Say you just got separated from your partner and you don’t want the engagement ring anymore that you have been gifted once so that you don’t get overwhelmed with emotion. Or you just want to upgrade it with another piece of ring that you love even more.
If you don’t want your engagement ring anymore then is it best to sell it at a good profit. But chances are that you have very little idea about rings and their diamonds.
Well not to worry, here in this article we will guide you along the journey to make you knowledgeable on how to sell engagement rings and get the most profit from them.
Tips For Selling Your Diamond Ring For The Most Money
Research the quality of the ring
Most of the engagement rings are made of diamonds. And frankly, not everyone has a good idea about diamonds. It is very important to learn about the quality of the diamond which is commonly determined by 4Cs’. 4Cs’ means color, clarity, carat weight, and cut.
- Color: Diamonds can come in various colors. Some common colors are green, red, blue, blue, and even black. Yet, the majority of diamonds are some with a shade of white or yellow. A bright white color usually determines its greater value. But some rare stones or diamonds can be much more expensive than the traditional white shade diamonds like blue or red gemstones. The measuring scale that is determined by the GIA is on a scale from D to Z.
- Clarity: Clarity determines the flawlessness of a diamond. Diamonds which have greater clarity have fewer flaws and blemishes. This helps with selling it at a higher price.
The clarity of a diamond is determined in 11 grades and with five categories which are flawless, very very slightly included (some blemishes), very slightly included, slightly included, and included. In NYC’s Diamond District, the EGL Gemological Report provides a standard grading report.
- Cut : The cut of a diamond refers to all about its finish. A diamonds cutter ensures to minimize imperfections while highlighting its beauty and shine during the process of cutting
- Polish and symmetry: Under the umbrella of cut, it impacts the overall diamond grading, polish, symmetry, proportion, and shape are ensured. The cut ranges from excellent to poor by the GIA’s scale.
- Fluorescence: Diamonds are fluorescent when they give off blue light emitted from exposure to UV rays. It is a minor detail that many people do not pay attention to but it is wise to be aware of it.
Do Competitive research before selling your engagement ring
Make sure to check online for similar or comparable engagement rings to learn at what price that are being sold at the market. That price won’t be the final and exact but that will give you a much better idea of how much your original ring was.
It is important to note that most used engagement rings will sell for 40 to 75 percent of their original value depending on the quality of the diamond and the metal band.
Be sure that you are ready to sell your engagement ring
Being mentally prepared is very important before selling your engagement ring since it is different than another piece of jewelry or any other item of value. Many people become unsure whether they want to sell their engagement ring since it has some sentimental value for them.
It reminds them of past events and makes them feel emotional.
Many people even feel regret after selling their engagement ring since they haven’t made peace with their engagement ring. So never sell your engagement ring in a rush and make peace with it so that you don’t feel regret once it is gone.
How does selling engagement rings on consignment work?
In consignment, a jewelry store will agree to showcase your item in their store along with their own inventory for an agreed price. They will take a percentage of the price after the item is sold. The commission percentage might vary from 10% to 30% depending on the jeweler’s demand.
Here are the things you should be cleared on-
- The minimum price of your engagement ring.
- Check if there are any additional fees they will charge.
- What percentage of commission they will charge.
- What will be the method of paying they offer.
- What will happen if they are unable to sell your jewelry.
Pros of selling an engagement ring on consignment
There is a good chance of you making more money selling your engagement ring on consignment. The store will keep a pre-establishes percentage on the sale, so make sure to keep this factor in mind on the amount you will walk away with.
Consignment is helpful to reach a targeted audience who are specifically looking for your type of engagement ring. It is wise to sell for closer to the original price of your ring depending on the commission charged by the store.
Cons of selling an engagement ring on consignment
The main disadvantage of selling on consignment is it can take a lot of time to sell. You are hoping that the right person with the perfect combination of demand will walk past that particular store at the right time, looking to buy that exact item of jewelry at that price.
It is highly unlikely that this will happen in a few days. The selling process can take months, years, or in unfortunate events, never sell. Many people regularly look into consignment engagement rings but soon realize that it is a lengthy and drawn out process.
Another important fact to add is that not all jewelry stores will be interested in your particular engagement ring. This depends on their customer’s preference and taste and matching them with your engagement ring. Also, the taste varies from state to state, so the type of design that sells well in your state might not be so popular in other states. It can also take you some time to find a jewelry store which will accept your engagement thing and agree on a commission charge that you are interested in.