Selling a diamond ring requires getting it appraised, deciding on a price and finding a buyer. The sale can be completed in less than one week.
- Get the ring appraised
Find a diamond appraiser to get the most accurate idea of the ring's worth. An appraiser can also give you a description of the diamond's characteristics and any attributes that may affect its value. An appraiser who doesn't buy or sell diamonds is the best option. For less valuable diamonds, you can have a diamond buyer or a pawnbroker evaluate it. There are also diamond testing kits sold online.
- Set the price
Ask the appraiser about realistic prices for the ring. Prices vary based on the type of buyer. A pawnshop typically pays less than an independent buyer. Look at completed online sales of similar rings.
- Find a buyer
Diamond rings can be sold to the jewelry industry or the public. The quickest option is the jewelry industry. You can go into a diamond store and sell the ring immediately. Selling to the public takes longer but is usually more profitable. Methods of selling to the public include online classified ads or auction websites. A consignment shop can sell the ring to the public for you, but the shop keeps a portion of the sale price as a commission.