Diamond & Ring Guides

How to Sell a Diamond Ring (and Not Get Ripped Off)

Selling the diamond you worked so hard to find may seem even more terrifying than the actual purchase. It doesn’t have to be if you’re properly prepared, but yes, you’ll need to do your homework all over again.

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Why Sell Your Diamond Ring?

Scenario 1: Changed Your Mind
It could be that you bought it for someone special… and things didn’t work out. At this point, you’re probably experiencing a lot of not so pleasant emotions — anger, bewilderment, resentment, and exhaustion, among others. You just want to get rid of the ring so you don’t have to be reminded of what happened (or how much you spent). 

Take the time you need to collect yourself and calm down before you start the quest to sell your ring. You want a clear head so you can make a rational decision that will end with you getting the most money possible for it.  

Scenario 2: Time to Upgrade
Maybe you want to sell the diamond ring so you can upgrade to a larger, more important ring. If you are upgrading to a bigger stone, a retailer, or e-tailer, may accept your stone as partial payment toward the upgrade, but shop around for the best deal.

Scenario 3: Sell a Ring to Get Another One
Perhaps you inherited a diamond ring, and you know it is not your girlfriend’s style, so you want to sell it and use the cash to buy the ring you know she truly desires. Perfectly valid.

Quick Tip: If possible, sell the ring when you don’t need immediate cash so you can hold out for the best price.

Prep Before You Sell

In the diamond trade, when a dealer sends a stone to a potential customer, he or she will tell you that the “stone is working.” You want your diamond working for you. The very first thing you should do when selling a diamond ring is get it ready to be shown off.

Clean the Ring
The value of your ring is in the diamond, so you want to present it at its sparkling best. Start by cleaning the diamond ring. You can go to a jeweler and get it cleaned professionally or get some jewelry cleaner and do it yourself. Use the brush that comes with the jewelry cleaner to reach all the nooks and crannies and really bring out the sparkle. Try not to touch the stone after cleaning it. You don’t want to leave behind fingerprints and oils from your hands that will dull the sparkle.

Find the Original Box and Diamond Grading Report
If you have the original box or pouch for the diamond ring, use it. If you have a Gemological Institute of America (GIA) report or another laboratory report, make sure you have it when you take your ring out to be sold. If you can come up with the original sales receipt, have that for your reference as well. 

Engagement Ring Boxes

Quick Tip: Make sure your ring is cleaned and your paperwork is in order before you shop it around.

What Is Resale Value? Hint: Less Than You Paid

This is where it gets painful and you will have a WTF moment: When selling your diamond ring you will not get what you paid for it. We know, it’s maddening (feel free to curse a bit). But here’s why: When you sell your ring, the buyer needs to mark it up to make a profit when it is resold.

There are many variables that go into diamond prices. The price of diamonds and precious metals fluctuates, sometimes more than other times. Sometimes certain sizes and qualities of diamonds are more in demand. The shape — round, oval, pear, marquise, or radiant — will also impact the price. “Fancy” shapes, basically anything that’s not a round shape, will generally sell for less than a round stone. Pricing also depends upon the amount of diamond inventory out in the world at any moment. With so many variables, how will you ever know what your diamond is worth?  

Does the Ring Setting Affect Price?

The value of your ring is in the diamond. Settings without the diamond are generally sold as scrap metal and you won’t get much money for the gold or platinum in your ring (see images of popular settings below). The exception to this is if you have significant side stones, but then they are part of the overall buy-back price. Also, the prices of metals change almost daily so it’s hard to know the value of the metal. The one time a setting may add value to the diamonds is if it is signed by an important jewelry maker, such as Tiffany & Co., Cartier, or other designers that brand their pieces. How do you determine if there is any value in the setting? 

Answer: Get an appraisal. The National Association of Jewelry Appraisers (NAJA) defines an appraisal as “…an opinion of value for a particular market on a particular date. It is usually in document format, describing all qualitative and quantitative attributes necessary to arrive at the value conclusion.” 

According to Gail Brett Levine, President of NAJA, “A laboratory report and an appraisal are two approaches that are unbiased opinions of the quality of the diamond and the value of the diamond. An appraisal establishes the quality and value of the diamond. It is a benchmark to depart from or adhere to when selling.”

Usually, when a diamond is appraised, it is for replacement value in the event that the ring is lost or stolen. It is typically the price of what is sold in a store. Levine says that “what you need, to sell your diamond, is a market value appraisal, which is what the stone is worth on the secondary market. This will be less than the retail value and closer to the price that you will get for your diamond.”

If you plan to get your ring appraised, interview the appraiser and make sure their area of expertise is in diamonds rather than another area of the jewelry market, advises Levine. Look through the list of appraisers on the NAJA website to find someone in your area and talk to a few of them to find the right fit. They’ll charge you a flat fee, which will vary from one appraiser to the next. 

If you have a diamond grading report from a reputable gemological lab such as GIA, IGI or another lab, you may not feel the need for an appraisal, but it is one more piece of information that can help you. 

You could also look at various websites such as Blue Nile or James Allen to get an idea of prices. Keep in mind that you will most likely get less for your diamond than the prices you see online for the reasons we explained (the e-tailer needs to make money). 

Sell-Diamond-Ring-Blue-Nile
The screen for selling diamonds at Blue Nile via Mondiamo.

Quick tip: Accept that you won’t get the full value of what you originally paid for your diamond ring. Do some price research before you get started, whether online or by getting your diamond ring appraised.

When to Sell a Diamond

Before you head out the door to sell your ring, you may be wondering if certain times of the year are better to sell than others. According to TheKnot.com, 37 percent of all engagements in the U.S. take place between November and February, and its Global Wedding Report data confirms that December is still the most popular month to get engaged. Why am I telling you this? You may want to shop your ring around in September or October knowing that more engagements happen later in the fall and retailers and diamond buyers may want to stock up on extra diamonds. Alternatively, “retailers may be buying right after Christmas to restock and they will be flush with cash in January,” according to Sheryl Jones, a New York City-based retailer and designer.

Where to Sell a Diamond: Local Stores

Best for: Control freaks who want to be present during the sale
Sales prices: Depends on diamond/ring but usually for less than what you’d see in online transactions

If you bought your ring from a local jewelry store, go back to them first. They may buy back your ring and give you a decent price because they want to keep you as a future customer. Even if they don’t buy back diamonds, they may be able to direct you to a reputable dealer who does, or help you with other questions you may have.

American Gem Society
How to find a jeweler or appraiser on the American Gem Society website.

Some retailers may not buy your ring but they will accept it on consignment. This can be a good option if you can wait for the cash. If you choose to consign your ring, you may be able to get a better price for your diamond, too. 

This is the time when you will want to have your diamond grading report and appraisal in hand. Before accepting your diamond, the retailer will examine the stone to make sure it is the quality stated on the report or in the appraisal. Once they accept the ring, you’ll both agree on a selling price and the length of time that you’ll leave it in the store. You should also ask for a timeframe for updates and status reports on your ring. There will also need to be an agreement to terms of payment — how much commission the retailer will keep for selling your ring and how payment will be made when the ring is sold, both of which could vary from store to store. 

“The consignor is responsible for giving you the money that you have agreed upon or they need to give you back your ring,” said Jones, who notes that a retailer taking a piece on consignment will want a grading report and may request an appraisal as well. “You must get a written agreement that states all of the terms clearly enough that if for some reason there is an issue, it will stand up in court. If the consignor does not sell your ring, make sure that when you get your ring back, you also pick up any grading reports or other paperwork that you submitted.”

You may also want to consider Circa (see news of its merger with Mondiamo, below), a rare company that straddles the brick-and-mortar and online worlds (see the next section on selling online). It is a jewelry-buying service with 12 physical offices around the world. Their gemologists will evaluate your jewelry and make you an offer. If one of their offices is near where you live, you can go in and see them in person. If not, they have a free, fully insured mail-in service.

Quick Tip: Check with the store or website that sold you the ring and find out if they will buy it back. Shop your ring around to a few retailers or e-tailers to see who offers the best price.

Selling a Diamond Ring Online

Best for: Seller who wants quick and easy turnaround (no actual human contact)
Sales prices: Depends on price and quality of the diamond/ring and patience of the seller

If you bought your ring online, you may be able to return it to the site where you bought it. Selling your ring online is something you can do relatively easily and may also bring you a better price. E-tailers don’t have the same high overhead as brick-and-mortar stores, which means they may be able to give you a better price for your ring. There are many online sites that specialize in buying back diamonds — check out the list at bottom of this article. 

Most websites have a few simple steps to get you through the selling process. The first step is to tell them about the ring. This is when it’s helpful to have a grading report and appraisal handy. Based on the information you provide, you will get an initial offer. From there, send it to the website and they will have their gemologists check out the ring. They will then agree to take the ring or not and if everybody comes to an agreement, you may get your money in as little as 24 hours.

Rather than buy your ring outright, some sites will post a photo of your diamond online so shoppers can bid on the piece. If you choose this option, you may be able to get more money for your ring. 

These buy-back websites are organized to make the process as simple as possible and they often have trained gemologists on staff. If you don’t have any paperwork like a grading report or appraisal accompanying your diamond, the gemologists can give you a valuation of your stone. It is a good idea to submit your stone to two or three websites to see what each one offers before making a final decision on where to sell it. 

Here are a few sites that buy back diamonds:

Mondiamo, a firm that specializes in buying back diamonds, is recommended by Blue Nile — you can access it by going through Blue Nile, or just go directly to their site. Mondiamo has created a simple four-step process to make selling your diamond ring easy and will make an immediate payment if you accept their offer. If you go with Mondiamo, you could have your ring sold in about a week. The company announced it would merge with Circa in 2019, but the companies continue to operate as independent brands until the merger is complete.

Another online option is I do… Now I Don’t. This site offers you two options. You can put a photo of the ring online with the price that you want — don’t worry, they’ll help you price the ring out if you don’t have a clue about how that works. Customers browse the site and make you an offer, then you choose the one you want to accept. They also offer a second option where they buy the diamond and pay you upfront. It’s always good to have choices.

I-Do-Now-I-Dont Diamond Ring Buyer
Some of the commission rates at I Do… Now I Don’t.

Cash4Gold.com also buys diamonds and they have a very nice feature in case you decide you want your diamond back after selling the stone to them — just contact the company within 10 days of selling your ring, return the check they sent you, and they’ll return your diamond. It’s an attractive service in case you have seller’s remorse or happen to find somewhere else that will pay you more money for it. 

If you really want some quick cash, check out wpdiamonds.com, which has a simple five-step process that takes as little as 24 hours to complete.

Worthy.com is an online auction site like eBay—and has no physical auction place. Simply put a photo of your diamond ring on the site and see who bids the highest. Multiple bidders can drive the price up so you have the potential of getting a higher price for your ring. We explain auctions in the next section.

Quick tip: Have a nice photo of your ring; it can be from your cell phone, but make sure that it’s as crisp and clear as possible. Submit the ring and its paperwork to a couple of sites to see which one gives you the best deal.

Diamonds at Auction Houses

Best for: Those in no rush, who can wait for an actual auction to take place
Sales prices: High — most of these companies won’t work with inexpensive items and the sum rises if more than one client is bidding on the ring.

If you have a diamond ring that belonged to your granny, it may warrant going another route. If the stone looks different than what you are used to seeing, you may have a ring with an old cut diamond such as a cushion cut, rose cut, old mine, or old European cut. An older cut diamond set in a period mounting will have its own special set of circumstances when it comes time to sell. It’s a good idea to know what you are selling — an Art Deco diamond ring with an old mine cut for example — so you can get the best price. The good news is sometimes these older pieces can sell for slightly more, especially if they are signed by an important jewelry maker.

Major auction houses like Christie’s, Sotheby’s, Bonhams, Skinner, Fortuna, and Heritage may all be a place to sell your granny’s ring. Don’t be intimidated by the thought of an auction house. Yes, they sell very rare diamonds and jewelry, some with zillion-dollar price tags, but they also have an array of surprisingly affordable jewelry and auction houses look for basic diamond rings to put in their sales. All auction houses have several sales a year both live and online. They are also very strong on personal service and will hold your hand through the entire process, which includes letting you know if they think they cannot sell your diamond ring.

The initial screen for selling at Sotheby’s.

If you choose this option, be prepared to spend some time waiting for your money. Most auction houses will want your diamond ring about eight to ten weeks before the sale to give them time to catalog, photograph, and market the diamond ring to their clients. Once the diamond sells, there are commission fees that will vary at each auction house. There’s also about a 30-day waiting period after the sale until you get your money. A big advantage of the auction houses is their ability to market to a huge client base through in-person viewings in various cities globally, print catalogs sent to their clients, and an online catalog.

“Auction houses are great venues for the sale of diamond rings as they have the ability to give the ring great visibility through their network of collectors and you may have more than one collector bid on the ring,” explains Rahul Kadakia, international head of jewelry at Christie’s. “This would eventually drive the price higher and get you the best possible value on the sale of the ring.”

All of the auction houses have websites with explanations about how to sell your jewelry through their services. Check around; you may have a local auction house in your area as well.

Quick tip: This is a good option if you have time to wait for your money and you want a venue that will actively market your ring. It is also a good venue if your ring is a period piece. For more on that, check out our guide to Antique and Vintage rings.

Where NOT to Sell Your Diamond

If you feel comfortable on your own, you could try putting your ring on Ebay or Etsy but in doing this, you’ll lose the assistance of the online gemologists and will have to vet whoever is paying you so you don’t get ripped off — if someone has your ring and their payment doesn’t work out, for example. You’ll also have to be patient while you wait for someone to buy your ring. 

You may also want to avoid selling to a pawn shop as they will low-ball the price. People usually go to a pawn shop when they are desperate for cash, which gives the store an advantage. Unless you are really in a hurry to sell your ring and need the cash badly, just avoid them entirely. 

When it comes to local jewelers, the only concerns are that it may be time consuming to go from store to store and brick-and-mortar retailers may not be able to buy your diamond for as much as online diamond stores. 

Quick tip: Unless you desperately need money right this minute, avoid pawn shops as you will get the least amount of money for your ring. You may also want to skip going to your local retailer if you are comfortable selling it online. Brick-and-mortar retailers will not be able to give you as much money as an online entity. 

Resources for Selling a Diamond

To find an appraiser: National Association of Jewelry Appraisers.

To find a jewelry retailer in your area: American Gem Society and Jewelers of America.

Websites to sell your diamond: 

  • IDoNowIDont.com — auction your diamond, or let them buy it upfront.
  • Cash4gold.com — gives you 10 days to change your mind and take your diamond back.
  • wpdiamonds.com — five simple steps and you may be able to get your money in 24 hours.
  • Worthy.com — an online auction site.
  • CircaJewels.com — a buying service with in-person and mail-in options. Also available via phone at 877-876-5495.

Auction houses for selling diamonds:

Bottom Line

Remember that a major part of selling your ring is about collecting information, so make sure you get a diamond grading report and an appraisal. If you do your homework and comparison shop, you’ll be able to maximize the amount of money you can get for your diamond ring. And if all this started with the disintegration of a relationship, well, better you took care of it now and not in 10 years.

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