Diamond Ring

Where Should You Sell Your Diamond Ring?

Where Should You Sell Your Diamond Ring?

Often times, one of the most common questions we get from clients is “Where can I sell my diamond ring? And how much cash will I be able to get?” You are strapped for cash, and you see no point in keeping your diamond ring, your priority at this point in time is to keep your house, or fund your child’s college education.  Because you are new with trading your jewel, you are completely clueless. Selling your diamond ring is easier said than done, Let us help you with your concern. The list below will tell you where to sell it. More importantly, it will give you some ideas on how you should deal with these buyers.

Pawnbrokers

The main concept of a pawnshop is to lend you money using your diamond ring as collateral. You have to pay this amount plus interest on a specific time, which usually takes about six months to a year. If you are not interested to have it back, you can just ignore the loan agreement and the pawnbroker you have chosen to transact business with can take its ownership. However, if you think you’d like to keep it, settle your payment every month.

But if you are decided on letting your diamond-adorned ring go, pawnshop can be a good place to sell your jewelry. It is not time consuming, although, you may not get top dollar, but you can transact and sell your diamond ring, quickly, safely and with little or no hassle.  The only drawback you have when you bring your item to a pawn broker, they may offer you a lower value for your diamond ring. However, if you know of reputable pawnbrokers that you trust, you may opt to sell or use your diamond as a collateral to them, because it is not always about getting the highest appraisal, but having a smooth and safe transaction, with less fuss and effort.

Auctions

When you decide to sell your stone through auctions, be prepared for the outcome, which may be for you or against you. The highest bidder, regardless if the bid is not to your desire, gets the item. You have the option to set a reserve price but the setback is, you may not be able to sell it. Know all the possibilities and the fees involved in participating in auctions.

Private Individuals

You are likely to receive the best price from private individuals. He or she can be your neighbor, coworker or someone you or your friends know. Their primary motive is not to profit but to extend help. Their secondary purpose is to just own it because it is beautiful. But you have to be cautious on finding the right buyer, so you will not end up being scammed.

Diamond Ring Dealers

Diamond ring dealers are experts in appraising the value of your jewelry, if after a thorough examination, your precious stone has good cut, clarity, carat and color, they will offer to purchase it from you. In case you are not satisfied with the offer, you may ask their assistance to look for diamond buyers because they have connections. Dealing with these dealers may help you yield higher amount than you can expect, but they may ask for commission or a cut from the sale.

Online Buyers/Jewelers

After trying out everything that has been discussed above, you still find no success, the answer now lies on the Internet, which is where the huge market is. They ask you to provide some initial information online like name, email address, expected offer, item for sale and others. After a few hours or days, they will send you the counter offer. You will be the one to decide then if you will accept it.

However, you have to make sure that the business is legitimate before you transact with them. You can check it through the Better Business Bureau (BBB) and from customer reviews that you can read over the Internet.

“Am I selling for the right reason?”

Think a hundred times before you proceed with your plan of selling your jewelry. It has been with you for so many years and you should not say goodbye to it for the wrong purpose. Ask yourself if you are selling an important part of your life for the right reason. Are you emotionally ready? Because diamonds normally have sentimental values to the owner. But if there is no point in keeping it, or the reason why you are selling it is far more important than the sentimental value, leave your emotions behind. You do not want to exchange freedom from financial strap to the memories brought by the diamond ring.

Financial Emergency – Someone in your family requires cash for doctor visits and to buy medicines. Your landlord is forcing you to settle your rental payments or you will have to move out. These are the types of financial emergencies that validate your need to sell your precious stone.

Emotion – You feel hurt each time you see the diamond ring. You remember the man who gave it to you and whom you have given your love and trust—but in the end fooled you. Waste no time and let it go.

If your purpose falls on either of these two, then you don’t have to feel guilty. You don’t have to go through the difficulties of juggling your budget to pay for the bills and paying other expenses. Diamonds may be a symbol of love and passion, but it’s the only thing that can help you get through financial difficulties. Once you know what you exactly got, knowing where to sell it should not be a pain in the neck.