Selling a diamond ring is a process that requires careful decisions to be made. Some people hesitate to sell their diamond pieces online, as it is a newer marketplace, especially for highly-valued jewelry. However, selling diamond rings online can be very safe and quick following some simple steps.
It is safe to sell diamond rings online, provided you make a deal with a professional, trustworthy buyer. You must choose a buyer that has positive reviews, a physical address, employs expert jewelers, is accredited by trademarks, and offers you sensible selling conditions.
This article will provide detailed information on the safest ways to sell diamond rings online, including a detailed review on finding reputable buyers and some red flags to watch for. I’ll also discuss the perks of selling diamond rings online, the process of selling them, and how to determine your diamond ring’s worth.
The Safest Way To Sell Diamond Rings Online
Selling your diamond rings online is a safe process. However, like any traditional way of selling your precious jewelry (like pawnshops, auctions, etc.), it needs patience and careful decisions.
Be aware that you should take some time to know your potential buyers, read some precautions to safely sell your diamonds online, and learn some tips from professionals before making a final decision.
How To Find a Reputable Online Buyer for Your Diamond Ring
The most crucial step when selling your diamond ring online is choosing a reputable buyer. Like any other market, the online market also consists of serious, trustworthy buyers, as well as inexperienced, anonymous ones.
Here are some essential steps to take before deciding who to sell your diamond ring to:
- Do online research on potential buyers. Knowing a buyer’s history and reputation is important before engaging in a contract.
- Look for reviews from previous sellers. Generally, credible buyers will have a large number of positive reviews. Read the reviews’ comments as well. If a company is positively rated but lacks comment reviews, it may be a sign that it is not credible enough.
- Your buyer should be accredited by reputable trust marks. The Better Business Bureau (BBB) rating is one of the most significant. The ratings vary from A+ to F (A+ being the highest and F the lowest), and each company is assessed according to a strict Code of Business Practices. Make sure your buyer is preferably A+ rated. There are other international rating organizations you can refer to as well, like Trustpilot, American Gem Society, Jewelers Board of Trade, etc.
- Make sure your buyer will refer to a professional jeweler to determine the value of your diamond ring. Usually, trustworthy buyers collaborate with GIA-trained experts to give you an offer for your diamond valuables. These experts are well informed about ‘the challenges and opportunities of the ever-evolving gem and jewelry industry.’
- Credible buyers will not charge you fees to evaluate your diamond ring’s worth. You will not need to make payments before signing a deal with a buyer company. In addition, no hidden fees will be added if you decide to make a deal with a buyer or even if you turn down their offer.
- The communication with your potential buyer should be professional and not pushy. A reliable company will provide the information you need to decide on and evaluate your diamond ring without any additional fee. In the end, you are the one to make a choice, and serious buyers will not pressure you to sign a contract with them.
- The process of selling your diamond ring is standard, and you are informed of the steps beforehand. Each credible buyer’s website will give you the steps you need to take to sell your diamond valuables. You will be guaranteed by trustworthy buyers that there will be no surprises throughout the process.
- Reliable buyers will work with reliable delivery companies to ship your valuables. Some of the most credible shipping companies include DHL, FedEx, UPS, etc.
What To Watch Out for When Selling Diamond Rings Online
Even though it is safe to sell diamond rings online, as in any other market, there can be scams if you are not careful. When deciding to sell your diamond ring online, make sure to avoid common mistakes. Watch out for some red flags when looking for an online buyer, as follows:
- The online buyer does not have any physical headquarters. You do not need to go to their headquarters if you are selling your items online. However, you need to know their physical address if you want to file a complaint against them or if you just want to visit. Serious diamond jewelry buyers will provide you with an address of their physical location.
- The buyer’s policies and disclaimers avoid any liability for the buyer. Some unprofessional buyers and scammers will make you agree to unfair policies that exclude them from any possible liability regarding shipping, delivery, return policy, etc.
- The buyer does not have any reviews on its webpage. Having predominantly bad reviews constitutes a red flag; however, even the absence of reviews indicates this buyer is, at best, not a professional, experienced one.
- The buyer asks for your credit card details or other sensitive information before making a deal. This could be a sign of fraudulent activity. A serious buyer will only ask for sensitive details after signing specific terms and conditions first.
- The buyer does not provide a time range for when the payment will arrive to you. Usually, trustworthy online buyers’ payment will be available to you quickly, from one to seven days after signing the deal.
Some Other Tips for Making the Best Deal When Selling Diamond Rings Online
Selling diamond valuables is a process that should not be rushed. Otherwise, you could end up being paid less than it’s worth by unprofessional, greedy jewelers.
To make the best deal when selling your diamond ring online, remember the following:
- Insure your diamond ring. Many experienced buyers include ring insurance and safe shipping in their services. However, if that’s not the case, you can privately insure your diamond ring against any damage or loss during shipping.
- Check the value of your ring by visiting more than one jewelry expert. Some nonprofessional buyers may claim your ring is worth less than it actually is.
- If you have the diamond ring’s certificate, show it to your buyer and research its average worth online. When you have your ring certificate, it is much easier to know the actual value of your diamond ring.
- Try to make deals with buyers that are close enough. For instance, shipping your diamond ring overseas can expose it to more significant dangers of being lost or damaged.
- Opt for buyers that are companies instead of natural persons. Even though this is not always the case, make sure you know where to find your buyer if something goes wrong. Bigger companies are easier to find than single buyers.
- Consider connecting with professional diamond buyers before posting your valued rings to eBay or other similar platforms. Nonprofessional buyers most often use the latter platforms to make their deals.
The Perks of Selling Diamond Rings Online
The online market is becoming a favorite compared to traditional ways of selling and buying. The same applies to diamond ring marketing. Why do people opt for online selling for their diamond valuables?
First, selling your diamond ring online exposes it to a larger number of potential buyers. This means that you have a higher chance of getting the best offer. On the other hand, selling it locally leaves you with fewer choices.
Of course, one of the reasons why online marketing is flourishing is that it saves you a lot of effort. You will not have to go from one jeweler to the other to find a buyer. You can find your ideal buyer from the comfort of your home.
However, there are also some downsides to selling your diamond ring online. For instance, it is easier to get confused when finding your buyer online than meeting a jeweler in person.
The Process of Selling Diamond Rings Online
As mentioned above, one of the aspects to notice when visiting a buyer’s website is whether they give details about the selling process. You need to know the process you will go through before making the deal, and buyers need to respect this right.
Different diamond ring buyers follow different procedures. However, the main steps are predominantly the same. If you decide to sell your diamond ring to a trustworthy buyer, you will be expected to follow the steps below:
- You start by filling out an online form. This form usually includes information and details about your piece of jewelry, like the materials, the size, etc. Most websites will also request a picture of your ring and its certificate.
- You receive a phone call or email if the buyer is interested. You will be given an offer. However, this is not a final deal, as the buyer must see the ring. Usually, they will provide you with the shipping details.
- You ship your diamond ring. Usually, the shipping happens on the same day or the day after receiving the phone call or email.
- The buyers’ experts examine the ring. Usually, they are GIA-trained jewelers.
- You receive an official offer. After examining the ring, the buyer will get back to you with a final, official offer for your diamond ring.
- You reply by accepting the deal or not. If you decide to deal with the buyer, you will provide how you want to be paid (a transfer to your bank account, via PayPal, etc.). In addition, you will be sent an electronic form to agree, constituting the buyer’s terms and conditions.
- The buyer sends you the payment. Usually, the payment arrives one to seven days from the moment you agree to the deal.
If, after examining the ring, the buyer is not interested in it or if you are not interested in the payment the buyer offers, the ring is safely returned to you.
How Much Is Your Diamond Ring Worth?
Before entering any deals regarding your diamond ring, you should know its actual market value. With evolving times and trends, this can be challenging. To get an approximate value of your diamond ring, you need to consider the following:
- Whether your diamond is natural or lab-grown. Even though they have the same chemical structure, lab-grown diamonds cost 60%-80% less than natural diamonds.
- Whether your diamond has a color tint. The more colorless a diamond is, the higher its value will be. If your diamond has a yellow shade, it will be less expensive. This does not apply to blue or pink diamonds, which, being rare, are more expensive than colorless diamonds.
- The carat weight of your diamond ring. Diamond size is measured in carats. One Carat weighs 200 milligrams or 0.007055 ounces. As you can figure, bigger diamonds are more expensive than smaller ones. You can refer to your ring certificate to know the precise carat weight of the diamond.
- The clarity scale of your ring’s diamond. According to GIA, there are eleven grades of diamond clarity. The clearer a diamond is, the more expensive it will be. The clarity scale of a diamond cannot be determined without at least 10x magnification.
- The cut grade of your ring’s diamond. The cut grade determines how the diamond will reflect light. The most expensive diamonds reflect light in a way that will render the diamonds sparky and brilliant.
The above are only the main elements to take into consideration. An experienced jeweler will add other components, like the ring and diamond’s age, design, etc.
Conclusion
Selling diamond rings online is becoming very common, as the safety risks are about the same as more conventional alternatives. However, before opting for online selling, ensure you get as much information as possible about your future buyer.
Trustworthy buyers have positive reviews, physical headquarters, and provide fair trading conditions. On the other hand, unprofessional buyers have few or negative reviews and do not provide appropriate trading conditions in their disclaimers.
When you choose a credible buyer to sell your diamond ring, you will be informed about the selling process, which includes several steps.
