Do you have a diamond ring in your collection that never sees daylight because it's locked away? If it's a ring you've forgotten about or has fallen out of favor due to a broken relationship, one alternative is to sell it and use the money for something that makes you happy. Here's a look at the best places to sell a diamond ring.

First Get the Diamond Ring Evaluated

Before you try to sell a diamond ring, it's advantageous to get it evaluated by a professional jeweler. It's important to know the differences between an appraisal, evaluation and grading lab report.

An appraisal, which usually costs money, is commonly for insurance purposes to determine replacement value. An evaluation gives you an idea of the current market value. A grading report lets you know the quality and technical details of the jewel. It's best when you work with a GIA-certified jeweler.

Different Places to Find Diamond Ring Buyers

Since the rise of the internet, the best places to sell a diamond ring have been online through electronic auctions. These platforms allow you to set your own prices then wait for someone around the world who wants to buy the item. Here are places to consider for finding buyers:

• Local jewelers - Many local jewelers are in the market to buy and sell used jewelry.
• Pawn shops - If you need to liquidate a diamond ring quickly for instant cash, pawn shops are reliable, but they'll pay the lowest possible market price.
• Cash for jewels outlets - Like pawn shops, cash for gold and jewelry shops buy items at low prices then sell higher.
• Online auction sites - Amazon and eBay are popular auction platforms that allow you to set desired buying and selling prices for any item.
• Pro jewelry networks - Worthy.com and CashForGoldUSA.com are websites that facilitate the buying and selling of an engagement ring. There are many other networks to tap into through global jewelers.

Why Auctions are Important

Auctions are places where it's possible to find the greatest deals on earth for either buying or selling items. In some cases an estate may donate items to auctions just to make space. What someone else considers old junk might have deep value to others, especially when it comes to jewelry.

While buyers can find rock bottom deals, sellers can unload items at high prices if they have something hard to find that others seek. Auctions bring buyers and sellers together in a way that can benefit both buyers and sellers, especially when it creates new relationships.

Selling an Engagement Ring

The best way to sell an engagement ring is online through a reputable online portal that posts customer reviews. If you choose to sell an engagement ring, get both the metal and the gem evaluated by a jeweler to determine its selling price. Any type of gold or platinum has at least scrap metal value. The value of a ring with multiple diamonds will usually be concentrated on the carat weight of the heaviest stone.

The overall quality of the ring is what matters the most. The jeweler who evaluates the item will be focused on diamond quality for its color, clarity, carat and cut. Colorless diamonds command the most value. In terms of gold's value, its purity, karat weight and current global spot price are usually what matter most.

Conclusion

Use this guide to find the best places to sell a diamond ring. For deeper questions about selling jewelry online, contact Ralph Mueller & Associates. We're a GIA-certified jewelry wholesaler and we've helped jewelry buyers and sellers globally for over three decades.