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The resale value of your diamond ring will not only depend on its condition/quality but also where to sell it.
Selling directly to another person via Craigslist or eBay would theoretically give you the best price for your diamond because you are dealing with non-trade personnel. However, this is also the method that requires the most effort to suss out reliable buyers and entails the most risk when dealing with strangers.
A more straightforward method is to approach the vendor that you bought your jewelry from. You could ask to see if they do buybacks or offer a trade-in option for your diamond ring. Based on experience, I would say that most vendors won’t offer this option and even if they do buybacks, it would be done at a fraction of the original costs.
Some jewelers also offer a consignment option where they can help you sell your diamond ring to another customer at a price that is pre-agreed by you. For example, the jeweler can place your ring in their display cases and if they manage to sell it on your behalf, they would take a 20-30% cut as their commission.
The problem with this method of selling is that the ring could be left unsold for 6 months or even a year if there is no demand. This means that if you need the money urgently, this would not be a viable method to liquidate your jewelry quickly.
You could also sell your diamond ring to a regular pawn store or “cash for gold” business where they are likely to take in your diamond ring immediately for cash. However, these stores usually lowball their offering prices as a compromise for the instant cash they provide.
As I explained earlier, diamond grading and pricing is very nuanced and complex. In my opinion, the easiest way for a consumer to sell their unwanted jewelry is via Smart Cash Pawn Shop. All you need to do is to complete a simple form with information about your jewelry to get an estimated price for your item.
It’s fast, free and there are no obligations to get a quote. The final offer will only be confirmed after you schedule a personal appointment. Instead of wasting your time dealing with a jeweler or a stranger by yourself, Smart Cash Pawn gives you a safe and hassle-free way to sell your jewelry.