Are you’re looking to sell your diamond engagement ring or diamond jewelry but don’t have any idea on where to start? We’ve put together a comprehensive list that clearly defines the best options for selling your used diamond jewelry with the pros and cons for each method. Diamond jewelry can run in the thousands of dollars and finding a fair price for your unwanted jewelry can feel like a daunting task. However, read on to see our opinions of the best options for selling diamond jewelry.
Best Options for Selling Your Diamond Jewelry
Option #1: Online Auctions
From the comfort of your home you can utilize auction websites as a convenient way to sell your diamond jewelry.
Pros of Online Auctions:
- The bidding process can increase the value of your diamond jewelry.
- You’re in control of the starting price.
- Friendly customer auction sites like eBay are great platforms.
Cons of Online Auctions:
- Without an established selling profile consumers may not buy from you.
- There are no guarantees that your diamond jewelry will sell.
- It’s hard to generate enough interest in the jewelry to raise the base price.
Option #2: Online Ads
Using online ads is a convenient way to sell your diamond jewelry and there’s no shortage of places to run an ad online.
Pros of Online Ads:
- You select the price and deal with the consumer directly.
- Craigslist is a prime example of where to place an online ad and their site is easy to use.
Cons of Online Ads:
- Some online ad sites will want a percentage of the sale.
- Beware of scammers that are looking to rip you off and in some cases, violence is used. Never go alone and meet in daylight in a populated public place.
- There are no guarantees that it will sell.
Option #3: Auction Houses
This is one of the most common traditional methods for selling used diamond jewelry and engagement rings.
Pros of Auction Houses:
- Auction houses are experienced and have diamonds experts on the payroll that help evaluate your diamond jewelry and set a fair selling price.
- Auction houses are available worldwide.
Cons of Auction Houses:
- A percentage will be applied if the diamond jewelry doesn’t sell. Discuss details before you sign the contract.
- There’s no guarantee that it will get sold at auction.
- In most cases you’ll have to wait for the next auction to be held.
Option #4 Pawn Shops
If you’re in a hurry to get rid of your diamond jewelry and you need cash in your pocket today. This is the way to go.
Pros of Pawn Shops:
- This is a very fast and convenient way to sell your used diamond jewelry.
- No hassles with checks, they pay in cash.
Cons of Pawn Shops:
- They’re not diamond experts and they try to get you to settle on an offer that’s typically way below the value in order to turn a nice profit.
- Current State ID or a valid driver’s license will be required.
These are safe and viable options for selling your used diamond jewelry that actually work. If you ever suspect something isn’t right with a potential online website that purchases diamonds and jewelry, you can go to the Better Business Bureau’s website and look at their BBB rating. You can also see other customer experiences with this specific business and make a better decision about doing business with this buyer. Reading customer reviews will unearth a mountain of information and make you feel more comfortable about your decision.