Do you have jewelry that you no longer need, more specifically, an engagement ring from a previous marriage? Although there are numerous diamond buyers in Chicago, when it comes time to sell an unwanted engagement ring, the choices are much tougher. Selling diamond is easy and simple. The diamond buyer weighs the gold, tests it, and pays a certain price per gram based on the current diamond market. But engagement rings are different.
There are diamonds that have different values based on carat weight, color, clarity, and cut. The center diamond on an engagement ring is usually much larger and can cost thousands or even tens of thousands of dollars. But it is very difficult to get a buyer to pay what was originally paid for the ring. But don’t be discouraged. Although you are not likely to get back all that was paid for the ring, there are several different options to get more than what a diamond buyer will pay.
This is likely the best option to sell an unwanted engagement ring. Basically you need to find a jewelry store that would be willing to sell the ring for you. They will polish and clean the ring to make it look like new and then put it on display in their retail store until it is sold. Then, they will take a commission on the final selling price and give you the rest of the money. A typical split is 60/40, in which the shop keeps 40% of the proceeds and you get 60%. If you can negotiate a better percentage, go for it! The only problem is it might take several months for your ring to sell. As long as you are not in a hurry for the money, this process will net you the most cash back because the ring will be sold closer to a retail price.
Put a detailed listing on Craigslist. Craigslist is a free classified website that is set up for specific local areas. You can list your ring under the “Items for Sale” section in the jewelry category for Chicago. Be sure to put as much detail as possible about the ring including quality of stones, type of diamond or platinum, details about certification, appraisal value, and even where the ring was purchased.
Offer to meet potential buyers at a jewelry store, preferably the one where the ring was purchased to verify authenticity, as well as for security reasons. Be sure to put an asking price for your ring and expect to take at least 25 to 50% less than what was paid. Even getting 50% of what was paid is much better than what a pawnshop or diamond buyer would pay.
3. Sell to a friend:
Obviously if you know someone that is looking for an engagement ring, this could be a great option. You can probably get 70% of what you paid for the ring from a friend that wants to buy it. Ask around. Almost everyone knows someone that is planning to get engaged soon. You might even be able to sell the center stone to someone if they don’t like the design of the ring. Most of the value is typically in the center stone. A local jewelry should be able to remove the center stone in front of you for a very small fee. Then once the center stone is sold, you might consider selling the ring mounting for scrap value to a local precious metals buyer.
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The best choice would be to find a local Diamond buyer. Some web-based Cash for Diamond companies have been exposed as paying as little as 5% of the actual Diamond value. Plus you have to send your metal away without knowing what they will pay and if they are being honest. When you sell Diamond locally, you can request that the buyer weighs your items in front of you, and you can get his offer without being required to sell. By following this simple guide, you can be sure you will receive a fair price for your unwanted scrap Diamond jewelry!