Knowing your diamond ring’s resale value is something that you might have been curious about, especially if you have been thinking of selling your diamond engagement ring. The ring may be from an old marriage, or it could be from a family member that passed away and you just inherited it, either way, selling your diamond engagement ring could bring in easy money. So, how much money do you get if you sell a diamond? And here are a few tips on how to sell your diamond ring.If you are looking for a diamond dealer, you could buy direct from a wholesale diamond dealer – Shira Diamonds for the best deals possible.
Is it worth it to sell my diamond?
Well it would depend on you and why you are selling your diamond ring, but all diamonds have a resale value, from the center stone of the engagement ring, to maybe even a pair of diamond earrings. But they are always significantly less than the amount that you, your fiance, or your relative have paid in order to purchase the piece of jewelry when it was new.
These may be because of the diamond’s retail markup that is very dependent on where you have purchased your diamond, to the difficulty of reselling it, since not a lot of people actually buy pre-owned diamonds. The price that they may or may not even offer you would highly depend on how you choose to sell it.
How much can I sell my Diamond Ring for?
There are a lot of factors that affect this like where you bought your diamond ring, how much the diamond that is on the ring is worth, and where and how you choose to sell the diamond.
When you buy your diamond ring from a jewelry store, then you pay for the market value and the markup price that was added to the price by the retail store that sold you the diamond. It could depend on where you buy your diamond because retail jeweler only buys the diamonds wholesale. They do not mine, cut, and polish their own diamonds, so each link in the supply chain would result in an additional margin being added to the price of the diamond engagement ring that you have bought directly from the store.
Then there is the makeup price that was added by the retailer, and since they gave to pay for things like rent, staff, salaries, and utilities, some markups for their diamond engagement rings could be high. Some jewelers are marked up by 100 percent or more for their cost to the jeweler so sometimes, you are paying twice of what the jeweler paid the wholesaler for the diamond.
All of the diamonds have a different value that is based on factors like the cut quality, color, clarity, and carat weight of the diamond that is perched up in the middle of your diamond ring. The other factor that you may find affects the price of the diamond engagement ring that you are trying to sell is the diamond’s value, but the 4c’s are definitely the biggest factors affecting that.
Options for selling an engagement ring are also up to you and it could affect how much you could possibly get in the future. You could sell it online, go to a local jewelry store, a vintage jewelry store, pawn shop and even do an auction for it. But one thing is clear: deposit all of these options, you will never get the retail price back and in best-case scenario, you would be able to get back between 20 percent and 60 percent of what the ring had originally cost you, depending on where you bought the piece of jewelry.
How much money does a diamond seller make?
This depends on who the diamond seller was, how they sold it, and how much they were able to make from selling your diamond engagement ring, most of the time, you could expect about 5 percent profit, so that would mean that the price that you paid was about 125. In theory, you are losing 12 percent since you paid 125 less than the price you get from the stone, which is 110, so in total, you have lost about 15. Divide that by the original price, you have 12 percent.
So speaking in technical terms, you are not making money if you sell your second-hand diamond engagement ring, which is why you should expect 20 percent to 60 percent of what the ring had originally cost you.