How Much Is My Diamond Ring Worth?

How Much Is My Diamond Ring Worth
Photo by Iamngakan eka from Pexels

How Much Is My Diamond Ring Worth? | Lab-grown diamonds are now a reality. However, it’s easy to tell when they’re fake and, of course, have a reduced price tag. This takes away the fundamental reason why people buy diamonds in the first place.

They’re typically quite expensive, which is an amazing way to show that you care about someone or love to invest heavily in appearances. How do jewelers know what each stone is worth, though?

More importantly, how can you find out what price tag to put on your diamond ring? Well, there are a few techniques you can follow to pinpoint the number. Read ahead for some tips on finding your diamond resale value.

Purchase Information

Perhaps the most important part of identifying your diamond ring worth is at the time of purchase. The seller should provide you with a plethora of information via paperwork for multiple reasons.

If you spent more than $1,000 when you bought the diamond then, in accordance with the law, it came with certification. It comes with identification which links any buyer to previous owners and origin. Additionally, it should provide info regarding color, cut, carat, and clarity.

This documentation is key when gauging the price of your diamond.

Appraisal

Even if you have the certification at hand, it’s still a good idea to seek appraisal. There are various ways to do this. You can do so on your own, with professional assistance, or at a jeweler.

Keep in mind that jewelers might provide a lower number in anticipation of a purchase. However, it’s a good idea to hear what they say because you’re trying to find a ballpark number.

If you decide to check on your own, you’ll have to turn to the internet. Using the certification information, you can compare and contrast with available diamonds at online stores. This will greatly narrow down the average price and is probably the best way to sell jewelry in general.

Using the Diamond Ring Sale Process

Once you have one or more buyers, you can somewhat gauge the price during the process of selling a diamond ring. Before making the exchange, though, you’ll have to negotiate. Listen to offers and raise accordingly.

If one or more buyers start hesitating or pushing back against higher numbers, you’ve likely found the right price. Now you just have to decide which buyer is best.

The ideal purchaser responds quickly, is willing to make the buy within a week or two, and is open to multiple payment options.

Find the Right Price

Clarity, carat, color, and cut are only a few of the factors you have to consider when making a sale. Credentials are essential, of course, but there are other approaches that can make all the difference.

It’s a dynamic process and requires a bit more effort on your part than selling other more common items. There’s a push-pull between you and buyers, jewelers that will lowball you, and mixed information online.

Gather your resources and go for a price that seems reasonable. If you’re curious about other ways to approach selling your diamond ring, take a look at other articles around the site!

Photo by Iamngakan eka from Pexels