Whether you are interested in learning how to sell a diamond or how to sell a diamond ring, you will do well if you read this article.
So your marriage has ended and you find yourself reeling with all the tasks you need to learn how to do that your husband did before. With much ado, you figured out how to start the lawn mower and cut the grass yourself. Pat yourself on the back.
So what is next?
How about emancipating yourself from that diamond sitting in the drawer emitting painful memories. If you can figure out how to cut the grass, you can learn how to sell a diamond and do it intelligently.
The first thing you have to do is get unattached. Forget all the sentiment that once came with it, don’t look at how beautiful it sparkles in the light and start to think of it as cash in your pocket and what great things you’re going to do with all that money.
To Begin: Find a qualified appraiser. Any good diamond jewelry store can guide you in the right direction or contact the Appraisers Association of America. Do not tell the jewelry store you are getting the appraisal because you want to sell the ring. This is just in case you decide to ask them later if they want to buy it, you don’t want them rigging your appraisal so it comes in low.
Check to see if the recommended appraiser is a member of any of these three organizations International Society of Appraisers, Appraisers Association of America or the American Society of Appraiser if so, you can be fairly confident you’ll be getting a good and fair appraisal. You need to keep in mind that the appraisal value is the price to replace your ring; it is not the price you are going to be able to get for it now.
Second: Get a diamond dealer to give you a Rapaport price list. This is a wholesale price sheet that tells jewelry stores all over the country the prices they should pay for diamonds. The Report is intended for use in all situations in the diamond market. It is used by dealers who trade in millions of carats every year.
The prices on the Rapaport list are high cash asking prices used as the starting point for negotiations. This will give you an idea of the wholesale value of your diamond. Remember your husband paid retail for your diamond ring; you are not going to be able to sell it for the same price. The Rapaport value is the most you’ll be able to get from a jeweler if you are lucky.
Third: You need to find a buyer and be careful in this department.
- You can attempt to sell your ring on one of several Internet auction or free classified ad websites but you run into all the complications of who you can trust when it comes time to get paid. There are so many different scams going on these days it is very hard to figure out who you can trust.
- Steer clear of any ads you see in the paper for companies touting the best price for gold and jewelry. Most of them are bottom feeders paying way below market price to people in desperate need of cash.
- You can take your ring to several reputable jewelry stores and if you find one that offers you 60% to 80% of the diamond’s Rapaport value, that would be fair.
- If you sell your diamond through a local newspaper classified ad, tell the buyer you’ll meet them at your bank to make the transaction. You don’t want them to know where you live in case they are looking for someone to rob. You also want the bank to assist you in identifying counterfeit money or bad checks, etc.
- Forget pawn shops because they will only give you about 10% of the wholesale price. They are just into a quick turnaround.
- Your best option is to sell a diamond to a friend or family member. Hey, maybe you can sell it to your Ex for his next wife.
Now that you are knowledgeable about how to sell a diamond, you will always be able to negotiate better and get the best price for your diamond or a diamond engagement ring with confidence – just like a diamond professional.
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