Selling your diamond ring might not be an easy decision for you for emotional and financial reasons.There might some emotional strings attached to it like engagement or wedding. But now you have decided to sell it. You might want to sell this because for which it exists doesn’t exist. Perhaps you have gotten divorce and you don’t want to stick to those old memories. Another and most common reason for you action to sell diamond ring is that you need some urgent cash and at current moment there is no other way to get this required money.Regardless of the reason to sell you would definitely want the price for it which it deserves. Diamond valuation is not an easy and lay man job. It needs to consider so many tangible and intangible attributes like color,clarity,cutting and weight.It is not a hasty decision. Cool down! And take relax and well calculated steps. There are many options waiting for you. So relax!
Valuation of Diamond Ring
The first and most important step is to reach to estimated value for your diamond ring. You can do this by visiting three or four jewelers and ask them for your ring price. If you have time then you can expand this estimation process to more than four jewelers. You can also get some idea with help of online search. So this is the first step. In this step you would get an idea of the maximum price for your diamond ring.
Another step is to ask the appraiser that you are interested in Rapaport value. Rapaport value is the whole sale value of your diamond ring. This is the maximum price for which you sell your ring.
Another way of boosting your ring price is have a certificate for it. If your ring is lacking this certificate then you can ask GIA for this certificate. By getting this certificate you are in better position for charging high price for your ring. Because of having written proof your ring value.
Where to Sell Diamond Ring
After getting the accurate estimate for your ring, now it is time to find the prospective customer. Start this selling price with people you know. This sphere might consist of your family member, friends and colleagues and people in neighborhood. If you can’t find purchaser in this sphere of acquaintance then give chance to outsiders. But remember to completely avoid pawn shops. Pawn shops are bad purchaser and can only pay you 10% of the value of your ring. So bear in mind to avoid them completely. Another place you need to avoid is to sell your diamond on consignment. There are many reasons that this process can go wrong. The whole market is full of diamond scams and can also happen on well know jewelry shop.
Next thing to consider is the diamond value. If it is high value diamond then you can go for highly trust worthy auction houses such as Sotheby’s and Christie’s. If it is not high value diamond then you can use options like selling to individual via classified ads or even can use the eBay channel. Point to note is that selling a high value diamond to individual can place you in danger – so it is better to avoid.
Final option to consider is the Jeweler shop. Important precaution is that when your inside in jeweler shop put your sight constantly on your diamond. So that jeweler might not change it with poor quality diamond. Another trick jeweler will use to devalue your diamond by telling you that your diamond is of poor quality or low weight etc. This is the time when your appraisal or diamond certificate comes to play the role.
Generally if the jeweler is fair enough then he will pay you between 60% to 80% of your diamond ring Rapaport value. Never accept less than Rapaport value.
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