When individuals begin the process of selling an unwanted diamond engagement ring, many are unsure where to turn. A few options typically come to mind, however: a jeweler, pawn shop or gold exchange, Craigslist or eBay, or an online diamond buying company. As with everything, there are advantages and disadvantages of each choice.
Many people think of selling a diamond ring like they would a car – You could trade it into a dealer for a lower value than what you could sell it for yourself to a private buyer. This is true for jewelry as well. You will absolutely realize a higher return if you are able to sell your jewelry to someone who is going to use it and wear it. The trouble with this option is the amount of time that will go into listing the item and vetting all potential buyers. If this is an option you choose to try, you should ALWAYS meet with the potential buyer face-to-face and in a safe, public location. Never send your jewelry off to another individual, even if they promise to pay you more for it!
Going to a jeweler to sell an unwanted diamond engagement ring seems like the obvious choice. Jewelers are well versed in jewelry (or should be) and have an outlet to re-sell the item you wish to part with. The disadvantage here is that many jewelers do not buy previously owned diamonds or jewelry, and if they do, they are going to want to purchase it for less than they would from their manufacturer. This often means providing you with a lower value than you can acquire elsewhere.
The next stop may be to a pawn shop or gold exchange. The advantage here is that most will pay you cash on the spot. The very large downside to this is that most quick cash places know very little about diamonds and how to accurately value them. This typically translates to a cash price based on the value of the metal, and very little additional value for the diamonds. Many of these types of businesses will sell the pieces they purchase from customers to diamond specialists like MJ Gabel. Working directly with a company that specializes in buying fine jewelry allows you to realize the most for your valuables.
The least thought of choice would be to work with an online company that specializes in buying fine diamond jewelry. The greatest advantage here is that you are working with a company who is educated and knowledgeable about buying fine jewelry, allowing them to make a more aggressive offer. At MJ Gabel, for example, our staff are all GIA (Gemological Institute of America) trained, and go through an apprentice-like program before beginning to work with the public. What also sets MJ Gabel apart from other diamond buyers is that we try to keep your jewelry in its current state, rather than working with just the materials. This allows us to offer a highly competitive price for your unwanted diamond jewelry.
The reason this option is not utilized more commonly is that most individuals do not live within commuting distance to such companies – and this is one of the downsides. In order to work with such a company, you need to ship your items for valuation. At MJ Gabel, we happily facilitate this process for you to ensure everything is properly insured during transit. The other disadvantage of working with a diamond buying company is knowing which companies are authentic and ethical. We advise our clients to do their due diligence! Read as much as you can about a company prior to sending them your items, and read reviews carefully. Many companies will pay advertising agencies to leave fake reviews to increase their star count. Look for companies that have reviews with the Better Business Bureau to ensure their authenticity.
Selling diamond jewelry can seem overwhelming to many because of the number of options available. Here at MJ Gabel, we are happy to discuss all your options with you and help navigate the selling process for you. We will always take the time to answer your questions or concerns about selling and help to guide you in the direction that fits best for you. When it comes to selling unwanted fine diamond jewelry, the only person who knows what option will work best for you is you!