Tips On Selling My Diamond

Are you thinking about selling your diamond? Are you looking for some advice on how to do so? Well, allow me to help. My name is David F. Homsy and I’m a gemologist out of Little Rock, Arkansas. I have been purchasing diamond engagement rings for about 10 years now. I have been wanting to write this little blog to help those who are looking to sell their ring and don’t know how to start.

Emotional Attachment

First off, I’m sorry. I feel like you need to hear that. It’s not just a diamond, there is so much attached to that ring. I know and understand that this ring signified a part of your engagement or marriage that now doesn’t exist. It’s emotional and can be very hard to say good bye to a stage of your life. So let me be the first to say that as the marriage or engagement has ended, so should the ring. No need to hold onto the ring and constantly be reminded of your old relationship. It’s time to start a new chapter in your life!

Where To Start

Now that you’re emotionally ready to sell your ring, let’s talk about where to start. Let’s start with what you might already have. Is your ring insured? If so, most likely your insurance company has a detailed description of the market value of the ring at the time of original purchase. This appraisal (which most likely came with the purchase of the ring) will detail the characteristics of your diamond and the setting. It will have a value, and this value is the market value-or some may say a retail value- of your ring. The other item you might want to look around to find is the diamond’s laboratory grading certificate. There are many different grading laboratories in the world; The Gemological Institute of America (G.I.A.), American Gem Society (A.G.S.), and International Gemological Institute (I.G.I.) to name a few. Each laboratory has its own positive and negative attributes and I will go into them later. These certificates are different than the appraisal, although the certifying laboratory number will most likely be on the appraisal. This certificate is important, and in most cases costs at least $180 to attain with the purchase of a diamond. So, do your best to track it down. If your diamond has neither appraisal or diamond laboratory certification, don’t panic. Someone can still purchase your diamond ring based on the grading they assign during your visit.

Do Your Research

Even before you go in to see a diamond buyer do your research. Perform a quick google search to read some reviews on who is the best person to go see. I would focus on reviews from people who have had a great selling experience. Look for a diamond buyer who is personable, who will treat you fairly, and most importantly make the experience a good one. Nowadays you could even work with a diamond buyer online and ship your ring back and forth. Although, I would be weary of this and make sure you do your research and you are working with a reputable company. When you do eventually find a diamond buyer, there are a few things to have before you go in. Have any paper work such as appraisals, or laboratory grading certificates. Then, mentally prepare yourself for this interaction. There is so much emotion attached to this moment. Even though you may be pretty much DONE with the relationship and the person, this ring symbolizes the last tie and It can be a lot to handle.

Is My Diamond Certified?

Now that you have prepared yourself emotionally and have the proper paper work you’re ready to work with the diamond buyer. One of the first questions a diamond buyer will ask is, if the diamond is certified? If so, which laboratory graded the diamond. Again if it’s not graded by a laboratory then the diamond buyer will asses the diamond and assign a grade. If your diamond is certified then you should know that different laboratories mean more to different buyers. For example, G.I.A. -which is the industry standard-will hold more value based on the diamond grading. Other laboratories have a tendency to inflate diamond grades to make the diamond better than what another laboratory may think it is. G.I.A. has made a name for itself as a laboratory with stringent grading. They will do their best to assign the correct characteristics for the diamond. You might ask yourself “how do I know if my diamond is G.I.A. certified?” It’s quite simple. On the appraisal it will note if your diamond is G.I.A. certified and who graded your diamond. If you do not see any certifying laboratory on your appraisal, then most likely the jewelry store graded it themselves. What if you do not have an appraisal? How do you know if your diamond is G.I.A. certified? Well, this one can get a little tough but it can still be done. One of the only ways to know without the appraisal is through a laser inscription on one side of the girdle (middle section) of the diamond. The laser inscription can be seen with a 10 to 20 powered loupe (purchase through G.I.A. HERE ). This will usually be a black or clear laser inscription on the diamond itself. If you don’t want to go through that hassle then don’t worry, the diamond buyer will look for you. If they are nice they will provide you with it.

What To Expect

Alright, so now the diamond buyer will let you know whether they are interested in the diamond engagement ring or not. If they aren’t interested in it, ask them for a recommendation of where you can go to sell it. If they are interested, ask what they will pay for it. As much as they will pry and ask you what you want for it, do yourself a favor and wait for their response. Here’s something to keep in mind during this negotiation. You most likely want the retail value stated on the appraisal. I definitely understand you want the most for this diamond ring. Consider this, the appraisal is the market value of the diamond at the time. Diamonds in general do not increase in value all too much over the years. If the diamond buyer were to purchase this at the appraised value there will be no profit for them to make this purchase from you, and they won’t be in business long. Also keep in mind that now your engagement ring is no longer new and has to be sold as pre-owned jewelry or even melted down based on the condition it Is in. As far as the diamond goes, most of the time a stone can be removed from the used setting, refurbished, and sold again. The reason being; diamonds are the hardest rock on the earth and can withstand lifetimes without showing any signs of wear. So having this information, what can you expect? Well, it definitely varies depending on the appraisal value and the different jewelers. However I would say around 20 percent of the appraisal value is what you can expect from a resale. I understand this is hard to hear. The Jewelry trade has many moving parts involved; from labor costs, to manufacturing costs, to then store mark up, and then commission to sales people. At the end of the day, a diamond’s value to a jewelry seller must include these other variables.

Next Steps

If you are with the diamond buyer and their price sounds good to you, then sell your ring to them. If not, then there are many other diamond buyers willing to look at what you have and make you an offer. Keep searching for the right buyer who offers you the most for your diamond ring. I always like to say that “Beauty is in the eye of the beholder.” Your diamond may not mean much to one buyer but a heck of a lot to another. Now what if you don’t like any of the buyers prices and you still want or even need more for this ring? You do have one more option and that is selling it privately yourself. This could look like listing your diamond on Facebook marketplace, ebay.com, craigslist.com or even in the local newspaper. I must add that this can be very dangerous and you never know who you will meet with, so please be careful.

Thank you for taking the time to read this little blog about tips on how to sell your diamond ring. I understand this can be daunting and not something you look forward to. But parting with a ring that may hold painful memories can be a cathartic way to move forward stronger! If you need any diamond selling needs I’m always here for you. Reach out to me, I would love to help you get started.

David F. Homsy

Diamond Buyer in Downtown Little Rock, Arkansas

Gemological Institute Of America (G.I.A.)

Graduate Gemologist (G.G.)

Accredited Jewelry Professional (A.J.P)