We Buy Diamond Rings
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Mike Fried has written hundreds of articles and helped answer more than 30,000 emails from our readers. This has given him a unique perspective on what information truly helps our readers in their quest for finding the perfect diamond engagement ring or piece of jewelry.
For the store to actually make an investment in a diamond, and not just borrow one, it will have to justify it by buying at a very cheap price. Furthermore, relationships between suppliers and buyers in this business are extremely important.
For a jewelry store to use its capital to buy a diamond from you instead of using it as an opportunity to deepen a relationship with a supplier means that they need to justify that decision through buying your diamond on the cheap.
In my opinion, in a best case scenario, after diamond prices have appreciated by 10%, you could maybe find someone to buy your diamond for 90, leaving you with a loss of 28% (125-90=35 total loss 35/125 = 28% loss).
If you try and sell your diamond immediately after purchasing it, then your best case would be selling your diamond for 80 or a loss of 36%. Again, this is in an absolute best-case scenario buying bricks & mortar.
Take these diamonds for example. Here is a beautiful diamond from James Allen for $5,500 and a fantastic alternative from Blue Nile for $5,581. Both of these diamonds are phenomenal choices that would have cost you about $6,500 in a local store.
Buying online obviously makes selling a diamond much easier. Your cost basis is lower (so it will be easier to recoup your money if you need to sell on the open market) and the retailers give you options for returning and upgrading (so you retain full value for the ring).
We recently did a secret test that of the major online options for selling your diamond. We purchased a diamond ring from Tiffany & Co for other purposes (making videos and keeping our reviews current) and used this as an opportunity to see what the other side of the business is like. Here are the results.
The ring we used was a 0.53ct round diamond in a classic Tiffany solitaire setting. We originally purchased it for $4,500. Obviously, we expected to lose a lot of money on the transaction. The question was, how muchPlease note that we used a Tiffany ring for this test. Tiffany diamond rings are insanely expensive and very poor bang for your buck. That is the reason there was such a large gap between the amount we paid and the amount we were able to sell it for.
As this article hammers home, many people are in for a rude awakening when they try to sell their diamond. As this test showed, the offers we received were 78%, 73% and 59% BELOW what we paid for.
Please keep in mind that this test was done with a Tiffany & Co ring. Tiffany has an incredibly high markup for their rings. A ring like that in white gold from Blue Nile would cost about $1,350. A diamond ring like that would get you a better return. For example, Abe Mor said they would buy that one for about $800. That would mean a net loss of only 39%.
Selling on eBay or Craigslist is possible, and it may net you slightly more than selling elsewhere. However, pre-owned diamond rings rarely sell quickly (especially at near-retail prices), meaning you may need to wait for a long time before your ring finds a buyer.
When you were first given your diamond ring, you probably had no intention of ever selling it. However, there are occasions when this changes: a divorce, a broken off engagement, or a death in the family. Or perhaps you are looking to upgrade your engagement ring.
Estimating the cost of a diamond can be quite challenging. There are many factors that go into valuing a diamond ring, but some are far more influential than others. Here are the main factors that influence the price someone is willing to pay when you go to sell a piece of diamond jewelry.
When it comes to selling a diamond ring, the condition of the setting can make a small difference. Buyers pay more for rings that are in good to exc