“Can you tell me how to sell my diamond ring?” is not the type of subject line I like to see when I open my email in the morning. It usually means that the engagement or marriage of one of my clients has skidded off the track and burst into flames. Other times when people ask “where can I sell my engagement ring?” it means they are in financial trouble. One of the first things to go when people encounter hard times is their jewelry because it is a luxury item we can do without. Believe me, I know because I had to sell off all of my personal jewelry following the death of my wife in 2005. In fact, I sold off pretty much everything of value during that time just to survive.
For a while, it seemed like life was “a series of unfortunate events” as Lemony Snicket’s would say. The death of our daughter was followed by the suicide of my wife, which was followed by eight years of litigation over the company. But in the end, the sun came out and I won the lawsuit. The reason I’m telling you this is because sometimes bad things happen to good people.
In my experience, when our relationship ends, we tend to feel like we’re the only people who have been forced to sell our diamond rings. However, for better or worse, we are not alone in our anguish because 50% of marriages end in divorce according to the American Psychological Association. The media loves to rub our noses in that sort of thing, don’t they? But the flipside of the coin is that 50% of marriages do not end in divorce.
Obviously, I’m a glass half full kind of a guy. How else do you think I survived that series of unfortunate events? Pick yourself up, dust yourself off, and get back to being a Phoenix baby! Rise up from the ashes and show them what you’re made of. Ahem, or is that Amen? Take your pick. But if you find yourself in the position of having to sell your diamond engagement ring, don’t dwell on it, just do it and get it over with. The odds are that you’ll feel better after the dust settles and you can breathe again.
If I learned anything from the death of my wife and the huge financial downfall that followed, it’s that stuff is just that and it’s not important at all. There will come a day when everything turns back around and you can buy new stuff then. In the meantime, you’re probably better off selling your old ring and letting go of everything that goes with it.
The worst thing you can probably do is walk into a Cash For Gold, Pawn Shop, or your local Jewelry Store and say “My marriage is over and I need to sell my diamond ring” because that is like throwing chum in shark-infested waters. The vast majority of cash for gold and pawn shop owners earn their living by profiting on the backs of other people and their misery. The most these guys are going to give you on a good day is likely to amount to ten cents on the dollar! I can only imagine that the most desperate and naive of people fall prey to these bottom feeders and sell their diamond rings for so little.
The best place to sell your diamond ring is usually the dealer you bought it from. This type of advice might seem obvious at first glance, but you’d be amazed by how many people overlook this option. However, the reality is that your jeweler has a vested interest in your satisfaction as a customer. Plus, nobody knows your diamond better than the person who you bought it from?
Case in point. The inspiration for this blog post came from a client who purchased this 1.90 carat, I-color, VS-2 clarity, cushion cut from Enchanted Diamonds last year. It’s a beautiful diamond that we spend months and months searching for and it’s gorgeous!
Unfortunately, things didn’t work out and she needs to sell this diamond. The good news is that Joshua from Enchanted Diamonds is the type of guy who is there for his clients both before and after the sale. We’re both going to do everything possible to help this puppy find a new home! Great looking cushion cut diamonds are hard to find and this one is almost two carats! Do you know how much more this diamond would cost if it weighed just a little bit more? And with an average diameter of more than 7 millimeters, it’s not like anybody can tell the difference from across the dinner table!
“I was very skeptical about purchasing a diamond online. There were several reasons why but most obvious because I could not see in person what I was buying. I did plenty of research and happened to find a blog that introduced me first to Todd Gray. I could not do justice to how he educated me on diamonds and I am ever grateful that he led me to Enchanted Diamonds and Joshua Niamehr.”
“Joshua allowed me to tell him what I was looking for and I was never pressured. He stayed within my price range and he sent me detailed information on the clarity, cut, color and pictures of the way the diamond reflected light. He was very responsive and walked me through the entire process. He also helped me design the setting and he sent me several designs and worked until it was exactly what I wanted. For someone like me, purchasing something as important and expensive as a diamond without seeing it could have only happened as a result of the excellent experience that I had with Joshua from Enchanted Diamonds.”
“The diamond is stunning. It sparkles in any light and it looks larger than the actual carat size. I was in a jewelry store shortly after I received it and it caught the eye of a couple of the employees there. They asked me to see it and even looked at it under their microscope.”
“They were in awe of how beautiful it looked and how clean it was under magnification. It was never worn while doing dishes or showering and taken off each night before bed. I kept it in immaculate condition with intent to own it for the rest of my life. Unfortunately and reluctantly I have to sell it and I feel that anyone who would purchase it would be thrilled with its beauty.”
Obviously, this 1.90 carat, I-color, VS-2 clarity, Cushion cut from Enchanted Diamonds is a clear-cut winner! I hope that we find it a good home real soon! All of that red color in the ASET Scope image (above) indicates that the diamond is very bright and the greens appear to be distributed fairly evenly. There’s a little bit of light leakage under the table facet and out along the edges, but that’s pretty standard for this shape. The cut quality of this cushion cut diamond is about as good as it gets for a fancy shape!
Unfortunately, a lot of jewelry store owners aren’t as willing as Joshua to help their clients sell their diamond engagement ring without doubling down on their initial profits. The majority of people seem to see nothing but an opportunity when other people are down on their luck. So, you might discover that your jeweler won’t help you sell your diamond ring on consignment without charging steep fees. I’ve heard of some jewelers charging their clients as much as fifty percent as a consignment fee. From my perspective, that’s simply outrageous!
Other people like Wink from High Performance Diamonds offer a straightforward 80% lifetime buyback policy on the Crafted by Infinity diamonds that they sell. While others like Brian Gavin Diamonds are willing to consider buying back their diamonds on a case-by-case basis. I’m relatively certain that Joshua from Enchanted Diamonds would love to be able to offer similar terms to this particular client, but this diamond is from virtual inventory and was purchased on behalf of this client. Offering to consign the diamond enables Joshua to help the client recoup the bulk of the initial purchase price without incurring additional costs. It’s a great approach that creates a Win/Win scenario for everybody involved because the diamond is sold for the original purchase price (rather than reflecting current market value).
But what if you didn’t buy your diamond from one of these dealers? Naturally, you should contact the jeweler you did buy your diamond from and see whether they are willing to buy your diamond for a reasonable price.
If that’s not the case, here are some tips that will help you sell your diamond ring for the best price…
There’s an old adage that a fool and their money are soon parted. That saying certainly applies to consumers who are both buying and selling diamond rings. In my experience, the majority of diamond dealers online are working off minimal profits because they compete for your business in a global marketplace. Whereas most retail jewelry stores are working off significantly higher profits because they are only competing against another jewelry store up the street. The reality is that most retail jewelers don’t recognize the internet as a threat to their business (because they have their heads in the sand?).
With this in mind, if you purchased your diamond ring online, there is a good chance you can recoup the majority if not all of your money. But you might be in for a rude awakening if you paid full retail for your ring and want to sell it fast. The odds are that you’re about to take a bath on 50% or more of the retail value since there isn’t any incentive for another dealer to pay more than wholesale. In fact, the majority of diamond dealers are going to want to pay less than wholesale because otherwise there is no incentive for them to buy your diamond ring since you’re not a dealer.
This is why so many people walk out of jewelry stores completely stunned because somebody offers them ten cents on the dollar for their ring. And you’ll be amazed at how often this tactic works because most people have no idea whether their diamond really of good quality of not. Oh, sure, they assume that it is because “they bought it from a reputable store” and “it’s certified” but the reality is that most people don’t understand what all of that means (or doesn’t as the case may be). And so, when their back is up against the wall and they’re already reeling from one emotional disaster, they easily succumb to some jewelers “expert opinion” when they say something like “Oh, well, hmmm, I hate to be the one to tell you this, but this diamond isn’t worth very much…”
This news is especially devastating for people who paid $10,000.00 for a diamond in a retail jewelry store and are under the illusion that they’re going to get anywhere close to the $20,000.00 that the same store appraised the ring for! Just in case you’re not aware of it, most jewelry appraisals are hardly worth the paper they’re printed on! Which brings us to the next point…
The best way to determine the current value of your diamond ring is to find a diamond with similar characteristics online:
Search them ALL because you really want to find a diamond with the same characteristics as the diamond you want to sell.
Your best bet is to find a diamond just like the diamond you are selling so that you have an accurate idea of what it’s worth! Subtle differences in carat weight, color, clarity, or cut quality can make all the difference in the world. Many people don’t realize that diamond cut quality can affect the value of a diamond by as much as sixty percent!
Given the fact that most people shop around before they buy a diamond engagement ring, I’m stunned by the number of people who simply accept the first low-ball offer they get when selling their ring! Unless you’re in real dire straights and need the money right now, why not take some time to shop around and find the best deal? I know you probably want to sell your ring fast and get it over and done with, but would it kill you to wait a few days?
Take a moment to think outside the box and contact a few dealers beyond the limitations of your immediate vicinity. Several of my clients have sold their engagement rings to WP Diamonds and been quite happy with the price they received. A few have even sold their rings on Diamond Bistro (which is something I’ve never had luck with, but kudos to them!). The point is that you should take the time to explore all your options and pick the one that makes the most sense in your particular situation.
The only thing worse than buyer’s remorse is seller’s remorse, both of which are largely driven by FOMO (the fear of missing out). Those infamous sayings like “there’s no use crying over spilled milk” and “you can’t have your cake and eat it too” are good indications of the importance of not sitting around dwelling on the fact that you need to sell your diamond ring. Once again, I’ve been there, I’ve done it. I wholeheartedly admit that needing to sell your diamond engagement ring sucks.
Which is why you should only sell your diamond ring if you are emotionally prepared to let it go and accept the price you sell it for. The moment you sell your diamond ring, the best thing you can do is let it go and move forward. Forget about it and focus on the future, which is bound to be brighter if that’s what you focus on. I’m a big believer in the principle that we create our own reality (which is largely a matter of perception, right?).
With that in mind, you’re going to be miserable if you sell your engagement ring, unless you focus on what selling your diamond ring will provide you with in terms of opportunities. Perhaps selling your ring means you get to keep a roof over your head, or it enables you to keep your car. One of my clients sold their Crafted by Infinity diamond back to Wink at High Performance Diamonds awhile back because of some unforeseen medical expenses. Life is an adventure and sometimes there are a lot of curves and bumps in the road. While I’m certain that the last thing she wanted to do was sell her diamond, she was thrilled to be able to recoup 80% of the initial cost quickly and easily when it was necessary.
While I know that people tend to be very sentimental about their diamond engagement ring, it’s good to know how to get the most for your ring if it becomes necessary to sell it.
Remember: It’s just stuff. You can always buy more when life gets better and you’re back on solid ground. Take it from someone who knows!
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