How to Sell your Diamond
What Happens When You Try to Sell a Diamond Ring? What is a Diamond’s “Market Price” or Resale Value? How Much Do Pawn Shops Pay for Diamond Rings? 1. Keep in mind that you will not get back what you paid for ir. 2. Don’t go to Pawn Shops or local jewelry stores. How Much Can I Sell My Diamond Ring for? Can I Sell My Engagement Ring Setting Too?
As we’ve mentioned above, you won’t get back what you paid for your ring, even if it’s in flawless condition. Instead, you’ll likely receive an offer for a small fraction of the diamond’s value, at best. While you may receive more than you would from a pawn shop, the jeweler ultimately has other options that are more appealing than buying from you. Be realistic about pricing from the beginning and be prepared to deal with selling at a loss. You will never receive a fair price for your diamond ring at a pawn shop. Likewise, you’ll rarely get a fair price for your diamond from a local jewelry store.
Furthermore, relationships between suppliers and buyers in this business are extremely important. Overall, it’s very unlikely. Additionally, just about anybody in the business who is faced with a private seller knows that this is a great opportunity to buy well below the market price. If you try to take it to a pawn shop, you’ll be hit even worse because their selling prices are already expected to be well below the market, so their costs must likewise be very low to justify their low prices. Unless the diamond being offered is extremely rare for whatever reason (a situation I have yet to encounter), there’s simply no reason why a jeweler would be compelled to buy your diamond at the market price when he could buy an identical diamond at the same price from any one of hundreds of wholesalers (with better payment terms).
Here are the results. Please note that we used a Tiffany ring for this test. We originally purchased it for $4,500. Obviously, we expected to lose a lot of money on the transaction. The question was, how much? The ring we used was a 0.53ct round diamond in a classic Tiffany solitaire setting. Tiffany diamond rings are insanely expensive and very poor bang for your buck. That is the reason there was such a large gap between the amount we paid and the amount we were able to sell it for.
White Pine: Bringing up the rear. This was the lowest offer by far. After reaching out to them via their website, I received a pithy estimate of $900-1,000. I responded mentioning that it was brand new and had all the Tiffany paperwork. Given the other offers we had, it was a waste of our time to send it to them. The door was slammed shut by Mark who said there is no way they would go higher than that.
