Selling a Diamond or Engagement Ring
We feature links to several retailers to help readers find the one that is the best fit for them. 1. Selling a diamond is like selling a second-hand car – you won’t get the ‘list price’ ie. Find out more about how Ringspo works here. It’s much more accurate than any kind of diamond price calculator ever could be. However, it’s important to understand each of the values that can be assigned to a ring and how they relate to each other. There are many values that are assigned to a diamond ring throughout its life. When selling a diamond ring though, there’s only one that matters: what someone will actually pay you. Before we really get into it, there is some important information to understand about how diamond rigs are valued.
The jeweler needs to include a profit margin in the transaction in order to stay in business. Compared to online retailers, bricks and mortar jewelers have far larger overheads – staff, rent, stock etc. This means that they need to charge more for their products to cover these. If you bought from a bricks and mortar then the difference between the ‘replacement value’ listed on the appraisal and the ‘resale’ value that you are offered may be significant, and more than you expect. This is because diamonds and jewelry at bricks and mortar retailers are generally overpriced. With diamonds, this difference can be significant and the price of a diamond at a chain jeweler can be twice that of an online retailer.
20,000 would therefore be the ‘replacement value’ for her car. In fact, personalising it with aubergine paint actually makes the car less valuable to the dealer as it’s likely that fewer used car buyers are looking for an aubergine car compared to a more common car color. This is less than she originally anticipated, and the fact that she added metallic paint as an option doesn’t increase the amount it is worth to the dealer. The dealer offers Jessica $15,000 for her car.
When a jeweler appraises a diamond ring, they will give a quote for the ‘replacement value’. Replacement values generally try to take into consideration market shifts in the diamond prices over time – it’s basically an estimation of how much the jewelry could cost in the future. That value can be based on the amount it would cost to buy the precious stones, the precious metals and create the ring, including any custom design or craftsmanship. This replacement value is the estimated amount of money that it would take to have the item replaced with an identically specced piece of jewelry.
For example, this 1.01 carat, G color, VS2 clarity diamond costs $11,185 at Zales. Like anything, a diamond ring is worth what someone is willing to pay for it. That can be difficult to come to terms with, but unfortunately it’s the reality when some retailers charge significantly more for similar merchandise. What this means if you paid a higher original price at a bricks and mortar or designer brand retailer, then the difference between the price you are able to realise when selling and the price you paid will be greater. Despite this big difference in original price, these two diamonds would still be worth the same when it comes to selling them.
Being able to supply an appraisal can also help. Some independent labs like GIA, IGI or AGS allow reports to be checked online, so being able to supply a grading report number will instantly allow a potential buyer to check the stats. Lastly, if you have a grading report for the center stone of your engagement ring, this can save a potential buyer from having to repeat the grading process to ascertain the diamond’s quality. While you won’t get the value listed on the appraisal, it can be useful for you as a starting point for negotiation.
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