In order to safely get the best price for your
jewelry, Jerry Ehrenwald, President and CEO of the International Gemological
Institute (IGI), one of the world’s leading diamond certifying laboratories, advises
the following:
1)
Try to sell directly to the consumer
2)
Use good judgment
3) Understand
the realistic resale value
Try to sell directly to the consumer
When you are looking to sell engagement rings or
used diamonds, Ehrenwald says, “to get the best price for your jewelry, you
need to sell as close to the consumer as possible. Jewelry stores and pawnshops have high
overhead expenses to cover, and their expenses will reduce how much of the piece’s
sale price ends up in your pocket”.
You can try to advertise
your jewelry online on a website such as Craigslist, however if you have
responsibly attempted to use Craigslist in the past, you will know that some
members are untrustworthy or time wasters.
Ehrenwald suggests, “one of the quickest ways to sell engagement
rings may be through a jewelry store or a pawn shop. Just realize that the
further you get from the consumer, the less you should expect to profit.” If
you choose to sell your used engagement ring or diamond this way, you will at
best receive between 20% and 25% of the original purchase price.
‘Cash for Gold’ or ‘Cash
for Diamond’ companies are at the far end of the spectrum, furthest away from
the consumer. From a seller’s point of view, this should be your last resort.
If you have found yourself using this option, then you are also probably pretty
close to selling one of your kidneys for cash!
Sites like Have You Seen the Ring bring consumers directly to you.
Our customers are willing to pay the best prices for pre-owned items, as we
offer quality guarantees through our Gemologist Verification process.
Use Good Judgment
I.
If you try to sell the jewelry yourself, never share your home
address or personal information. Never meet a potential buyer at your home.
Arrange meetings in a public place (like a police station), and it would be
wise to bring a friend or family member.
II.
If you want to sell online seek out an established company with a
great reputation. A quick and easy way to do this is to look for a company that
is Better Business Bureau accredited.
Understand the realistic resale value
If you choose to get your jewelry appraised, it’s important to
make the appraiser aware that you’re looking for the liquidation price of the
item, rather than the replacement value. “There are different levels of
valuating,” Ehrenwald explains. “Tell the appraiser you’re looking to liquidate
your piece and need to get the highest price that you can.” If the appraiser
thinks you’re asking what it would cost to replace the ring for insurance
purposes, the value will be much higher than what you can sell the piece for
yourself. And brace yourself; Ehrenwald says it’s unrealistic to expect to sell
your piece for near the retail value, which means you’ll get less than you paid
for it. You may even have to settle for less than the liquidation value, but at
least you’ll have a better idea of your asking price.
Labels: Sell Engagement Ring, Sell Engagement Rings, Used Diamonds, Used Engagement Ring