchase offer is accepted so even if the payment is not instant like in a pawnshop, you still won’t have to worry about having to wait too long to get paid for the sale. Those that offer electronic payments usually send payments instantly and several online diamond buyers also offer quick payment options for those who are in immediate need of cash.

While there are other venues that you can explore, the best place to sell your old diamond ring is online if you take into account convenience, quick payments, and the availability of reputable buyers.

Posted in  Online Diamond Selling Tips, Sell Diamond Rings |   Tagged 

 

How Much Can I Sell My Diamond Ring for?

Posted on Apr 10,2014

Price is undoubtedly the most important factor for anyone who is in the process of selling a diamond. While diamonds are very valuable, there are many factors that affect their worth. Not all diamonds are equal; rarity and flawlessness are two of the most important factors that affect their price value. Below are some of the most important factors that determine a diamond’s monetary value:

The 4Cs

Anyone who’s every bought or sold a diamond knows about the 4cs (cut, color, clarity, and carat). These 4cs are the industry standard for grading diamonds and are used by jewelers and diamond buyers for determining how valuable a diamond is. Knowing these specifications will help you determine how much you can sell your diamond for.

Generally speaking, smaller diamonds are worth much less than bigger ones. For instance, you might be able to sell a diamond that weighs more than a carat much closer to its original retail value compared to a diamond that weighs less than 0.5 carats. This is because the price of diamonds can jump up the bigger they are but this does not mean that weight is the only factor that determines the price. Flawless diamonds are, of course, a lot more expensive and in demand; the more visible the inclusions in a diamond, the lesser its price value.

If you know your diamond’s exact specifications based on a GIA report or even a jeweler’s appraisal, you can easily determine its potential resale value. Although, GIA reports are much more accurate, you can still get an idea of your diamond’s worth based on a regular appraisal report.

Market Value or “Rap” Value

Most diamond buyers base a diamond’s price on Rapaport reports, as these reports set the price for diamonds. The pricing is also based on the 4cs and market prices. Since these reports are published weekly, if you want to get an accurate price for your diamond, checking out the most recent “Rap” value for your diamond is a must.

You can also check out diamond market prices online so you’ll know the best time to sell to get the highest price.

Buyer’s Price

Purchase offers for diamonds vary from buyer to buyer. If you sell to an individual, you might be able to get a better price if you know how to market your diamond properly but it can be difficult to find interested individuals for second hand diamond jewelry.

While they are the most accessible, pawnshops generally offer much lower prices than other buyers. Expect to get less than 40% of a diamond’s “Rap” value when selling to a pawnshop. You might be able to earn more for bigger stones but not by much.

Diamond buyers in general, offer about 50% to 70% of a diamond’s “Rap” value.  Most buyers also offer much more for diamond rings from big-name jewelers like Cartier and the like.

Online diamond buyers generally offer higher prices for diamond rings and other diamond jewelry because they have the expertise to value a diamond properly and they don’t have to maintain brick and mortar establishments like jewelers and pawnshops.

Posted in  Sell Diamond Rings, Valuing Diamonds |   Tagged 

 

How Much is My Engagement Ring Worth?

Posted on Apr 02,2014

diamond-ringMost people often want to know how much their engagement ring is worth regardless of whether they are planning on selling it or not. However, getting an accurate answer to this question is even more important if you have plans of selling it. The more information you know about the quality of your diamond engagement ring, the easier it would be for you to determine if you are getting a good price from a buyer.

There are many different factors that determine the value of a diamond engagement ring, the most important factors being the 4cs (Cut, Color, Clarity, and Carat) of a diamond. It is worth noting, however, that these are not the only factors that are taken into consideration when valuing an engagement ring especially if you want to determine how much its resale value will be. Listed below are some of the factors that determine the value of engagement rings:

Appraisal Value

If you have a GIA Report or an IGI certificate, it’ll be easier for you to determine what it is worth. However, if you don’t have a certificate, you might want to have it professionally appraised.

Even with a certificate, if you have a high-value diamond, you might still want to get a professional appraisal so that you have an idea of how much its resale value will be based on current market prices.

It is worth, noting, however that professional appraisals can cost a lot of money and they don’t always guarantee that you’ll get a good price for your diamond, as price offers still depend on the buyer. Buyers don’t always follow the appraisal report especially since some appraisals grade diamonds higher than their actual value. Professional appraisals are recommended for high-value diamonds to protect the interests of the seller.

Rapaport Value

Most diamond buyers make offers based on a diamond’s Rapaport value. Rapaport diamond reports set the industry standard of diamond prices for consumers. These reports are published weekly.

Buyers often offer about 50% to 60% of a diamond’s “Rap” value initially and just increase it from there. Pawnshops usually offer less than 40% of the “Rap Value”. Online diamond buyers offer the most but their purchase offer is based on both the “Rap” value as well as their own appraisal of the diamond. This is why getting your own appraisal for smaller diamonds don’t always pay off, as most buyers base their purchase on their own valuation of the diamond.

Brand

Brands can add a lot of value to a ring. Engagement rings bought from jewelers like Tiffany’s or Cartier can significantly raise the value of an engagement ring. Most dealers are willing to pay 70% or more of a ring’s value if it is from a big brand name.

Ring Setting

Since you’ll also be paid for the setting, you also have to take into account the market prices for precious metals. The value will be based not only on the weight and purity of the metal but its current state taking into account wear and tear if they are not going to melt the metal.

There are a lot of factors that influence the prices of diamond engagement rings, which is why it’s not always easy to get an estimate of how much you can sell it for. If you want to protect yourself and get a fair price when you sell your engagement ring, it’s best to do your research. It’s better if you have a GIA report or IGI certificate along with the most recent Rapaport report so you’ll know whether the price is right or not.

For more information on the pricing of engagement rings, along with reviews of online diamond buyers, check out our diamond selling page for more information.

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