There are several reasons why you will lose money selling your diamond ring. Just like any other item, a diamond’s price depreciates when resold. That’s why it is wise to buy diamonds at the lowest price possible, so if you resell them you can still get a reasonable price for it. Get the best wholesale diamonds at Shira Diamonds and get the best value when you decide to sell them.
Ways to Sell Your Diamonds
The purpose of jewelry stores buying diamonds is simple, it is to earn profits from them. This means they will be buying your diamond at the cheapest price they can get. In that way, when they resell it. They can make a bigger profit. Selling your jewelry in a jewelry store can be a fast way to sell your diamonds, but take note that they will be buying it at a lower price. Unless your diamond is rare, then you can haggle for a higher price, or they might be the one to offer a good price you can agree with.
This can be the last resort where you can sell your jewelry. Pawn shops buy jewelry at a very low price, no matter how good the quality is and how much you buy jewelry. Their offer will be the lowest you can encounter. They even pay below the market price of your jewelry during that time.
There are a lot of online platforms where you can sell your jewelry, and they can buy it at the price you offered. However, you have to take more of some tips in order to sell your diamonds higher:
Know the Real Value of Your Jewelry
When you buy your jewelry, you have done research on the features and how to ensure that the quality is good. When it comes to selling, you should do the same. Check on your jewelry, especially on its diamond. The diamond should still be in its best condition. Check out the present prices of your rings online, so you can have an idea how much you should sell them.
Tips in Selling your Diamonds
Avoid Pawnshop If Possible
Pawnshop should be your last or least option. They pay very low, and you wouldn’t be happy about the price they will offer.
Opt for Selling your Diamond Online
Dealing with a direct buyer can be the best option since you can start to negotiate at the price you want. Just make sure that you don’t sell your diamonds at the price you bought them. Give a price that is reasonable, and you can get a serious buyer who is willing to pay at the price you offered. However, make sure to have patience to wait for the right buyer.
Why Is Diamond Resale Value So Low?
Diamonds depreciate since the diamond has to go through the process of getting evaluated when bought. Which means they have to buy the diamond at a low price and add the cost of the processes necessary to have the diamond re-evaluated before selling it again. Most diamonds can be sold at 20% to 60% of their original cost. Sad, isn’t it? So, if you don’t really need to sell that diamond, better keep it. Another reason why diamond resale value is low is because your jewelry will be melted into scrap gold and the price is also scrap gold, since not all buyers would want a ready – made ring, instead they want it to be customized. So if you ask, do diamond rings decrease in value? Yes they do.
These are the reasons why you will lose money selling your diamond ring. Therefore, if the need is not that urgent, then better keep that diamond. Or before even buying, think about the resale value. Your diamond may have been taken care of and is still in the best condition, but the price will still depreciate due to several factors. This is the fact, and you have to know this before buying that diamond you desire. Diamonds are good to keep and wear but reselling them is another story. Be knowledgeable about the market value of diamonds when seeking one so you can have a basis in pricing your diamonds.