Do you have one or more diamond rings sitting idle? Maybe your husband got you a top-tier option, or your relationship did not work out. You can dispose of unwanted diamond rings by selling or gifting someone. Philanthropists would prefer to offer the rings to deserving recipients. But selling can earn you a considerable amount of money.
Selling diamond rings is a tough job. You have to figure out where to sell them and their value. If not, you will fall into the hands of unscrupulous jewelers who may take advantage of your naivety. The high demand for diamond rings means you can get a buyer almost instantly. The following lucrative ways can help you sell your diamond ring fast and for a reasonable amount.
1. Online Marketplaces
When deciding where to sell diamond rings, think of the convenience and suitability of online marketplaces. These are user-friendly and let you post your ad in minutes. Top marketplaces have millions of active buyers ready to repossess your diamond ring. You have control over how much to sell the ring and how to get paid.
However, most online platforms charge you for lending their space to sell your products. It can be a monthly subscription fee or a one-time payment. You do not want to sell your diamond ring and give out almost everything as a service fee. Research top marketplaces and choose the most cost-effective and accommodative one.
2. Pawnshops
Many people run to pawn shops when they have valuables to sell. A pawnshop’s primary business is to offer loans against valuables or buy them. These shops have the money ready and will instantly pay for your diamond ring in cash. Visit a pawnbroker shop only when in need of quick cash.
Pawnbrokers are in business to make profits and will rarely consider your interests. They usually offer the lowest possible quote. If you are lucky, you can negotiate and secure a better deal.
3. Auction Stores
A hassle-free way to sell your diamond ring and expect a considerable amount is auction stores. National and local auction houses offer to sell your valuables on your behalf. They receive many customers looking for rings daily. They could sell your diamond ring in hours or days, depending on demand.
People attend auctions intentionally to score good deals. The auctioneer makes that happen by pricing valuables low. You will be unlucky if a buyer bids at the lowest price.
4. Diamond Dealers
You can get top dollar on diamond ring sales from diamond dealers. These industry gurus have first-hand information about investors, retailers, and collectors. They know of investors and collectors interested in buying diamond rings. Diamond dealers have a circle of friends working closely to facilitate access to connect buyers and sellers.
People are likely to trust word-of-mouth recommendations. Diamond buyers rely on word of mouth. They can quickly connect you to a trustworthy buyer, enabling you to win a good deal for your pre-owned jewelry. Look for diamond dealers with an industry reputation and years of experience connecting ring buyers to sellers.
5. Private Platforms
Another great place to get the best deals on your diamond ring sale is private platforms. Platforms such as Classified Ads, eBay, and Craigslist allow you to sell directly to customers. Unfortunately, you can easily get duped on these platforms when you let your guard down.
You can be PayPal schemed or swindled by defrauders masquerading as trustworthy buyers. Be on the lookout for buyers vouched for by other jewelry sellers. Emphasize using escrow services to seal most conning loopholes.
6. Local Jewelry Stores
Local jewelry stores operate on the consignment model. They usually buy items on credit and then pay the manufacturer after successful sales. The model of operation allows them to make profits without investing a lot upfront. Local jewelers mostly pay for a product after they have sold it.
You can rely on local jewelers to help you sell your ring. But you must be patient as you might need to leave the ring with the jeweler. They will contact you and transfer the money after a successful sale. A jeweler can take a few days or months to sell your diamond ring, depending on its worthiness and market demand.
7. Friends and Workmates
Sometimes, your potential diamond ring buyer is the person you spend the most time with. It could be a friend, a coworker, or a relative. Before trying all the other methods, ask around if any of the people close to you need a pre-owned ring.
You might be surprised to discover that someone close to you was nursing the idea to buy a ring while you nursed the idea to sell the ring. Selling to someone you know eliminates all the troubles and ensures you can effortlessly secure a good amount from the ring sale.
Wrapping Up
You do not have to keep hold of diamond rings you no longer use. If the marriage or friendship ends and you feel it is time to let go of the memories, consider placing the ring for sale. You will only get back a fraction of the money invested initially in the diamond ring. It can be up to 50% of the receipt price.
Be ready to spend some time researching and comparing quotes from leading ring buyers. From online marketplaces, pawnbrokers, and local jewelers to private platforms and diamond dealers, you can have your ring ready for sale in minutes.
