In days gone by, if people were looking to sell a diamond ring, they would automatically looked to find a someone local who would be willing to buy their ring.
It’s understandable and maybe googling “diamond ring buyers near me” is how you found this page?
In 2023 though, settling for someone who happens to be near you is a surefire way to get significantly less for your engagement ring.
For most people, when they are looking to buy something of considerable value, they don’t just look at the stores that are local to them.
Of course, they may end up buying locally, but it makes sense to compare online to make sure that the deal is the best one out there.
When selling an engagement ring, the same thinking should apply. Sure you can just find a local jeweler who happens to be near you, but how likely do you think that they are the very best option available.
In order to get a good result, there are a couple of things that need to happen:
- They want to buy an engagement ring of your size and quality at the time you are looking to sell
- They are confident that they can sell it at a profit
The chances of these two things happening and you receiving the best offer possible for your engagement ring from someone near you is very low.
All in all, only looking to sell your engagement ring to someone close to you is a recipe for receiving a low-ball offer.
Best place to sell a diamond ring
The best place to sell your diamond ring can depend on exactly what you are selling.
In this section we’ll review some of your options and you can then make a decision on which one feels like the best fit for you.
1. Sell your diamond ring to Worthy.com
Worthy.com is an online marketplace specializing in selling luxury items, such as diamond rings.
The platform connects sellers with a network of professional buyers, ensuring a transparent, secure, and efficient sales process.
Worthy.com facilitates the entire process, including evaluation, cleaning, and photographing the diamond ring to attract potential buyers.
It’s a great option to get your diamond ring in front of as many people as possible, which can result in prospective buyers bidding the price up higher than it might have otherwise achieved.
One thing that does need to be taken into account is Worthy’s fees, which can be seen here. These will need to be taken into account when understanding how much you will receive for your ring.
- Expert handling: Worthy.com manages the entire sales process, from evaluation to shipping, ensuring a seamless experience for sellers.
- Competitive bidding: The auction-style platform encourages buyers to bid competitively, potentially increasing the final sale price.
- Trustworthy buyers: Worthy.com connects sellers with a network of professional and vetted buyers, reducing the risk of fraudulent transactions.
- Free services: Complimentary evaluation, cleaning, and professional photography are offered to showcase the diamond ring in the best possible light.
- Insurance: Shipping and handling are insured, providing peace of mind to sellers.
- Commission fees: Worthy.com charges a commission based on the final sale price, which may reduce the net earnings for the seller.
- Limited control: Since the platform handles the entire sales process, sellers may feel they have less control over the negotiation and final sale price.
- No immediate payment: Sellers may need to wait for the auction to end and payment to be processed, which may take longer than some alternative methods.
- Potential unsold items: There is a possibility that the diamond ring may not sell or may not reach the desired price, requiring the seller to explore alternative options.
- Online-only: As an online platform, some sellers may feel less comfortable with the process and prefer a face-to-face transaction.
2. Sell your diamond ring to Cash For Diamonds USA
Cash For Diamonds is an online gold and diamond buyer that buyers directly from sellers like you.
The website offers a simple and quick process to sell diamond rings with a quote provided within 24 hours. Their prices are based on current market rates for the materials they are bidding on, and once an offer is accepted and the diamond ring received, they make their payment extremely quickly.
- Speed: CashForDiamondsUSA.com offers a fast and efficient process, with payments typically made within 24 hours after the item is received and evaluated.
- Convenience: The entire transaction can be completed online, without the need for in-person visits or appointments.
- Free shipping: The platform provides a prepaid, insured shipping label to ensure safe and secure transportation of the diamond ring.
- Immediate offer: Sellers receive an offer for their diamond ring shortly after evaluation, allowing for quick decision-making.
- No obligation: The seller can decline the offer if they are not satisfied with the proposed price, and the ring will be returned at no cost.
- Lower price: CashForDiamondsUSA.com purchases items directly from sellers, which might result in a lower payout compared to other selling methods like auctions or consignment.
- Limited negotiation: The platform typically provides a single offer, which may not be negotiable, giving the seller less control over the final sale price.
- Online-only: Some sellers may prefer a face-to-face transaction or have concerns about sending their valuable items through the mail.
- Less transparency: The evaluation process and pricing methods might not be as transparent as with other options, leaving some sellers feeling uncertain about the fairness of the offer.
- Potential for disappointment: If the offer is significantly lower than the seller's expectations, they may be disappointed and feel they wasted time and effort in the process.
3. Sell your diamond ring to The Diamond Oak
The Diamond Oak was founded by a third generation diamond dealer and is based in New York’s Diamond District on West 47th Street.
While they are specialists in pre-owned designer rings, particularly Tiffany, they also offer very good prices for larger diamonds (1.2 carats and above).
With a focus on personalized service and expert guidance, they are a great option if your ring has a brand name attached to it or is a higher carat weight.
- Expert guidance: The Diamond Oak provides expert advice and assistance throughout the selling process, ensuring a smooth experience for sellers.
- Personalized service: Each transaction is tailored to the specific needs of the seller, providing a customized approach to selling diamond rings.
- Competitive pricing: The platform aims to provide fair and competitive offers based on current market conditions and the quality of the diamond ring.
- Secure shipping: The Diamond Oak offers insured shipping options to guarantee the safe transportation of the diamond ring.
- Reputable company: The platform has built a solid reputation for providing quality service, ensuring trust and confidence in the selling process.
- Limited reach: TheDiamondOak.com is an online platform and may not have as extensive a network of potential buyers as larger, more established platforms.
- Potential for lower prices: As with any platform that buys directly from sellers, there is a possibility that the offered price might be lower than what could be achieved through auction or consignment.
- Slower process: The personalized service may require more time and interaction with the company, potentially slowing down the selling process compared to more streamlined platforms.
- Online-only: Some sellers may prefer a face-to-face transaction or have concerns about sending their valuable items through the mail.
- Commission or fees: While the exact fees may vary, The Diamond Oak may charge a commission or fees for their services, potentially reducing the net earnings for the seller.
4. Selling your diamond ring on eBay
The beauty of eBay.com is that anyone can buy and sell a wide range of items, including diamond rings.
As a seller, you can list diamond ring for auction or set a fixed price, reaching a large audience of potential buyers around the world.
The downside of this is the sheer noise – at the time of writing there were 790,000 search results for ‘diamond ring’, which means that your listing is unlikely to stand out.
While you may get a good result from eBay, you’re more likely to get a better one, faster, from one of the other options.
- Large audience: eBay has a vast user base, providing sellers with a wide pool of potential buyers for their diamond ring.
- Control over pricing: Sellers can set their desired price or reserve price for auctions, ensuring they have more control over the final sale price.
- Flexibility: Sellers can choose between auction-style listings or fixed-price listings, depending on their preferences and desired selling timeframe.
- Global reach: eBay operates internationally, allowing sellers to reach buyers from various countries and expanding their potential market.
- Seller protection: eBay offers some level of protection for sellers against fraudulent buyers and disputes, providing a degree of security in the transaction.
- Fees: eBay charges listing fees and final value fees, which may reduce the net earnings for the seller.
- Time-consuming: Managing the listing, answering buyer questions, and shipping the item can be time-consuming, especially for inexperienced sellers.
- Potential for scams: Despite eBay's seller protection measures, there is still a risk of encountering fraudulent buyers or scams on the platform.
- Competition: There may be a large number of similar diamond rings listed on eBay, making it more challenging to attract buyers and achieve the desired sale price.
- No professional assistance: Unlike specialized jewelry selling platforms, eBay does not provide expert guidance or assistance in evaluating, pricing, or presenting the diamond ring, which may impact the final sale price.
5. Selling your diamond ring to Express Gold Cash
ExpressGoldCash.com is an online platform primarily focused on buying gold, but they also purchase diamond rings, particularly those with smaller center stones. e
ExpressGold Cash offers a fast and convenient method for selling diamond rings with the potential for an immediate payout.
- Speed: ExpressGoldCash.com offers a quick selling process, with payment often made within 24 hours after the item is received and evaluated.
- Convenience: The entire transaction can be completed online, eliminating the need for in-person visits or appointments.
- Free shipping: The platform provides a prepaid, insured shipping label to ensure the safe and secure transportation of the diamond ring.
- Immediate offer: Sellers receive an offer for their diamond ring shortly after evaluation, allowing for quick decision-making.
- No obligation: The seller can decline the offer if they are not satisfied with the proposed price, and the ring will be returned at no cost.
- Limited focus on diamonds: As the platform mainly specializes in buying gold, their expertise and pricing for diamond rings, especially those with larger center stones, may not be as competitive as other specialized diamond buyers.
- Lower price: Selling directly to ExpressGoldCash.com might result in a lower payout compared to other selling methods like auctions or consignment.
- Limited negotiation: The platform typically provides a single offer, which may not be negotiable, giving the seller less control over the final sale price.
- Online-only: Some sellers may prefer a face-to-face transaction or have concerns about sending their valuable items through the mail.
- Less transparency: The evaluation process and pricing methods might not be as transparent as with other options, leaving some sellers feeling uncertain about the fairness of the offer.
6. Selling your diamond to a pawn shop
Pawn shops buy, sell, and provide loans on almost anything of value, including diamond rings.
Selling a diamond ring at a pawn shop can be a quick and convenient option for individuals who prefer a face-to-face transaction or need immediate cash.
However, as the image from the above website shows, they are basically a source of funding wen you really need it, and as a result pawn shops are unlikely to give you the best price for your ring. They know you need money fast, so will offer the minimum they can to take advantage of that fact.
- Speed: Pawn shops typically offer quick transactions, allowing sellers to receive payment immediately upon agreeing to the offered price.
- Convenience: Sellers can visit a local pawn shop without having to deal with online listings, shipping, or waiting for auctions to end.
- Face-to-face interaction: Some sellers may feel more comfortable conducting a transaction in person, as it allows them to directly negotiate with the buyer.
- No shipping risks: Since the transaction occurs in person, there is no need to worry about shipping or potential damage during transit.
- No fees or commissions: Pawn shops generally do not charge fees or commissions, so the offered price is the amount the seller receives.
- Lower price: Pawn shops typically offer lower prices compared to other selling methods, as they aim to resell the item for a profit.
- Limited market: Selling to a local pawn shop means that the diamond ring is not exposed to a broader market, potentially reducing the chances of receiving a competitive offer.
- Less expertise: Pawn shops may not have the same level of expertise in evaluating diamond rings as specialized jewelry buyers, which could affect the accuracy of their valuation.
- Negotiation skills required: Sellersmay need to negotiate the offered price with the pawnbroker, which can be challenging for those who lack negotiation experience.
- Reputation: Pawn shops may have varying reputations, and some sellers may feel uneasy about selling their valuable items to an unknown local business.
7. Selling your diamond ring through Craigslist
Craigslist is still a great place to buy or sell almost anything locally.
Craisglist offers a free and straightforward method for sellers to connect directly with potential buyers, without the need for intermediaries. The other side of this is the lack of protection it offers. For a high value item like a diamond ring, a specialized platform is likely to be a safer and less stressful experience.
- Free listings: Craigslist allows sellers to post their diamond ring listings for free, eliminating fees or commissions associated with other selling methods.
- Local buyers: The platform connects sellers with local buyers, facilitating face-to-face transactions and avoiding shipping-related risks.
- Control over pricing: Sellers can set their desired price and negotiate directly with potential buyers, giving them more control over the final sale price.No
- middlemen: Selling through Craigslist allows the seller to deal directly with the buyer, removing the need for intermediaries such as auction houses or consignment stores.
- Flexibility: Sellers can create their listings, add images, and provide descriptions that showcase their diamond ring in the best possible light.
- Time-consuming: Managing the listing, communicating with potential buyers, and arranging meetings can be time-consuming and may require considerable effort from the seller.
- Safety concerns: Meeting with strangers from the internet can pose potential safety risks, and sellers should take precautions when arranging in-person transactions.
- Potential for scams: Craigslist can attract scammers and fraudulent buyers, so sellers should be vigilant and cautious when interacting with potential
- buyers.No expert assistance: Unlike specialized jewelry selling platforms, Craigslist does not provide expert guidance or assistance in evaluating, pricing, or presenting the diamond ring, which may impact the final sale price.
- Limited audience: Although Craigslist has a large user base, the platform primarily connects sellers with local buyers, potentially limiting the exposure of the diamond ring to a broader market.
Summary of Recommendations For Where To Sell A Diamond Ring
While it is undoubtedly convenient, Craigslist's listing are a real mixture of low quality used rings, brand new rings from retailers and a few higher quality diamond rings with overly-ambitious prices.
For a high value product like a diamond ring, it's important to consider the risks that are present when meeting strangers from the internet, and for this reason we recommend more specialized platforms.
Worthy is a great option to get your ring in front of as many people as possible. They have a gallery of recent sales which can help you understand how much your ring is likely to sell for.
As a marketplace provider, Worthy does take a % of the sale price, which should be taken into consideration when deciding whether they are the best option to sell your ring.
Cash For Diamonds has some of the dynamic pricing out there when making offers for diamonds, gold or other jewelry. They base their prices on the current market rate and offer a slick and smooth transaction.
If you're looking for a fast transaction and a solid price offer, they're a good choice.
The Diamond Oak was founded by a third generation diamond dealer, which means that they are a little more discerning about what they choose to make an offer for and buy.
The other side of this is that they offer the highest prices for larger diamonds or designer rings like Tiffany of Bvlgari.
If you have a significantly sized diamond, they are the best choice for you.
While it primarily focuses on buying gold and other precious metals, ExpressGold is a great choice for rings with smaller diamonds like cluster rings or pave wedding rings.
They offer high prices for the underlying metals as well as fair prices for the melee stones used in the settings.
While they have improved their verification of jewelry through employing GIA-qualified gemologists, eBay is still and crowded and chaotic marketplace where high quality rings are likely to get lost in the noise.
It can be the best option for selling some things, but when it comes to selling an engagement ring, specialized platforms offer a smoother experience and a highger likelihood of a good price.
Pawn stores serve a purpose: fast cash when you really need it. At all other times though, they are probably best avoided if you want to ensure you are getting a fair price for your goods.
When it comes to selling a diamond ring, a pawn shop is likely to give you the lowest price of any of the options on this list.