How to Sell a Diamond Ring: Your Options & Best Practices

Question
Hi Peter,

I would like to sell a diamond ring. What is the best way to go about doing it? I had the ring appraised in April 2002.

Thanks in advance,
Sal

Answer
Hi Sal,

There are many ways to go about selling a ring. You would need to choose the best one for you. For many years I sold loose stones on Ebay and was very successful. This venue today is one of the best ways to sell a ring. It eliminates a lot of the risk and gives you a good exposure to lots of buyers. Selling a ring on consignment through a trustworthy jeweler is also very safe and you are using the reputation of the jeweler to sell your ring. There are a lot of jewelry buyers out there because of the value of gold today but this is not a way I would recomend nor a pawn shop. You probably have a 'retail replacement cost' appraisal not a fair market value. Big difference! Only insurance companies will look at a retail appraisal. The real value is somewhere between your appraised value and what a pawn shop would pay you. It is what a willing buyer would pay a willing seller. So have a try at it be careful and Good Luck.

Peter