Ring in the new year with a fistful of dollars! The average cost of an engagement ring is between $5,000 and $7,000. If you’ve got an old diamond ring that you don’t wear anymore, you should sell it and get enough money for a new car.
But you can’t start selling a diamond ring just yet. In order to make the most money possible, you need to answer a few essential questions.
How can you determine how much your ring is worth? How can you prove the value of your ring? What steps do you need to take to clean your ring?
Answer these questions and you can wrap a ring around big bucks in no time. Here is your quick guide.
Get Your Ring Appraised
You must get diamond appraisals before you sell a diamond ring. Appraising a diamond ring will help you understand how much your ring is worth and gather information on how you can care for your diamond.
Find someone with a certification from the Gemological Institute of America or another professional organization. Make sure they specialize in diamonds, as gemstone or jewelry appraisal requires different skills.
Your appraiser may give you their estimate for the fair market value. This is the amount of money you can receive if you sell your diamond for a fair price. You can sell your money for more or less than the value, but keep the estimate in mind as you try to sell your diamond ring.
Custom rings tend to have less value than other types of rings, especially if you have someone’s name or personal details on the ring. You will need to find a buyer who has near-identical tastes to yours in order to make money off of it. Consider talking to a friend or relative who may want it.
Your ring may have lost value, but your diamond may be worth more money. You can sell your diamond and band separately from each other, though you will need a ring expert to separate the two.
Gather Documents
Many potential buyers ask to see documents about diamond rings to determine if they are authentic. Keep a copy of your appraiser’s report with their contact information.
You should also find proof of purchase, including a receipt. If you have made repairs or adjustments to your ring, you should provide proof of those fixes.
A grading certificate lets the buyer know the grade of your diamond. Your appraiser may be able to give you a certificate, but you can also get one from a gemological laboratory. The certificate should describe the proportions of your diamond, what finish it has, and how much it weighs in carats.
Take high-quality photographs of your ring so people know what it looks like from all angles. Take at least one photograph of your ring on your finger and show how you can match it to different outfits.
Research Diamond Rings
Go online to websites that sell diamond rings, including eBay. Take a look at the new rings that are being sold and compare them to your ring.
If your ring is in a similar style to popular and expensive rings, you may be able to sell your ring at a similar price to them. But if your ring is dissimilar or vintage, you may be able to sell it for more because it stands out in the marketplace.
To determine your precise selling price, you need to look at second-hand rings next. Try to find rings that closely resemble yours and see how much they are selling for.
You should sell yours in the same price bracket unless you have a very good reason to go beyond it. You may need to sell yours for less money if the ring is broken.
If you come across a marketplace you like, you can create a listing and put your ring up for sale. You can also reach out to someone looking for diamond rings and negotiate a private purchase.
Clean the Ring
The easiest way to clean your ring is to use soap and water. Fill a bowl of very warm water and mix a few drops of dishwashing soap into it. Soak your ring for at least 20 minutes until you notice the dirt and grime coming off.
If you have lotion or perfume on your ring, you can use a soft brush to remove the residue. Be very gentle and hold the brush at an angle so you’re not scratching the ring. You can also run it under warm tap water.
If you have a silver band that needs cleaning, you can dip it in a mixture of white vinegar and baking soda. For a solid gold band, you can pour a small amount of beer onto a microfiber cloth and rub it over the band. Do not pour the beer directly onto the ring, as the beer can become trapped between your diamond and the band.
Do not use chlorine or harsh chemicals to clean the ring. Some jewelry cleaning products have powerful chemicals that will damage the materials. Read the ingredient labels before you use them.
Figure Out Selling a Diamond Ring
Selling a diamond ring requires a few essential steps. You need to get your ring appraised so you know what it’s like. You need to get documents that show your ring is valuable and authentic.
Do your research on similar rings and see how much they are worth. Put your ring in a price bracket and keep the asking price within that bracket. Clean your ring using water, soap, and a brush with soft bristles.
If you’re finding these steps difficult, you should keep researching. Read more guides to selling a diamond ring by following our coverage.
