Saturday, September 12, 2020

Where can I sell my Diamond ring for the most money?

 

In general, a lot depends on the diamond ring itself – is it an heirloom with historic value, or does it have any unusual characteristics that might make it more desirable to certain prospective buyers, and so on. To help you figure it out, here are 5 tips that should help.

 

1)   Don't attempt to sell any diamond ring until you're sure what you really have in terms of quality. Seek a gemologist or gemologist-appraiser to verify the diamond is a genuine diamond (not a lab-grown diamond or diamond imitation), and to evaluate its quality in terms of the 4Cs: color, clarity, carat weight, cutting quality. To find a reliable gemologist or gemologist appraiser, visit www.accreditedgemologists.org  or www.appraisers.org.

 

2)  Find out the "fair market value" of the diamond ring and base your expectations as to the price you can get on that. Here again, a gemologist or gemologist-appraiser can advise you as to the fair market value, as well as the best market in which to sell your ring in order to get the best price—from an estate jeweler or an antique jewelry dealer, or a retailer (on a consignment basis), and so on.

Keep in mind that what you or someone else may have paid for the diamond, or the value shown on some appraisal document for insurance purposes, is usually much higher than what you will be able to sell it for. On the other hand, some diamond rings have characteristics that make them especially rare and desirable, or historically important, and these factors can add value, sometime a lot of value, and they are especially attractive to collectors and connoisseurs. For example, rings from the Edwardian, Art Deco or Art Nouveau periods (not the replicas, but the originals) are in high demand and can add significant value; here again, a gemologist or gemologist appraiser will be able to recognize the period in which the ring was created.

 

3)   In general, anyone who is not in the trade will get less than experts in the field. Retain a respected independent gemologist-appraiser or gemologist-consultant to advise you and represent you in negotiating any contract with a potential buyer. Most gemologists or gemologist appraisers will work on a consulting basis with individuals seeking to sell their diamond(s). Whatever the fee charged by the gemologist, it will net you more for the ring than you will get doing it alone.

 

4)  If the diamond is over 5 carats, and of exceptional quality -- or a very rare color such as red, blue, green, or pink—the best place to get the most money may be at a well-respected auction house such as Sotheby's, Christie's, Phillips or Heritage. But do not rely on the auction house expert to advise you on the value of what you have and the "reserve" price that you agree to (the price beneath which the diamond cannot be sold); having the lowest possible reserve protects them from another sudden stock market plunge– such as Black Monday in 1987 – when diamonds also took a huge plunge; the auction experts know that if the reserve is low enough (typically about ¼ of the wholesale value of any diamond), there will always be someone who will buy the diamond! Retain a gemologist to represent you in negotiating any contract with any  auction house.

5)  Private sale. This can be an ideal way to proceed for a fine diamond ring, once you know what the value of the diamond ring really is and have a realistic understanding of what price you should be able to get for it (as discussed above). Here again, however, not alone--you do not want to advertise your ring in a newspaper or elsewhere and arrange to show it to a stranger in your home or theirs…this can result in your being robbed, or worse. Ideally, set up the meeting to show the ring at the office of the gemologist appraiser who has helped you know what you have and what the value is (they usually have an area that would be safe for you and the prospective buyer, that doesn't interfere with the gemologists work). This is safer and more professional in every way, and if the prospective buyer has questions you may not be able to answer, the gemologist would be available to answer them.  It is customary to pay a consulting fee to the gemologist if you take this approach, but it is much safer than most other options. If the "prospective buyer" is uncomfortable with such an arrangement, all the more reason not to meet with them anywhere! Also, if you do advertise the fact that you are selling a diamond ring, for "more information," give only your mobile number, never your address!