Selling a diamond ring can be a big decision.
Not only are diamond rings expensive, but there is also likely a lot of emotion tied up in the sale.
In this guide we’ll take you through the process of how to sell your diamond ring, to make the process as smooth as possible and to ensure that you get the best price for it.
How to sell a diamond ring?
1. Determine the value of your diamond ring
The first thing you should do is figure out what you are willing to sell your diamond ring for. To calculate the value of your diamond, you can look up the current prices of similar rings on a secondary marketplace like Worthy.com.
This is likely to be significantly lower than both the purchase price and the ‘replacement value’ that you have on an appraisal. However, it’s the best indicator of what people are actually willing to pay.
2. Choose the right place to sell your diamond ring
Once you know how much a realistic selling price is, next you need to work out where the best place to sell your diamond ring is. There isn’t necessarily a best place for everyone, instead it can depend on the size and quality of your diamond ring and how much of a hurry you are in to sell.
- A dedicated diamond dealer is usually the best place to sell your diamond ring because they have They already know the diamond industry, and they can give you a fair price for your diamond ring.
- Jewelry stores may be convenient, but often end p selling the jewelry they buy to a diamond dealer. As a result, they offer lower prices to allow them to make some profit on the deal.
- Pawnshops can be the fastest way to sell a ring, but the flipside is that you will be paying for the convenience with a lower sale price.
- You can also sell your ring on eBay, craigslist, Facebook Marketplace etc. This route will mean you get to keep all of the money from the sale, but can be more hassle and may actually result in a lower price.
3. Get several offers
While you may think you know where you are going to sell your ring, it’s a good idea to shop it around to more than one place.
There can sometimes be hundreds, or even thousands, of dollars difference between the offer made for a ring, so it can be extremely fruitful to get more than one quote.
4. Sell your diamond ring
Completing the sale should be a straight forward process. If you are selling online and have already sent your diamond ring in to be inspected and verified, you usually receive a money transfer as quickly as the same day the sale is finalized.
Where to sell your diamond ring?
You have several choices as to where you sell your diamond ring:
- Dedicated diamond dealers
The key to getting the best price for your diamond ring is finding someone who wants what you are selling.
With so many diamond rings available on the second hand market, as well as the huge choice for new diamonds from suppliers, it can be difficult to find someone who is looking for what you’re selling.
This is where a dedicated diamond dealer comes to the fore. With their deep connections in the industry, they are able to offer the best prices for diamonds because they know that they will then be able to sell the diamond on.
If you have a diamond ring of 1 carat or over, this is our recommended diamond dealer. We have helped many people sell their diamond successfully through them and you can read their excellent reviews.
- Jewelry Stores
Jewelry stores can be a good option to sell your ring, if you can find the right one.
However, many jewelry stores just aren’t set up to both buy and sell diamonds, and it’s the selling of pre-owned diamonds that can be the stumbling block.
If a jeweler isn’t condident that tey will be able to sell your ring, it’s a risk to them. And the way they will mitigate this risk is to
However, if you can. We recommend search on the GIA database for diamond specalists in your area and then going from there,
- Worthy.com
Worthy.com is a platform where you can find buyers for almost any jewelry. For example, you can use this site to sell your diamond ring quickly and easily.
All you need to do is register. Afterward, you will be asked to fill out the information. Next, you will need to describe your diamond ring along with its condition of it.
- Pawn Shops
Pawnshops are a good place to sell things quickly. If speed is your priority, then you could consider them to sell your diamond ring.
Pawn shops operate a little differntly to a lot of jewelry buyers because they often give you a price based on the ‘intrinsic value’ of the materials in the ring, rather than the vale of the ring as a piece of jewelry.
However, they will usually offer you substantially less for your ring than it is actually wort.
- Cash for gold stores
Cash for gold stores operate on a similar basis to pawn shops, and will offer a price based on the ‘spot price’ of a precious metal.
We’ve found that online cash for gold stores can actually offer very fair prices for jewelry that doesn’t have a large diamond e.g. a solitaire ring with a 0.3 carat diamond, or a cluster ring.
If you can wait a few days for the transaction process to take place, our recommendation is Express Gold Cash.
- eBay
eBay is chock-full of engagement rings for sale, which means it can be difficult to get cut-through. Many engagement rings offer are new and low quality, which means that if you have ahigher quality diamond ring available, it may get lost in amongst all of the other goods.
eBay does offer good seller protection if you follow their policies and should be a safe place to sell.
- Craigslist
Selling a diamond ring on Craigslist is a bit of a wild west – there are a large number of diamond rings for sale, all with wildly different qualities, certifcations and prices.
If you’re selling a high value item on Craiglist, you may need to meet the buyer in person. For your personal safety, we’d recommend you be very careful when doing so and recommend you meet somewhere public.
- Facebook Marketplace
Facebook marketplace is an extradonarily effective way to sell almost anything including, yep, diamond rings.
The listing set-up process is easy, but users do report a high number of scam messages for high value items. If selling through Facebook marketplace, we recommend that you read about common internet marketplace scams to keep yourself safe.
How much can I sell my diamond ring for?
The value of your diamond ring depends on several factors. These include:
- The shape of your diamond
- Its carat weight
- Color
- Clarity
- Size
- Shape
- Cut
- Setting
- Condition
- Value
- Gemological grade
- Certification
- Brand name Etc.
As with buying a diamond ring, there are some things that will always be true when selling a diamond ring:
- Generally, having a large diamond will fetch more money than a small one. Additionally, diamonds with higher clarity values are worth more than those with lower clarity values.
- Diamonds with high-quality cuts are usually valued higher than those with lower-quality cuts. Diamonds that have more carat are also worth more than lesser ones.
- A diamond ring that someone has worn is typically worth less than the same diamond ring that hasn’t been used yet.
- Diamond rings that come from reputable brands are generally worth more than those that don’t. Likewise, a diamond ring with a grading report or certificate of authenticity is usually worth more than one that doesn’t.
No two diamonds are alike. Therefore, no two diamond rings are precisely the same, which means that the price of your ring could depend on
To sum it up:
There are many ways to sell your diamond ring. This is because there are so many options that you should consider when thinking about how to sell your diamond ring for maximum profit.
As a guide though, our recommendation is:
- choose a diamond dealer if your ring has a center stone above 1.2 carats
- select a jewelry specialist if it is a designer name
- use a reputable online marketplace if your ring is 0.6 – 1.2 carats
- Find a good ‘cash for gold’ buyer if your diamond is 0.6 carats or less