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What to Know Before Selling Your Diamonds

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Feb 7
2018

It’s true that “a diamond ring is forever,” but it may not be part of your forever. Perhaps the ring holds unpleasant memories, you’re hoping to upgrade to something bigger, or you simply need some extra cash. Whatever your reasoning, we have some great news: right now is an excellent time to sell your diamonds.

If you’re a first-time or inexperienced seller, we understand that the whole process may seem a bit confusing. Especially considering that resale prices for diamonds have no single objective measure, making it nearly impossible to evaluate the value of a diamond ring all on your own.

With that in mind, the secret to getting the most for your diamond and selling it without a hitch is to work with a reputable, trusted Baltimore jewelry buyer. That doesn’t mean you need to go into the process blindly, however.

Keep reading for 5 things to think about as you get ready to cash in on that beautiful diamond ring.

 

1. Documentation is Helpful, But Not Necessary

Gathering information about your ring is a good way to help you feel more confident about the sale. This documentation could include:

  • Diamond lab certification
  • A past appraisal
  • The original receipt of the ring purchase

In addition to informing your selling experience, these documents can also be helpful for the buyer when performing the evaluation. Keep in mind though, a true diamond expert will be able to give you a good, fair offer without any of this paperwork.

 

2. Age Does Not Determine Worth

What do leather boots, jeans, and whiskey have in common? They all get better with age. The same is not necessarily true for diamonds. Your great-grandmother’s diamond ring certainly holds sentimental value, but its old-age doesn’t intrinsically mean it’s worth more money.

The value of your diamond ring is based on many factors, including:

  • The 4C’s of the diamond
  • The ring setting (platinum settings are worth the most, but gold can be valuable as well)
  • Supply and demand
  • Current market trends

What ultimately makes the biggest difference in the value of your diamond is its rarity. What makes a diamond rare? Typically, the larger the diamond, the rarer. Perfect color and clarity are also quite rare, no matter the size of the stone.

The more flawless your diamond, the more it will have increased in value over time– both because of inflation and because of high demand and low supply of perfect stones.

Conversely, a smaller diamond with flaws is not nearly as rare and will not have appreciated as much over time. Yes, your diamond will be valuable and worth money, but even if it’s quite old it may not be as much as you think.

 

3. You Don’t Need to Clean Your Diamond Before Selling It

If you’re working with a reputable Baltimore jeweler, there is absolutely no reason have your ring cleaned before selling it. An experienced jeweler can accurately evaluate your ring and its value even if it hasn’t been recently cleaned and polished.

Plus, most jewelers want to clean the items they’re selling their own specific way, under their own conditions. But there’s a more important reason you shouldn’t clean your ring before selling it: you risk decreasing its value.

If cleaned incorrectly, you can actually damage your ring or, if it’s a vintage ring, wipe away something that makes it special. Don’t pay money for a ring cleaning (and especially don’t try cleaning it yourself) only to have the value go down!

 

4. Always Verify the Buyer

As you’ll remember from the beginning of this post, the best way to have a smooth selling experience (not to mention get the best value) is to work with a reputable, trusted buyer.

Once you’ve made the decision to sell your ring, you may be tempted to head to the nearest buyer and take whatever they offer you. Resist the urge and instead take time to do some research and verify the business you’re selling to.

 

Selling Locally

First, look at online reviews to learn what other people in the area are saying about the company. Make sure the business has been rated positively by the Better Business Bureau. If it all checks out, from there you should examine the company’s website.

Here are a few key things to look for, overall:

  • Private appointments – The safest way to sell a valuable diamond is in a private, one-on-one appointment.
  • Certified diamond buyersAre you meeting with a true expert? Find out if the company has a certified gemologist with extensive knowledge.
  • Years of business – How long has the company been around in the Baltimore community?
  • No pressure – There should never be any pressure to accept an offer.

 

Selling Online

A quick Google search will reveal hundreds of online sites claiming to offer big money for your diamonds. This promise of a big payout of cash has caught many people in a long and complicated process.

Find out if an online buyer is reputable by reviewing the following:

  • Fees – Does the company charge you fees along the way? Do they offer a free and insured shipping kit or do you have to pay for it yourself?
  • How the process works – Many online buying sites have a long and confusing process. Look for transparency about how the company works, safety and security, and signs of good customer service
  • Reviews – Look outside of the company’s website to find what other people are saying about the company and the process.

 

5. It’s Okay to Ask Questions

Sometimes people fear that asking questions will make them look naive about the selling process, leading to a low-ball offer. When you work with a trusted buyer, this is absolutely not true.

Your buyer should be happy to explain the evaluation process, how they come to an offer price, and answer all of your questions. You should never face any hesitation or vagueness from the buyer when answering your questions. If you ever feel like you’re being mocked for asking questions, find a new buyer immediately.

 

Ready to Sell Your Diamond Ring?

Here at Samuelson’s Diamonds, we’ve been buying diamonds from individuals throughout Baltimore and the US since 1922. Our team of certified gemologists always approach your ring with complete care and attention to detail, regardless of its size or value.

We offer in-person, private evaluations and are always happy to answer your questions. We also offer a trusted online selling process for those located outside of Baltimore. Our team is known for providing excellent service and the absolute best price for diamonds of any buyer in Charm City!

If you’re interested in learning more about our certified Baltimore jewelry buyers or are ready to find out what your item is worth, contact us today.

 

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