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Top 10 Secrets To Selling Your Old Diamond Engagement Ring

Jul 15, 2008
There may come a time in your life when selling your old diamond engagement ring is necessary. Perhaps you are divorced and wish to sell the old ring or maybe you have traded it in for a newer version. Whatever the case may be, there are 10 secrets to selling your old diamond engagement ring which every person should know.

You Don't Have to Sell to the First Person Who Offers Money for It

When you are offering your old diamond engagement ring for sale, make sure that you shop around for the best offer. There are a variety of companies and individuals which purchase this type of jewelry, therefore make sure that you get the best price possible after carefully pursuing your options.

Try Selling Online

The Internet is a great place to sell jewelry, even diamond engagement rings. If you are Internet savvy and have an old diamond engagement ring that you wish to sell, try looking into online jewelry dealers which purchase jewelry or websites such as eBay to see if you can get a good price for the old ring via any of these places.

Visit Local Jewelry Stores for the Best Price

You may also find that some of the best prices will be offered by local jewelry stores. They may want to purchase your old ring and give you a good amount for it as they feel you may come back as repeat customers in the future to buy jewelry from them. Therefore, never discount checking with local jewelers to see if they wish to buy your old diamond engagement ring from you.

Some May Want the Diamond or the Setting But Not Both

Keep in mind that you may also be able to sell the ring in its separate parts, i.e. the diamond and the setting separately. Some potential buyers may simply be interested in the exquisite diamond and not want the setting or wish to buy the antique setting but not the diamond. Therefore, you may get a better sale out of the deal by selling the two parts separately if need be.

Have It Cleaned Prior to Offering It Up For Sale

Another good secret which all sellers of old diamond engagement rings should keep in mind is that having it cleaned prior to offering it up for sale may enhance the value of the ring. Although many may judge the ring according to the 4 C's (cut, color, clarity and carat), having a clean and sparkling ring may make it that much more desirable.

Store It In a Safe Place to Keep It In Good Condition

Before selling your old ring and when you are in the process of finding a buyer for the diamond engagement ring, make sure that it is kept in a safe place where it will be kept in the best condition possible. This too will enhance the favorable attributes of the ring when viewed by potential buyers.

Try to Sell It with the Wedding Band(s) If Possible

You may also get a good amount for old diamond engagement rings which are sold as sets with the wedding band. Having a complete set may make the entire sale that much more worthwhile to the buyer which will reap a better price for the seller.

Consider Selling Via Auctions with a Reserve Price

An additional secret for diamond ring sellers is to consider selling the jewelry piece at an auction. This will allow the seller to set a reserve price whereby the ring cannot be sold for an amount less than what the seller wishes to receive. Auctions are a great way to sell an old diamond engagement ring and offer it for a minimum price where you will not have to take a loss.

Know the Ring's Worth

Knowing the ring's worth prior to sale will also help you to get the best amount in exchange for the ring. Having your ring appraised will let you know how much it is worth and may also make it an enticing attribute for potential sellers who want to get what they are paying for.

Don't Take Less than What It's Worth

Lastly, try not to take less than what the old diamond engagement ring is truly worth. There are many people who are interested in purchasing this type of ring therefore you are almost certain to find someone who will pay you a good amount for the ring that you are selling.
About the Author
James Greene is a Graduate Gemologist and Master Gemologist Appraiser. James has been in the jewelry and appraisal business for over 25 years and specializes in Insurance and estate appraisals. http://www.diamondmarketwatch.com
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