Two things never lose their original value and shine, an impeccable relationship and a diamond ring, and coincidently, they both are related to each other. Diamond is one of the most valuable gems out there, and because of its ability to self-maintain its pristine quality and look, it has become mainstream. If you own a diamond ring, you are not alone as now almost everyone out there with enough money in their account goes for a diamond ring as a present or a wedding.
But diamond rings are not only crucial for memories and look, but they can also be used for quick cash. Since diamonds will stay a valuable gem in the future, keeping one safe for any unexpected event or fulfilling a major financial requirement is always a good idea.
But do you know the best price for your diamond ring? While visiting the diamond shop selling a diamond ring, most people have a similar type of question in their mind. This is why, in this blog post, we will discuss how you can sell your diamond ring for the best price.
The diamond resale value
From the stone of your wedding ring to the diamond earring, every type of diamond has a specific kind of resale value. But you must understand that the resale value of the diamond is always going to be less than what you paid for purchasing it, regardless of how well you have maintained it.
Many reasons reduce the diamond’s overall price-like difficulty in re-selling a pre-owned diamond to the retail markup. In addition to this, the price of the diamond you own can also vary based on the medium you choose to sell it.
Therefore, there is nothing like a standard resale value of the diamond, as many factors play a crucial role in deciding the final resale price. This is why we will now discuss the resale value of the diamond in a more detailed manner.
How much money can I get by selling diamonds?
Since diamonds, potential buyers, and even the vendors vary in every case, there is no precise answer. As discussed above, you are always going to lose money when you decide to sell the diamond. These are the three factors that are going to determine the overall price of the diamond;
- The time when you bought the diamond
- The actual cost of the diamond
- Where and how you choose to sell the diamond
To make things more transparent, we will discuss all these three factors one by one.
When you purchase a piece of diamond from a jewelry shop and pay the retail price of the diamond, you also pay the markup price that is mainly added to the retail price. The markup price primarily depends on where you bought the diamond from.
It’s evident that none of the jewelry shops mines, polish, or cut the diamond. The jewelry shops buy the diamond from the wholesaler who first buys it from the diamond manufacturer. Every link added in this chain increases the price of the diamond that is finally put on the shelf. Even after that, there is a markup added by the retailer.
The second factor is what is the actual worth of the diamond. Many factors play a role in the final price of the diamond-like color, clarity, cut quality, and carat weight. When you sell the diamond to an expert, they will look at the GIA that comes along with the diamond. This is a type of certificate that ensures the quality of the diamond.
The final factor is where and how you decide to sell the diamond. You have to keep in mind that you will never get the retail price of the diamond, regardless of where you choose to sell it. Moreover, different buyers will offer you additional resale value, and therefore, it’s up to you when it comes to making the final decision.
So, when you search for a diamond ring buyer near me, then make sure to compare the quote given by every diamond buyer instead of just searching for a diamond ring buyer near me and picking any random buyer.
Nobody loves selling their most valued possessions, but if the situation demands, then you should be ready to sell valued possessions like a diamond ring. But before making the final decision, you should properly analyze the actual resale value and choose the best diamond ring buyer near me. It might take some time and effort, but it will give you the best price for your diamond ring.