Things to Know Before You Sell Your Diamond Ring
Diamonds are usually bought by males and gifted to females during engagements and birthdays or in the form of traditional jewelry passed down from generation. There are several instances where one must sell their diamonds or jewelry. It can be a financial situation, or your relationship can turn towards a negative outcome. You must sell your diamond ringif you don’t want to remember the moments that led to this outcome. So, removing items that bring out this emotion becomes a priority.
Buying diamond jewelry is easier. You go to a jewelry store, choose your ornament, and purchase it on the spot. However, when you are going to Sell Your Diamond Ring, the situation becomes the opposite.
Let Us Know Some Important Things to Know About the Best Place to Sell a Diamond Ring and Other Characteristics:
- Having grade certificates from trusted sources
Diamonds is a valuable commodity, and just like a seller, the buyer will demand to see evidence and authentication of the diamond’s qualities. The Gemological Institute of America, or GIA, can provide an authoritative gemological–quality certification, which the experts trust easily. The certificate will offer detailed information about the clarity, color, cut quality, and weight. Any business claim from the buyer or seller’s part will be nullified by a grading certificate from a dependable neutral party.
- Getting appraised by local sources
The current market conditions and your diamond’s subsequent price may not match your chosen gradation-certifying authority. Therefore, it is best to get the diamond appraised by a local appraiser, which can give you an idea of your diamond’s actual worth in the current market conditions. The best place to sell a diamond ring will ask how much you expect for your diamond, and this appraisal can help you quote an optimum price with an educated guess.
- Consulting the Rapaport report
Do you know about the Rapaport report? It is the price list jewelers use to benchmark prices according to the different standard parameters of the diamond ornament. According to the experts, the “high cash asking value” mentioned in the report, called Rapaport pricing, is used more by veteran buyers and sellers as a trade-making guideline. Some retailers even use this to price their jewelry in retail stores.
So, when you are looking for tips about how to sell my diamond ringon the market, you can consider the Rapaport report for a specific grade and type of diamond and calculate the efficiency of the deal by dividing the ratio between the Rapaport value and the selling price of your diamond.
- Sell at least 60% to 70% of the dump value.
It would be best to remember that jewelers are also businesspeople who want a deal that benefits them. So, a great lesson on How to Sell My Diamond Ring is to never agree to the jeweler’s initial offer, as they will mostly make a buying offer at a value below the dump price.
According to experts, dump prices are roughly 40% of the Rapaport price of the diamond, and that is the least you should allow the price to drop. Most buyers will start below the dumping price to maximize their value and undercut your profits. It would be best if you patiently negotiated a price that works for both parties. The jeweler can resell at a much higher price if you agree to relinquish the diamond below dump value.
People have filled pages and books about the values of diamonds and the values they represent in a relationship. Romantics have equated its value to an eternal gem and other long-standing values. However, contrary to the views of the famous artist and fashionista, diamonds aren’t forever. Therefore, it is best to research and gather knowledge before selling your diamond jewelry.