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What Are the Best Tips for Selling Diamond Rings?

Diamonds.
Many women pawn their engagement rings after a divorce.
A diamond ring.
A diamond eternity ring.
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  • Written By: B. Miller
  • Edited By: Andrew Jones
  • Last Modified Date: 16 April 2014
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Methods for selling diamond rings can take a many different forms depending on who is selling them, and whether the person is a professional jeweler or someone who wants to resell a diamond due to a broken engagement, divorce, or simple inheritance of an old ring they do not want. Jewelers are typically trained in sales techniques, which vary from the way the diamonds are originally priced and marketed, to the way he or she interacts with the customer. Most people interested in selling diamond rings are not jewelers, however. In this case, there are a few steps to take, including getting an appraisal both of the ring, and of the wholesale value of the diamond, then exploring different markets for selling it.

People who are desperate for cash might find that selling diamond rings to a jeweler or even a pawn shop is the easiest -- not to mention safest -- option. A pawn shop will return just a fraction of the value, but for some people that is better than nothing. A jeweler will probably not offer much more, unless the diamond is of spectacularly high quality. Generally, the amount a jeweler will offer for a diamond ring is about one-third of the wholesale of the diamond.

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Another option for selling diamond rings is to try to sell it online or in a local paper. This can be much more difficult, since many people are reluctant to spend money on a ring from a broken engagement or divorce, especially a ring they haven't seen. However, this is a good way to get a bit more money for the diamond ring. The method of getting the most money for a diamond ring is to sell it to a friend or acquaintance willing to pay nearly what it would cost to buy it in a jewelry store.

Regardless of the method an individual chooses for selling diamond rings, it is absolutely necessary to get it independently appraised and valued first, preferably from a few different jewelers. This gives the seller a good idea of what the ring is worth, who can then haggle the sale price confidently. It is usually not a good idea to get an appraisal and then immediately sell the ring to that jeweler, as dishonest jewelers could give a very low appraisal in the hopes of making more money on a future sale. Be sure to get the appraisal in writing to show potential buyers, and if the diamond is certified and graded, be sure to hang on to that certification as well.

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