How to Get The Most Money For My Engagement Ring after a Divorce?
A diamond engagement ring is a symbol of love between two people pledging to stay together for a lifetime. But what happens when a marriage ends in divorce? Now, that same diamond ring, once a symbol of eternal love, becomes an irritating reminder of a marriage that did not work out. The best answer is to sell your diamond engagement ring for a fair price to someone you can trust and begin the process of moving on with your new life.
Unlike houses, boats or cars, diamonds engagement rings carry with them a strong emotional attachment that makes selling this type of financial asset difficult after a divorce. In addition, there are no set rules for selling a diamond ring, and that’s why you need to find a diamond buyer you can trust. Here is a step-by-step guide you can use to sell your diamond engagement ring in a safe manner at a fair price.
Estimate How Much Your Diamond Ring is Worth
The first step to selling your engagement ring is to estimate what it’s worth. Grading certificates or proof of authenticity from the original jewelry store will make the estimation process a lot smoother. If the original selling certificate cannot be obtained, then locate an independent appraisal from a local, reputable jeweler.
Most of the diamond’s value is based on the famous 4 c’s of diamonds: carats or size, color, cut and clarity. However, if the diamond ring has a large quantity of gold or platinum, or is engraved with the mark of a famous designer such as Tiffany or Cartier, it may be worth more. By the same token, if the ring carries scratches or chips, it can be worth less. Remember, the appraised value is only one person’s estimate, and the actual cash price you will receive for your diamond engagement ring will typically be less than this estimated value.
Find a Qualified Diamond and Gold Buyer You Can Trust
With your selling price in mind, you’ll need to find the right diamond and gold buyer that fits your needs. There are several options to sell your diamond, and you need to decide which one is right for you.
Selling Gold to Cash for Gold Stores and Pawnshops
Your first idea might be to travel to the nearest “Cash for Gold” store or pawnshop. Typically, these storeowners will pay you only a fraction of what your diamond is worth. For example, some shops pay as low as 5% of your diamond ring’s value. Pawnshops and “Cash for Gold” stores notoriously prey on sellers who are desperate to sell their diamond ring in a hurry. Say “No” to a pawnshop owner who offers to trade your diamond ring in for another item they currently have in stock. This often results in you paying too much for the new diamond, and you most likely will lose money on the diamond ring you wish to sell.
Selling Gold to Online Brokers
You could sell your item to an online broker that will ask you to ship the diamond to them so they can determine their selling price. This leaves you with all the risk in the transaction, and exposes you to a scam.
Selling Gold to eBay.com
You can also list your diamond ring on eBay, but this means you will need to compete with several other low quality diamond engagement ring listings making it difficult for a potential buyer to see your item. Sellers can exaggerate their listings to make their items stand out, and you’ll have to ship your diamond to the winning bidder. eBay has its drawbacks if the transaction goes bad, and the last thing you need is a returned item, late payment or a negative review.
Selling Gold to Classified Ads
You can list your item in a classified ad in your local newspaper or bulletin board at church or work, but the challenge here is reaching enough people to find the right buyer willing to pay your price. You have to be careful when working on your own through the classifieds, especially if selling to a stranger. Perform the transaction in a safe place and be sure you have a valid form of payment such as cash or a cashier’s check.
Selling Gold to Jewelry Store Consignment
Some jewelry stores will sell your diamond on consignment, which means you will need to wait until your diamond sells before you receive your money. With jewelry stores often marking up prices over 100%, your share is likely to be less than 50% of the selling price.
Be sure to get a written description of the item you are leaving on consignment, and get an understanding between the two parties on the minimum selling price you will accept for your diamond engagement ring. It’s also a good idea to agree on how you can get your diamond back in the event you no longer wish to sell.
If you have a diamond ring to sell, and want someone you can trust, then Cook County Gold Buyers is a perfect choice for you. Owner, Michael Jacobson is known as Chicagoland’s trusted diamond buyer. Michael always treats his customers with respect and meets them in a safe, public location, or at his private office and even will travel to your home if preferred. Mike will appraise your diamond ring in your presence, and pay you a fair market price for your item. Mike will pay you the most cash for your gold, usually 50% more than pawnshops, mall kiosks or internet mail companies. If you are ready to sell your diamond ring, then call the Cook County Gold Buyer today at (773) 490-9828. You can find us online by clicking here.