A question that many women face after divorce is what to do with their engagement ring. If you know you don’t want to wear it and you’re not interested in keeping it, then you’ll want to ask, “How do I get the most money for my diamond ring?” Use these simple steps to guide you …
Work With A Company You Trust
The first problem most people face is knowing how much their diamond is actually worth. If you’re like me, you might take it to a local jeweler and ask for a valuation but then I’m left wondering, how do I know if this is a fair price? How do I know if I’m being taken advantage of because I don’t know this market? What if others would give me more? My recommendation is to find a company that has a solid reputation and for whom buying and selling diamonds is a regular part of their business. Another of my concerns with a local jeweler is that they are acting as a middle man and every person in a buying chain takes a cut which ultimately ends up meaning less for you. Rather than selling it outright, you might think about using an auction marketplace – if the bidding doesn’t reach your reserve price, the auction ends and you still have your diamond. If your diamond is popular, and the bidding goes over the reserve price, you’ll get the highest bid. Sounds like the best of both worlds – you’re protected against loss and have the potential for gain.
Understand How Diamonds Are Valued
If you were involved in buying your diamond, you probably remember jewelers educating you on how to choose a diamond – the 5 C’s – certification, carat, clarity, color, and cut. These same factors all play into how your diamond is valued for resale so do get a refresher. A larger diamond is worth more than several diamonds that add up to the same overall size. A well-known designer also adds to the value as does the gold, silver or platinum. Things that detract from the value are chips and scratches and outdated designs.
This Is Business
Selling your diamond has to be approached as a business decision. This is about what your diamond is worth now, not what it was purchased for and what you think it might be or should be worth. If you’re hesitating about selling it, explore your reasons – is it really about getting the price you think its worth or is it more to do with you not being ready to let go? Rushing into this could mean getting less for your engagement ring than it’s worth because you haven’t taken the time to research a reputable company to work with. If you have any hesitations about moving forward, my advice is to wait – once you’ve sold your diamond there’ll be no going back.
Appraisals And Cash Values Are Different
Intuitively, most of us think that the appraised value of anything is what it will sell for. The reality is different and it’s just like selling your home. You work with a realtor who knows the current market conditions to set the selling price for your home and that is most likely going to be something other than the most recent appraisal value. A good way to look at this is that the appraised value is more aligned with what it would cost you to replace your home or your diamond whereas the cash value is about what other people are currently willing to offer.
This is where working with an auction house gives you more control – you agree a reserve price and if the bidding doesn’t get to the reserve price, you’re not committed to sale.
Good Documentation Helps
While you should assume that what you’re able to sell your diamond for is different from the appraised value, don’t assume the appraisal is worthless. Do share the information included in the appraisal so the buyer has more factual information. Copies of original receipts and certifications from gemological laboratories can also help to increase the objectivity of price negotiations.
If you’ve made the decision to sell your old engagement ring, Worthy can help you sell your diamond. Worthy is dedicated to providing sellers and buyers with that ultimate win-win. Everyday they bring together buyers and sellers with their luxury auction marketplace. Worthy is led by the very best in the luxury goods market and they work together to bring you the fairest market value for your valuable items while providing stellar service driven by transparency, integrity, privacy and convenience.
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