5 TIPS FOR SELLING YOUR ENGAGEMENT RING

If you've recently ended a relationship, you may be wondering what to do with your engagement ring. Here are just five tips for putting it on the market and getting some cash in return for the goods.

1. Have It Evaluated

No one will want to buy your diamond ring if you can't tell him or her how many carats it is or what the clarity is. Even though it may cost you a little money upfront, it'll increase your eventual resell value if you get your diamond professionally by a trusted Gem Lab (Preferably the Gemological Institute of America (GIA))

 2. Find A Broker

Jewelry brokers facilitate exchanges between buyers and sellers. They often have lists of clients ready and waiting to buy diamonds, so all you have to do is get in contact with them to add your ring to their sales collection. Check out sites like Diamond Lighthouse to learn more.

SELLING WEDDING JEWELRY TAKES OFF AS A TREND

3. Gather Your Paperwork

Paper trails are very important for the selling of diamond rings. Certifications, appraisals and original sales receipts will all help to establish the history and legitimacy of your diamond. Documents assure buyers that it wasn't just plucked out of a department store and sold as something more than it is.

4. Understand the Market

Don't get so attached to your appraisal figure that you won't accept anything less from an actual buyer. The worth of your diamond to insurance companies isn't always the same as the worth of your diamond on the current market; depending on things like the time of year and the sales rate of the previous quarter, the price of diamonds can fluctuate extreme amounts.

5. Don't Begrudge the Cracks

A chipped or cracked diamond simply won't sell as much as a flawless one. It doesn't matter how beautiful or rare the rest of your engagement ring is. Some sellers get almost offended when they're told that cracked diamonds will diminish their financial returns, but with that kind of attitude, you'll never find a buyer! Accept that flaws will mean less money, just like a dented car will fetch less than a brand-new model.

These are just a few tips for selling your engagement ring. Your relationship may be over, but that doesn't mean you won't be able to salvage something from the end. Contact a jewelry broker today to figure out how much your diamond is worth.

(Image: CTO)

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