What You Should Know Before You Sell Your Engagement Ring

There are many reasons why you would want to sell your engagement ring, including  a financial emergency or to get rid of ‘unwanted’ memories. No matter your reason, one thing is for certain, “you can make a good amount of money from the sale.” 

If you want to sell your engagement ring, you must first understand that the sale of a diamond is not always an “exact science.” This is because the resale prices for diamonds do not have one exact measure, like gold which has a quantifiable melt value. For this reason, an inexperienced seller can quickly become overwhelmed and confused.  Read on for tips that will ease your selling “frustrations.” 

Know Your Engagement Ring

Just because you think your diamond engagement ring is valuable, does not mean it is. Before you sell your engagement ring, first try to get an accurate picture of its authenticity and  quality. Search for a qualified and unbiased appraiser to give you his/her opinion on the stone’s condition, characteristics and how its attributes (both negative and positive) could affect its selling price.

If you have no funds to finance a formal assessment of your engagement ring, consider getting a free appraisal from a pawnbroker or professional diamond buyer. It would be wise to visit more than one shop to get a range of different opinions.  

The 4 C’s

Four main characteristics determine the value of diamonds, referred to as the 4 C’s. This include: 

• Cut: This refers to the number and types of edges or facets a diamond has. Cut quality is one of the determinants of a diamond’s value. High-quality cuts produce diamonds that are shiny and sparkle.
• Clarity: Diamonds usually contain some microscopic defects or inclusions, which determine the stone’s clarity. The fewer defects, the more valuable a diamond is. 
• Color: Most engagement rings will usually feature the more valuable white and colorless diamonds. However, these stones naturally have a variety of colors. Before you sell your engagement ring you should first determine its color as this mostly affects its value. 
• Carat: This is the the weight of a diamond. Carat is one of the most important factors that determines the value of your diamond when you sell your engagement ring. The heavier a diamond is, the larger it is and the higher its value.