There are many reasons for needing to sell your diamond jewelry. Maybe you’re upgrading your diamond or treating yourself to something new. You may have called off your engagement and are ready to part with the painful reminder.
But no matter the reason, there are many things to consider before selling your bridal jewelry of any kind—like where to sell it, how to determine its value, and more. These questions can be even harder to answer when it comes to diamonds, so let’s break down the basics.
What Do You Need to Know About Selling Your Diamond Jewelry?
The first thing you want to do is research, research, research! You need to know what you have before you try to sell it. Learn about the quality, the exact carat size, and gather more info about the stones and metal. Go to a qualified appraiser that doesn’t sell or buy diamonds to give you an unbiased opinion on the jewelry’s value.
Don’t be afraid to go to multiple appraisers to get a range of opinions. We’ll go into more details on how they determine value in a minute.
Another thing you’ll want to get is proof of authenticity. Go to a local jeweler or a chain jewelry store to get an official certification. This certification, also called a grading report, tells you all about the diamond you have.
The jeweler you visit will typically send the diamond off to an independent lab, like the Gemological Institute of America (GIA), which can guarantee the quality of the diamond. It’s possible to sell the diamond without the report, but you may receive less money.
Via Blue Nile.
How Do You Determine the Value of Diamond Jewelry?
Before you start looking to sell, you need to set some expectations for yourself. Make sure you truly want to sell the item, regardless of the price you may get for it.
If you still have an emotional attachment to the item, you may want to wait. You can go ahead and get the jewelry appraised—just know that the jewelry market fluctuates.
Once you’re ready to sell, you need to have an appraiser evaluate your jewelry—as we mentioned above. An appraiser is the best way to go, since they’re on top of current market trends for diamond and metal resale. Here are some of the things the appraiser will consider before determining the value of your diamond:
- What’s the size, cut, clarity & color of the diamond?
- What’s the current market value of the diamond and the metal in which it’s set?
- Is your jewelry a brand name (Cartier, Tiffany & Co., etc.)?
- What’s the shape of your diamond? Different shapes fluctuate in value depending on popularity. Rounds are the most expensive—they’re always in demand!
If you’re selling the jewelry yourself, be ready to set a realistic price. You should already know approximately what your jewelry is worth, after doing plenty of research. If you’re selling on eBay, check completed diamond jewelry sales that have similar characteristics as yours.
So, what can you expect your jewelry to be worth? On average, the resale price for engagement rings or other diamond jewelry is about 20-60% of the amount of the original retail price. For example, if you paid $1,500 for your jewelry, the resale amount is between $300-$900.
The big takeaway here: jewelry buyers are looking to resell your jewelry, so they’re going to offer you a low resale price. Plus, diamonds go down in value (like a used car) when they’re pre-worn. Supply and demand also accounts for why the value of a diamond fluctuates, so the timing of your sale is very important.
Via Diamond and Gold Warehouse.
Where Are Some Places You Can Sell Your Jewelry Online?
Once you have all the info about your jewelry, including the appraisal and/or lab report, you’re ready to sell! Luckily, there are many places you can sell your diamond jewelry online. Here are some of our top recommendations:
Online vendor Gemesti is one of our top picks for selling diamond jewelry! They’re quick to respond, provide free shipping supplies for your appraisal, and payments are processed within a few hours. It’s that easy!
Worthy is another great option, especially if you’re selling a diamond less than a carat or a bridal ring set. Both categories sell well on their website, and a free GIA lab report is included. Worthy also has a “recent auctions” tool so you can see how much a similar piece of jewelry sold for recently. Payments are sent within 24 hours of the sale closing.
Got a designer ring on your hands? The Diamond Oak has sold luxury jewelry for more than 30 years, so they’re a name you can trust. There’s no middleman involved to take commission, so the seller keeps the full selling price.
CIRCA is another well-known jewelry-buying company. In four easy steps, you can sell your jewelry and receive your payment via check, bank transfer, or a gift card towards your next jewelry purchase. CIRCA also offers free overnight shipping to have your jewelry evaluated. If you decide not to sell, they ship it back for free as well.
Looking to sell inexpensive diamond jewelry? Cash for Diamonds is your best bet. The company has great customer service and offers a free appraisal kit. You’ll receive an offer on your jewelry within 24 hours! The company also buys loose diamonds, including cracked, chipped, or flawed diamonds.
Want to read more about bridal jewelry? Check out these 10 Amazing Pieces of Vintage Jewelry that are perfect for weddings.