Jewelry Selling 101: How to Sell an Engagement Ring
Written By: Vahid Moradi
Selling an engagement ring can carry a lot of weight. While we don't know exactly why you're selling your old wedding ring, we do know that coming to this conclusion was a hard choice for you.
The professionals at CJ Charles know the sentimental value wedding ring holds, and we want to help you turn that perceived retail value into a real value that you can use moving forward.
Let's take a look at how CJ Charles is here to help simplify the process of selling your old engagement ring and why selling your ring to CJ Charles over other buyers is your best bet for top dollar on your diamond jewelry ring.
BEFORE SELLING YOUR ENGAGEMENT RING
Before you sell your engagement ring, there are some steps you should take to get your ducks in a row. We will do a deeper dive on these topics further along in this article, but for those who are looking for the reader's digest version, here is a quick checklist of things you will need on how to sell a luxury diamond ring:
1) An Appraisal Of The Ring
2) A separate GIA diamond grading report for the center stone or main stone in the ring
3) An appointment with a licensed jeweler like CJ Charles
4) An emotional detachment to the ring (this may be the hardest requirement of the bunch)
DO I NEED TO GET MY ENGAGEMENT RING APPRAISED?
An appraisal is not necessarily mandatory for reselling your diamond engagement ring, but it is a good idea to get one. Use a third-party appraisal service as the local jeweler or jewelry store you are selling the ring to will also have the ring appraised. Having two separate appraisals to compare and contrast is a good idea as it will reveal a middle ground for where the ring should likely be sold.
When having your wedding jewelry appraised, you should note to the appraiser that the ring is being appraised with the intent of reselling it. Since most engagement rings in San Diego and elsewhere are appraised with the intent of having the ring insured, this information will help the appraiser keep inflation down as much as possible.
Often, the jeweler you are selling your old ring to will have their in-house appraiser take a look at the ring and come up with their own appraised diamond value. Don't be surprised if the appraised value of the jewelry piece is much lower than the retail appraisal you got from your third-party appraiser. A fine jewelry appraisal is not an exact science, and these numbers are just starting points for negotiation.
It should be noted that an appraisal is not the real value of the ring but rather the maximum possible value of the ring on the date of the retail appraisal.
This doesn't mean that you can turn around and sell the ring you just bought for double the price but what it does mean is that you can ensure the ring for up to $8,000 to protect your purchase. Appraisals can get a little confusing, so to learn more about jewelry appraisals and how they work, check out our article on the difference between jewelry appraisal vs selling price for more information on information about appraisals.
DO I NEED AN OFFICIAL GRADING REPORT?
The answer to this question is a resounding yes. While licensed professional jewelry appraisers can certainly take their best guess at what a grade a diamond is, there is no substitute for a certificate of authenticity from one of the world's highest grading sources (GIA).
When you first bought your diamond engagement ring, it should have come with a diamond grading report. If you lost the original grading report, it's not to worry! Every diamond has a very unique fingerprint, and no two diamonds are the same. If you have a GIA grading report but simply can't find it, the GIA can find the report for you just by inspecting the diamond.
You can procure a new grading report by sending your ring to the GIA, but you have to send in your diamond via a licensed local jeweler. For obvious reasons, gemological institutions like GIA don't just accept packages with loose diamonds in them. For information on how to get a new GIA diamond report, contact CJ Charles, and we would be happy to assist you in your efforts.
WHAT IS A DIAMOND GRADING REPORT, AND WHAT DOES IT ENTAIL?
A diamond grading report features the specific nuances regarding the four C's and then gives the diamond an overall score after considering the grades in each individual category. This type of report is great for garnering an appraisal, and whenever you are thinking of selling designer jewelry, you should have an appraisal and a grading report on hand. Remember, the more data you have to back up the retail value of your ring, the more you will inevitably get for it.
Let's quickly go over the 4 C's of diamond grading just for some quick background:
It is the unit of measurement that determines a diamond's weight. The more the diamond weighs, i.e., the more carat weight, the more expensive the diamond.
This refers to how colorless a diamond is. The less natural color a diamond has, the more light it lets through, which means more sparkle and brighter shine. So while it may seem a bit backward, the less color the diamond has, the better. Color is judged on a descending alphabetical scale, with D being the absolute best (most colorless diamond) all the way down to K color diamonds which are not worth very much.
It refers to the number of flaws a diamond has. All diamonds have flaws, but the fewer flaws a diamond has, the better it is considered to be. Most flaws cannot be seen with the naked eye, but flaws can influence the sparkle. Clarity is graded on a scale from variations of Included to Flawless with ascending categories of desirability that go Slightly Included, Very Slightly Included, Very Very Slightly Included, and Internally Flawless.
This refers not to the shape of the diamond but to the way the diamond will sit in a setting. Cut can be too deep, too shallow, or ideal. Most diamonds that end up in dainty engagement rings tend to be ideal cut diamonds, but you have to check to make sure.
A diamond report comes from one of two grading sources, either the GIA or the AGA, and speaks to the four C's of an individual diamond. This report does not constitute an appraisal, and only rarely does it play a factor in an appraiser's assessment.
The only time an appraiser might use a diamond report would be to verify the authenticity of a stone that was deemed "flawless." Otherwise, an appraiser would more than likely just look at the stone themselves and verify some kind of proof of purchase. and comes from one of two grading sources
DOES THE GRADING REPORT AFFECT THE APPRAISAL?
As we know, a diamond report comes from one of two grading sources, the GIA, and speaks to the four C's of an individual diamond. While this report is invaluable regarding the authenticity of the stone, it does not constitute an appraisal. Additionally, it only rarely plays a factor in an appraiser's assessment.
The only time an appraiser or jewelry store might use a diamond report would be to verify the authenticity of a stone that was deemed "flawless." Otherwise, an appraiser would more than likely just look at the stone themselves and make their conclusions.
Due to their controlled availability, the diamond value is one of the few jewelry items that really should never depreciate as it is a rare commodity. While the appraisal of the ring or bridal jewelry piece as a whole may fluctuate, the price of the diamond should be relatively agreed upon by any appraiser you speak to.
For example, the appraisal value of a 1-carat VVSI E color diamond will be relatively rigid because that 1-carat VVSI E color diamond will be viewed through the lens of how that specific certified diamond compares to other diamonds in its class.
On the other hand, that same diamond exists on a sliding scale regarding independent resale price due to the market you are in and the personal circumstances you potentially find yourself in. In a resale market, that 1-carat VVSI E color diamond is being compared to other diamonds that vary in shape, size, color, and clarity, which could inflate or deflate the true value.
MAKING A SALE: WHAT YOU NEED VS. WHAT YOU'LL GET
To recap, here are the things you need when you are getting ready to sell your engagement ring.
1) Get your paperwork in order (GIA report, appraisal, any other pertinent paperwork)
2) Get the ring professionally cleaned & assess the overall condition (Excellent, Good, Fair, etc.)
3) Make an appointment with a licensed jeweler or private engagement ring buyer
4) A bottom line of what price you are willing to accept.
It is important to remain calm and stay flexible so that you can negotiate with poise and manners. Remember that you are not a fine jewelry or diamond expert but also remember that you have done your research, and you're no pushover either.
It's going to be much harder to sell your ring and get a good cash offer if you are still emotionally attached to it. Only sell your diamond engagement ring if you are truly ready to let go!
Often, an emotional attachment will skew your belief of what the ring is worth. This is a business decision, and emotion needs to be left out of it as best as you possibly can. Remember that this is a process dealing with commodities like diamond and gold, not a process that deals in memories, whether good or bad.
GET THE HIGHEST POSSIBLE RETURN ON YOUR PURCHASE
What is the best way to sell a diamond ring? While we can't give you an exact quote for what you'll receive as compensation for your ring, we can tell you that selling your ring to CJ Charles will likely yield the highest possible return on your purchase. We pride ourselves on providing our customers with a buying and selling experience that meets their financial needs and satisfies their desire to be treated with honesty and respect.
For those who are ready to sell their ring, and even for those who might still be on the fence, CJ Charles is here to make the process of selling your old engagement ring easy and hassle-free. We know that there is a lot that goes into reselling your engagement ring, and we assure you that our kind, attentive jewelers will make this process as lucrative and easy as possible for you.
When you're ready to sell your diamond engagement ring, CJ Charles is here to help you through the process.
Written By: Vahid Morai
Vahid Moradi’s lifelong passion, dedication, and commitment for the jewelry industry led him to become the respected owner of CJ Charles Jewelers in 1988. From that moment, Moradi’s single focus in business was to become recognized as the pinnacle of value and world-class quality in the his Community. Over 34 years later, CJ Charles continues to grow and thrive as a successful, family-owned business that consistently provides exceptional service to all their clientele.