In order to safely get the best price for your jewelry, Jerry Ehrenwald, President and CEO of the International Gemological Institute (IGI), one of the world’s leading diamond certifying laboratories, advises the following.
Try to sell directly to the consumer
When you are looking to sell engagement rings or used diamonds, Ehrenwald says, “to get the best price for your jewelry, you need to sell as close to the consumer as possible. Jewelry stores and pawnshops have high overhead expenses to cover, and their expenses will reduce how much of the piece’s sale price ends up in your pocket”. You can try to advertise your jewelry online on a website such as Craigslist, however if you have responsibly attempted to use Craigslist in the past, you will know that some members are untrustworthy or time wasters.
Ehrenwald suggests, “one of the quickest ways to sell engagement rings may be through a jewelry store or a pawn shop. Just realize that the further you get from the consumer, the less you should expect to profit.” If you choose to sell your used engagement ring or diamond this way, you will at best receive between 20% and 25% of the original purchase price.
‘Cash for Gold’ or ‘Cash for Diamond’ companies are at the far end of the spectrum, furthest away from the consumer. From a seller’s point of view, this should be your last resort. If you have found yourself using this option, then you are also probably pretty close to selling one of your kidneys for cash!
Sites like Have You Seen the Ring bring consumers directly to you. Our customers are willing to pay the best prices for pre-owned items, as we offer quality guarantees through our Gemologist Verification process.
Use Good Judgment
If you try to sell the jewelry yourself, never share your home address or personal information. Never meet a potential buyer at your home. Arrange meetings in a public place (like a police station), and it would be wise to bring a friend or family member.
If you want to sell online seek out an established company with a great reputation. A quick and easy way to do this is to look for a company that is Better Business Bureau accredited.
Understand the realistic resale value
If you choose to get your jewelry appraised, it’s important to make the appraiser aware that you’re looking for the liquidation price of the item, rather than the replacement value. “There are different levels of valuating,” Ehrenwald explains. “Tell the appraiser you’re looking to liquidate your piece and need to get the highest price that you can.” If the appraiser thinks you’re asking what it would cost to replace the ring for insurance purposes, the value will be much higher than what you can sell the piece for yourself. And brace yourself; Ehrenwald says it’s unrealistic to expect to sell your piece for near the retail value, which means you’ll get less than you paid for it. You may even have to settle for less than the liquidation value, but at least you’ll have a better idea of your asking price.
