When a marriage ends, some women can find themselves suddenly and unpreparedly responsible for car and home payments, plus other recurring bills. Before scrambling to pay your bills on time, consider selling one big asset: your engagement ring. How do you make money off your already-worn diamond? Read on.
1. Know what you have. Before agreeing to sell, you’ll want to have a clear idea of how authentic your ring is and how high the quality of the diamond is. Bring your ring to a qualified appraiser, ideally one who doesn’t buy or sell diamonds. They’ll give you an unbiased opinion. You can also start to figure out how much your diamond engagement ring is worth by visiting https://www.diamondlighthouse.com/how-much-is-my-diamond-worth/5.
2. A professional appraiser, who doesn’t buy diamonds for themselves should give you a more honest estimate. The Gemological Institute of America provides undisputed appraisals for a small fee.
3. Decide whether you want to sell the ring to the diamond industry or to the public. Sometimes price isn’t the only consideration; many sellers want to get rid of their ring quickly, even if it means getting a bit less than it’s worth. If time is of the essence, the quickest deal you can make is with someone in the diamond industry.
4. Try to leave your emotions out of the deal. Engagement rings carry a lot of promises and memories with them, and it can be extremely difficult to part with yours. Since you view the ring as sentimental, you may want to put a higher price on it than a seller is willing to pay. If you’re not able to leave emotions out of the selling process, you may want to wait a while.
If possible, try not to rush the sale of your diamond. Resale prices for diamonds vary greatly, so if you put a little extra time into research and finding a buyer, you can really make out.