If you’ve recently ended your marriage or engagement or have inherited some jewelry, you may find yourself in a situation where you’d like to sell a diamond ring. While this is undeniably a great way to put a little bit (or a lot) of extra cash into your bank account, there are some common mistakes that many first-time sellers make when trying to unload a diamond ring. Understanding these popular mistakes will hopefully help you avoid them and sell your diamond ring successfully.
How to Sell Your Ring
Before selling your ring, the first thing you’ll want to do is learn everything you can about the item itself. You’ll need to find out the cut, color, clarity, and carat weight of the diamond. Additionally, it’s important to have a GIA, or Gemological Institute of America, report for the ring, which explains the quality of the diamond in detail. This information will determine the value of the diamond, and therefore the ring. This way, you’ll know what amount of money you should expect to see in exchange for your diamond ring.
While you may have had your ring appraised for insurance purposes, it’s important to understand that diamonds are typically insured at a certain price, but that can differ greatly from the ring’s actual value. In truth, diamonds are quite difficult to sell because there is such an art (or perhaps more of a science) to finding their exact value.
Forgoing Your Research
Before selling any jewelry, it is important to research your buyer. A reputable buyer will have a website, and ideally a brick-and-mortar location. You should be able to easily locate customer testimonials and reviews to see what other customers have had to say about their experiences. You should get the sense that they have nothing to hide.
Succumbing to Pressure
Any trustworthy buyer will never try to pressure you to sell to them. Someone reputable would never want to do business before you’re ready. They want you to feel good about the sale and most importantly, they’ll want you to return. A low-pressure interaction can be a good indicator of an honest buyer.
Selling on eBay
It can be tempting to sell your diamond ring online through an auction on a site like eBay. However, it’s also one of the riskiest ways to sell something so valuable. Not only is it likely that it will take you a while to find a buyer who is serious about doing business with you, but it’s also true that you never really know who’s on the other side of the computer. There’s no way to tell if the person with whom you’re doing business is who they say they are and if they’re trustworthy. There is also a significant risk being taken in choosing to ship the ring itself. If it’s lost or damaged, you will be held responsible.
Ignoring Your Gut
The best way to measure whether or not you are receiving a fair price from an honest seller is to trust your instincts. More often than not, your gut will tell you what’s right long before your brain understands why it’s so. Trust yourself to make the right choice.
