Selling Diamond Rings
Whether you are looking to get over a divorce or just looking to make some extra money by selling your engagement ring, there are some things you should know to earn the most money. Going to a jeweler or pawnshop may be the first idea to cross your mind, however this likely will not get you the money that you are looking. Online diamond buyer can provide you with many benefits when compared to these other options and we will explain some of the things to look for when selling and engagement ring. Below we have laid out everything that you will need to know when selling a diamond ring and what to expect out of the process.
The Value of You Ring
Different rings will obviously command different values depending on various factors of both the stone and the setting. If you are unfamiliar with these terms, the stone refers to the diamond while the setting is the metal that the diamond sits in. Your ring could have multiple diamonds and the setting can also be a combination of different precious metals.
Diamonds are graded based on a variety of factors that experts use to determine the value of a diamond. These criteria can affect the diamond’s value both positively or negatively depending on how they rate in each category. While expert diamond graders take many factors into consideration, a common starting place that will determine much of the diamond’s value is based on what is known as The 4 C’s of Diamonds.
Cut – Brilliance, fire and scintillation will be affected by the cut of a diamond.
Color – Simply the color of the diamond.
Clarity – The amount of significant inclusions or blemishes.
Carat – The unit of weight in which the diamond is measured.
Each one of these categories has a scale that the diamond will be graded on. For more in depth information on The 4 C’s of Diamonds, click the link to be taken to our page where we further discus the various grading scales.
I mentioned earlier that the setting of a diamond ring could be one precious metal or a combination of them. Determining value for the setting is much easier than the diamond. Every precious metal, such as gold, silver or platinum, has a market value that changes frequently based on the current economic conditions. Because of the market value, a price is already somewhat set for the type of metal that you have and the only thing that needs to be determined is how much of it you have and its purity.
Purity is the amount of precious metal content that an item is made up of. For example, a 24k gold ring is 100% gold. This means that a 12k ring is only 50% gold and it is combined with another metal other than gold. Once the purity has been found, the setting can be weighed and referenced to the market price to determine a value. If your ring is made from multiple precious metals, then you will be compensated for the amount of precious metal that you send in to the diamond buyer.
While the difficulty of accurately placing a value on a diamond ring can be difficult without the necessary training and resources, you should try to get an estimate of what it is worth before sending it to a diamond buyer. Despite jewelers not giving you as much cash for diamonds, they could still provide you with an estimate or let you know a little bit more about your ring. It is not a bad idea to take your diamond ring around and see what offers are out there, but they likely will not be as much as an online diamond buyer can offer.
Why Sell Your Diamond Ring To An Online Buyer?
When selling your diamond ring, you are likely looking to get as much money as possible. This is why we recommend selling to an online diamond buyer. They are able to offer you more money than the other options that are available while also providing some other benefits that competitors cannot match either. People who have sold diamond rings to online buyers know that their ability to offer more cash for diamonds comes from a variety of reasons and that competitors will not be able to remain profitable if they offer similar prices. There are several benefits of using an online diamond buyer and we have listed many of them below.
Convenience – Selling your diamond ring online is a simple process and quite easy for anyone to do. You wont even have to leave your home throughout the process as the shipping label can be printed from your computer. Also, many people do not like the process of negotiating and potentially losing out on money because they are not as well informed as the buyer.
More Cash For Diamonds – The reason why online diamond buyers can offer more money is because they do not have as many costs. They do not run retail stores like the competitors, which can cost a good amount of money to operate. Also by specializing in this industry, they have the tools and resources to provide accurate valuations that they know they will profit from. This leads to refining the process over time to further reduce costs and provide customers with more cash for diamonds in hopes of taking away business from the competition.
Expert Appraisals – Online diamond buyers will hire the best diamond graders because they only focus in this one industry. Pawnshops need staffs that have knowledge on a variety of topics which leads to less qualified people placing a value on your diamond ring.
Returns If Unsatisfied – Many diamond buyers have return policies in place that will provide you with peace of mind knowing that you can get your ring back if your have a change of heart. Each diamond buyer usually gives an amount of time for the customer to accept or deny the valuation once it has been given. This allows you to think about the decision while knowing what you will get for your diamond ring.
Selling Your Diamond Ring Online
Now that you have found as much information on your diamond ring as you can and have an idea of what you can get for it, you can begin the process of selling your diamond ring. As we mentioned earlier, there are a variety of ways in which you can do this, but selling to an online diamond buyer will most likely earn you the most money while offering a level of convenience that cannot be matched elsewhere. Here is what you can expect from selling a diamond ring online and some tips on how to even further enhance your experience.
1 – Find The Right Diamond Buyer
Diamond buyer reviews like the ones on our site are an excellent place to start. The reviews are unbiased and give you insight from someone who has worked with each diamond buyer before. While these reviews can start you off on the right foot, there are also some other things that you should consider when selecting a diamond buyer. Despite the process being relatively similar for al online diamond buyers, certain individual policies may lead you to find one that is better suited toward your needs. For example, because diamond rings can vary greatly in price, you should find a diamond buyer that has an insurance value that is sure to cover the value of your diamond ring. If your ring is estimated to be worth over $5,000, then don’t sell to an online diamond buyer with insurance that only covers $2,500. This also goes for other things such as return policies, guarantees, or quick turnaround times. Find what you what is most important to your from the transaction and research a diamond buyer that will meet your needs. Below are two online diamond buyers that we highly recommend using.
2 – Get Shipping Label And Send Ring
You have now found the diamond buyer that you will sell your ring to. In order to send your ring to the diamond buyer, you will need to acquire a shipping label. These can either be printed at your home, or mailed to you along with an envelope to package your diamonds in. Getting the shipping label usually just requires that you fill out some basic information on their website and should not take long at all. Carefully package your diamond ring in the envelope or box in a way that it will not move around or be damaged during shipping. Be sure to include any additional paperwork or information that the diamond buyer requests and ship your package to the assigned address. From here, you can wait to be notified from the diamond buyer.
3 – Receive Cash For Your Diamond Ring
Once the diamond buyer has received your diamond ring, it will be given to a diamond expert to have graded. After the diamond ring has been graded, a valuation will be placed on it and they will contact you with the offer. You will be contacted either through email or a phone call and you will have a certain amount of time to either accept or deny the offer. If you choose to deny the offer, your diamond ring will be sent back to you at no charge. If you accept their offer, you can choose to have a check sent to your home or have the money wired into a bank account.