So, for some reason or another, you have been left with a ring to sell. You will soon realise that it is not so easy to sell your ring as it was to buy one. There are a few options open to you but this process is not simple. This is the reason for us devising this blog to offer advice on the best approach on how to sell your engagement ring at the best possible price.
There are a few options open to you regarding where to sell your ring. The first option is to sell it to a jewellers.
If your diamond matches the below criteria, you should get a nicer price:
– If your diamond has been certified by one of the 3 reputable bodies – GIA, HRD or IGI.
– The colour of the diamond ideally should be F or better.
– In terms of clarity, it is best if it is at least eye-clean (Si clarity).
– For a round cut diamond, best if the cut grade was excellent or very good
– If fluorescence grade to be nil or slight.
– If centre diamond of 0.50ct or lager.
– In order to get a quote, the best option is to send spec of the ring to a jeweller.
Obviously diamonds not matching the above still have a value but may be trickier to sell.
We would also recommend shopping around. Auctions are also an option but due to their unpredictability you may not get nearly as good of a price as you had hoped for. The reality of the market is that many high street jewellers add a high margin to their rings so investigating all possible options is key. You also would have paid VAT at 23% on top of the price – this would not be reclaimable if selling.
Roughly, the cost you could expect to receive would be:
Price you paid (i) less vat (ii) less jewellers margin (iii) less cost of setting (iv)plus scrap value of the metal.
This is usually close to the wholesale price of the diamond.
Selling your second-hand pieces in Ireland can be difficult and frustrating. We advise you to shop around and not to accept the first offer.
There are a few pawn shops in Dublin too – these may be a useful option if you need to sell quickly for various reasons.
I hope the above assists anyone out there thinking of selling a pre-owned piece of jewellery.
Due to the increase in man made diamonds and lab created diamonds, we here at Bespoke Diamonds would be unable to make offers on pre-owned diamond rings.
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