If you are thinking about selling diamond jewelry, you will likely need to consider where you can sell it, and more importantly, how much you can realistically resell it for. Unfortunately, jewelry doesn’t usually accrue value over time. Whatever you bought the ring for, it is going to be a higher price than what you can sell it for. In terms of options, you can always sell directly to a buyer, or work through either a jewelry reseller or a pawn shop. There are, of course, pros and cons to each of these options.
Where Can You Sell Used Diamond Jewelry
There are three main places you can go to sell used jewelry. You can sell directly to a buyer either in-person or via online marketplaces, you can sell to a jeweler that provides reselling services, or you can sell to a pawn shop. Regardless of your method, there are a few things you should do to make sure you are getting a fair price for your used jewelry. First and foremost, you need to get the jewelry appraised. Diamond jewelry especially requires appraisal. Secondly, you should consider the market. When you sell to a pawn shop or a reseller, they are likely going to base their price on a combination of the appraisal value and the current market. If there isn’t a great market for used jewelry, you might get lower quotes.
What Impacts The Resale Value of Diamond Jewelry
First and foremost, the four Cs are the most important factors when determining the value of a diamond. The four Cs are carat, cut, clarity, and color. These are four metrics used to measure the value of a diamond by considering its weight, how light refracts through the diamond, if there are any scuffs/exclusions in the diamond, and if the diamond is tinted. After that, a jeweler will assess the metal type and condition of the jewelry, the brand/designer (if applicable), and the age of the piece.
Where Can You Sell Broken Jewelry
You will probably have a hard time selling a broken piece of jewelry online to a buyer or to a jeweler. However, many pawn shops buy broken jewelry if the metal or stones are valuable. This is because pawn shops can choose between repairing and reselling the jewelry, or selling the stones, and then selling the metal separately. Pawn shops often buy precious metals like gold and silver outright. If you have broken pieces, you should consider local pawn shops.
Sell Jewelry in NYC
If you are looking to sell jewelry in the NYC area, we would be happy to discuss your pieces with you. Our team buys and sells used jewelry and can also help with appraisals, repairs, and more.