Whether you need to sell or pawn your diamond ring because you don't wear it anymore or it is just out of style, you likely need to get as much cash as possible. You likely also have a lot of questions and may be unsure where to start. Before you take your ring to the first pawn shop you see and choose the first offer you get, here are the responses to some common questions about how to sell a diamond ring which will give you the advice you should get the best price possible.
Can I Get My Diamond's Appraised Value?
This is a common question and most people believe they are able to sell diamond jewelry for the appraised value, or very close to it. Really, the goal of an appraisal would be to give your jewelry a value for insurance purposes. The value is generally quite inflated and will not signify the real price you can get by selling your jewelry. If you desire a price closer to what you'll get, make sure you request the appraisal what they would pay for your ring if they were going to buy it.
Can I Get Close to the Purchase Price?
When you buy diamond jewelry at a jewelry store, it comes with a premium which could be as high as 60%. When you are preparing to sell the ring, it will most likely be worth substantially less than you paid. There isn't actually a set percentage of the purchase price you will receive as it depends on may factors, including how long ago you bought the ring, the state and style and how much finished market value you paid.
Where's the Best Place to Sell Diamond Jewelry?
You might be overwhelmed by the kinds of positions you can sell diamond jewelry today, from online auctions and pawn shops to jewelry stores and specialized diamond buyers. Not all areas will get you the greatest value, yet. Jewelry stores and pawn shops tend to offer the lowest prices. Pawn shops don't use trained gemologists so their offer will commonly be low because they lack the experience and knowledge to accurately grade your diamond. Jewelry stores buy large volumes at very discounted prices so their offer WOn't be higher than they are able to pay wholesale.
If you desire to sell the diamond yourself, you can attempt doing it through classified ads in your local newspaper or an online auction. This course can be tricky, however, as it's no guarantee you will get the best price. Remember, potential buyers don't understand you and they have no reason to trust you so you will need to have a diamond certificate if you decide to use this choice. Be aware you'll also pay insurance if you send the ring and auction fees after it sells.
In general, the best area to sell diamond jewelry is with a diamond buyer certified by GIA. They are able to assess your diamond and give you a good price.
Pawn Diamond Nyc