Have you decided to sell your diamond ring but aren’t sure how to get the best price possible for it? It’s not as difficult as you may think to get cash for diamonds, and quick.
Whether you have a Tiffany, Tacori, or any other diamond engagement ring, or even loose diamonds, you want to get the most money for your diamonds. Not only your diamond but the gold, platinum or silver band that it’s set to too.
There are many reasons why people want to sell expensive diamonds rings. The most common reasons are:
Broken engagement before the wedding (sorry brides and grooms, things happen).
Recent divorce (which means you likely have an engagement ring and a wedding band… cha-ching!).
Gifted or Inherited but you never wear it and/or you need some cash quickly.
You want to upgrade to a new diamond ring.
Whatever your reason may be, and whether it’s a men’s or women’s ring, you obviously want to sell your diamond ring for the most money possible. Yet finding a buyer that will give you cash for diamonds at an honest price can be quite challenging.
We wrote this article to teach you how to sell a wedding or engagement ring for the most money. We will provide you with all the information you need so your research can end here; to save you time and help you move forward with getting the best price for your expensive, used diamond ring.
Where is the best place to sell your diamond ring for the most money? Sell Engagement Ring To Jeweler!
Easy answer: A reputable company that buys and sells diamond rings as a regular part of their business (i.e. Jewelry Store)
The best recommendation we can provide you is to find a place that has a strong reputation for buying and selling diamonds. It should be a regular part of their business.
Pawnshop vs. Jeweler
Put simply, a jewelry store is the best place to sell your diamond ring, without a doubt.
Here is why you should avoid a pawnshop…
The majority of pawnshops do not employ jewelry or diamond experts. Their offers will require you to undersell your ring as they do not have the necessary diamond expertise to make strong offers – they aren’t really sure how much it can resell for, so they have to lowball you. Not to mention, their business model is basically “prey on those who need cash quickly”, which means essentially means “pay as little as possible” (even if they do happen to know it’s worth much more). Most pawnshops don’t think about building a long-term relationship with buyers or sellers. Pawnshops treat every item as if it’s old and no longer valuable, and in many cases that not the truth. In some rare cases, it could be worth even more than when it was first purchased brand new (heirlooms). Pawnshops should be a last resort option. Point. Blank. Period.
“Why should I choose a Jeweler to sell my diamond ring?”
As initially mentioned, you want to work with a company that buys and sells diamonds as the main part of their business. They will be much more educated in diamonds and they usually have GIA gemologists on staff who can tell you everything you need to know about your diamond ring. They are also genuinely more reputable for giving better prices than anywhere else, especially comparing to pawnshops. This is simply because they know how much they can resell it for so they will give you a fair price. Also, most jewelers want to build a long-term relationship with people who buy or sell jewelry. A transaction isn’t looked at as a one-off kind of deal.
Nonetheless, not all jewelers are created equal. As with any market, there are always shady businesses, so finding a reputable jeweler is critical.
How to find the right jeweler to buy your diamond ring:
Finding the right jeweler to sell your used diamond ring does not need to turn into a big ordeal. Follow the simple advice below so you can make the right choice for which jeweler to sell to.
Research their reputation both offline and online; if possible, look at Yelp, Google + and other online reviews. You can also ask around (friends or family) for recommendations.
Choose a Jeweler with a good Better Business Bureau Rating and look at their history on the BBB website. If the jeweler has a bad reputation, it’s likely that someone would have reported them to the BBB.
Once you start making contact with a jeweler, analyze how they communicate. Are they available via phone? Do they respond in a timely manner? Are their emails professional? Trust your instincts when it comes to customer service.
The jeweler must have a GIA gemologist on staff. A GIA gemologist is a gem expert. They carefully examine and study diamonds using microscopes and other magnifying equipment to determine the gems’ make, value, and authenticity.
Make sure the jeweler has a physical location. Many jewelers offer trustworthy services to buy diamond rings online for those who prefer more convenience. Note: If they completely deny an in-person appointment, do not try to sell your diamond ring to them. Run.
Best Place to Sell a Diamond in South Florida – Raymond Lee Jewelers in Boca Raton.
If you are in Boca Raton or South Florida, we can confidently say that Raymond Lee Jewelers is the best option to sell your diamond ring.
Since 1983, we have been earning the trust of customers as the premier diamond buyers in Boca Raton. Those who sold or bought from us consistently recommend us. We are one of the most reputable diamond buyers in all of South Florida. We buy your precious diamonds for the highest possible payout. And now, with a beautiful new state-of-the-art showroom in East Boca Raton, our newest store Diamonds by Raymond Lee provides our clientele with even more options. Feel free to stop by or give us a call (561-750–7808) to make an appointment for a free appraisal at either of our convenient locations in Boca Raton. We also offer appraisals and purchases via online. Contact us or give us a call to get started.
Get some quotes from a few reputable jewelers:
If you are in South Florida, we can confidently recommend you to shop around if you’d like, because we are known for being extremely fair to our clients. Nonetheless, no matter where you are in the world, getting more than one quote applies.
Your goal should be to get a quote from at least 3 reputable jewelers that meet the criteria we listed in the “how to find the right jeweler to buy your diamond ring” section above. This is critical for getting the most cash for diamonds. Engagement, wedding or loose diamonds, it doesn’t matter.
DON’T STOP READING NOW: Before you contact them, you need to know as much as you can about your diamond ring.
How much is a used or old diamond ring worth?
Understand how diamonds are priced:
Before you start getting quotes for your diamond ring, educate yourself. We will teach you about the essentials below. You should understand the following so when you go to sell your diamond ring, you can fetch the best price.
Diamonds have over 20 main factors that govern their value, which makes them surprisingly complex items to value. At Raymond Lee Jewelers we have GIA gemologists on staff that can walk you through everything you need to know about your diamond. However, it’s good to know as much as you can so you can follow along easier and ask any important questions that you may have. So, let’s get into it.
The 4’cs – color, clarity, cut and carat weight
The 4’cs are the basic ingredients for determining the value of a diamond. These are guidelines that were established by the Gemological Institute of America (GIA).
Let’s briefly touch on each of the 4’cs.
The ‘carat’ weight is a major factor in a diamond’s value. A ‘carat’ is the unit in which the weight of a diamond is measured. One carat equals 200 milligrams.
The standardized system of metric carats is divided into 100 points. So, a 50-point diamond is half of a carat or 0.5 carats.
As you probably already know, the heavier the diamond, the pricier it is. However, there are various other factors that influence the overall quality and value of a diamond.
Diamonds come in many colors, including pink, yellow, blue and black. The most common diamond color is white (colorless). The more colorless the diamond, the more valuable it is. A colorless diamond allows light to pass through easier, which results in a sparklier diamond. Some diamonds can be light yellow, brown or even gray. Diamonds with the same clarity, cut, and carat can have a considerable difference in value depending on the color alone.
White diamonds are graded from “Z” (noticeable color) to “D” (completely colorless). Colored diamonds have an entirely different grading scale. For colored diamonds, they are more valuable the more heavily colored they are.
The clarity of a diamond is a description of its purity. The area and amount of internal flaws (known as inclusions) or external marks (known as blemishes) are what establishes a diamond’s clarity. Fewer flaws mean it is a rarer diamond, which is obviously more valuable.
Diamonds are graded and plotted with 10x magnification. The diamond plot, authorized by different diamond grading labs, grade the diamond from being completely flawless to imperfect to the naked eye.
Five key factors determine the clarity characteristics of a diamond. They are: the number, position, size, nature and color or relief of inclusions and blemishes. Diamonds range from “Internally Flawless (IF)” to “Included, Level 3 (I3)”. Clarity has a major effect on how valuable the diamond is; the greater the clarity, the higher the value.
The previous Cs are natural to the diamond itself, however, the value and brilliance of a diamonds’ cut are increased or decreased by the hands of the craftsman who cut it.
The cut of a diamond controls the amount of light reflected through it. The cut can be what releases the sparkle and beauty within the diamond. A perfect cut can make all the difference.
Cuts of diamonds shapes:
The cut is based on three optical effects (cuts of diamonds chart):
The brightness of how the internal and external white light is reflected, called brilliance
The scattering of white light into the colors of a rainbow, dispersion aka “the fire”
The amount of sparkle produced within the diamond itself, called Scintillation.
The proportions of the diamond will determine how the light reacts. Proportions combined with the polish of the diamond’s surface will affect the general appeal and beauty.
When determining the value of a diamond, you must keep in mind that the diamond’s worth is affected by the rarity and aspect of one or more than one of the 4’cs. Each of the 4’cs is extremely important.
Due to the fact that larger carat diamonds are rarer, they are often priced based more on the carat weight compared to smaller diamonds. Furthermore, a colorless diamond is far more rare than yellow or gray tinged diamonds so they carry a significantly higher price.
Two points to note about diamond rings:
Many diamond rings are set in a way that makes the center of the stone look much bigger than it actually is.
Large, individual diamonds will have a much higher value than many small diamonds that equal to the same total carat weight.
The elusive 5th C – Is the diamond CERTIFIED?
If you have a certificate for your diamond (some are more reliable than others), then you are likely to get a higher initial estimate.
What is a GIA certificate?
A GIA certificate is an accurate analysis of your diamond’s unique qualities: its cut, clarity, color and carat weight. An accredited independent gemological laboratory (like GIA) issues a diamond certificate, also known as a diamond report.
What if I don’t have the GIA (or any) certificate?
You may own a diamond ring that you lost the associated paperwork for or maybe you inherited the diamond ring and have no idea what the characteristics are. If this is the case, you might be wondering “how do I go about selling it when most companies want to know the 4’cs of the diamond before giving me a price?” Simple, make sure you go to a jeweler with GIA Gemologist. They will be able to determine everything your certificate would have stated. This is why working with a jeweler with a GIA gemologist on staff is crucial.
Diamond Ring Appraisal
You can get an appraisal from a jeweler who has a gemologist on staff. You will receive an appraisal on the spot. If an appraisal reveals that your diamond has a laser certificate number on it, it means that a laboratory at some point certified it. An appraisal will help inform you on the 4’cs and can provide you with documentation if you don’t have a certificate. Remember, appraisals are priced higher for insurance purposes so don’t take that appraisal as the price you will actually receive, just use it to find out the qualities of your ring.
WHAT IS A DIAMOND’S “MARKET PRICE?”
Diamond market conditions:
Honestly, there is no absolute answer to this. Some questions to have answered are: Is the shape of your stone in fashion? Are the proportions of your stone desirable in the market?
A diamond can have various market prices. The cash price is the price a store is willing to pay you immediately to acquire your diamond ring. The reason a cash price is the lowest is that it means an immediate outlay of capital with only the hope of a future sale. The jeweler also needs to account for making a profit off of the diamond ring as well. However, if your stone is GIA certified and has an Excellent Cut Grade your stone is likely to fetch a premium.
If you think someone will love your ring once it’s on display, you could receive a higher price for your ring by doing consignment rather than cash on the spot. If you think this might be the case, consignment with a jeweler could be a good option.
In general, as tough as this is to read, you can expect to receive about 20% of a diamond rings retail price if going the cash price route. Pro tip: it never hurts to negotiate. Trust your instinct.
If you have your eye on another piece of jewelry, many jewelers will offer you higher store credit than cash value and this could be the perfect opportunity to upgrade or make a change.
The above information provides you the essentials of selling diamond ring, engagement rings and wedding bands too, and getting the most cash for diamonds quickly and easily. If you have any questions, no matter where you are in the world, please feel free to contact us
Cash for diamonds in Boca Raton:
Now that you have the basic facts on your diamond, you can receive an initial estimate from us.
In order to get a final price, our GIA gemologist (full-time on staff at Raymond Lee Jewelers) will need to examine the stone in person.
You can come in anytime or make an appointment by contacting us here or giving us a call at 561-750–7808.
Sell your diamond ring online to Raymond Lee Jewelers:
Raymond Lee Jewelers provides diamond ring appraisals and purchases online if you aren’t in or around Boca, or you simply want to save time. Just contact us so we can inform you about the process and answer any questions that you have. We offer free and fully insured shipping to our retail store and our offers are made within 24 hours of receiving your diamond ring. We provide safe, fast payments via check or bank wire transfer. Raymond Lee Jewelers is a BBB accredited business with an A+ rating, ensuring a safe selling process.