Multiple steps are involved when it comes to selling a valuable item like a diamond ring, and you want to learn the actual process to avoid a bad deal you’re going to regret later on. From taking your diamond ring to a valuer for appraisal to closing the deal with a buyer – the whole process is not something regular people go through every day. Not to worry though, today in this brief piece, we are going to explain to you every minute thing involved in order to make the selling diamond rings process as hassle-free as possible.
Why opt for selling diamond rings?
People may have different reasons for selling their diamond rings. Some want to buy another ring with a better or latest design, some want to invest the money elsewhere, or some even want to free themselves from the remaining piece of memory from their past relationship. Whatever the reason is, this is the right time to sell your diamond rings as the prices are escalating in the market.
Understanding the selling process of diamond rings
The whole process of selling diamond rings undergoes the following steps:
- Fill the form by giving the details of your diamond ring, like colour, cut, clarity, and carat, plus the amount of precious metal
- The valuer will test the given diamond through different tests
- Based on the result, they will give you an estimated value
- If you’re satisfied with the proposed value, you will be paid through cash, cheque or online transaction
What is the process of appraising a diamond ring?
The process of a diamond ring appraisal takes up to 15 minutes. At first, the diamond ring is treated with nitric acid to distinguish between the gold and other metals. And then the weight, height and width are measured to determine the carat size of the diamond.
Next, the surface of the diamond is inspected to get the clarity and finally the colour is examined by keeping the diamond on a white paper.
What things are considered when an appraisal is made while selling diamond rings?
When you go to get an appraisal for the diamond, the appraiser will make an estimate based on the following factors:
- Cut – The cut of a diamond refers to its shape and the effects produced by it, such as reflection and refraction. Diamonds that are cut very nicely will create better refraction of light and hence it will sparkle more.
- Colour – The colour of diamonds ranges from colourless to extreme dark colour. Typically, the colourless diamonds are costlier compared to the coloured ones.
- Clarity – This is got by inspecting the surface of the diamond by using a magnifying glass with the power of 10X to check for any inclusions. Diamonds without any inclusions are graded higher.
- Carat – The carat of a diamond is determined by measuring its height, width as well as weight.
Apart from these factors, the on-going market value and retail price of the diamonds are also taken into consideration by the appraiser.
How and where to sell diamond rings?
Finding out the right place to sell or looking for potential clients for your diamond rings is not a simple task. Unless you are having a certified receipt of your diamond, you are not going to get a good buyer and subsequently better price. It will be stupid to look for the customers without having the prior certified details of your diamond ring such as clarity, colour, cut and carat.
Follow the guidelines mentioned below to know the best way of selling diamond rings:
- Contact a professional and certified appraiser for getting the appraisal of your diamond ring.
- Once you get the report of your diamond, you can easily determine the estimated value of your ring. Or you can take the help of a trusted jeweller.
- Now, you can start looking for potential buyers. Begin from your family, friends or relatives before looking elsewhere, or you can visit local jewellers. You may go to consignment stores, but only to the trusted ones.
Last but not the least, you can give a try to online auctioning. Many online stores will happily provide you with a platform for selling diamond rings for a percentage of the final selling price or a fixed fee.