Second hand diamonds
Unlike gold and silver, diamonds are not indexed as a tradable commodity. Their value is therefore determined by market demand. Consequently, it can be difficult to sell a second hand diamond. Second hand diamond
Similar to cars, rare and unique diamonds can appreciate. However, most diamonds depreciate once they are bought. Fortunately, this is not ordinarily a concern when purchasing a diamond. For most people, diamonds hold some form of intrinsic value, they are purchased to symbolise enduring love and commitment. The intention is to be forever.
It is this “forever” sentiment that can cast a dark shadow on the second hand diamond engagement ring market. As previously mentioned, diamonds are not indexed commodities. Their value is not simply determined by economics. Oh no, there is a deeper, more foreboding influence that determines the value of a second hand diamond engagement ring. It’s their bad luck!
The gushing bride, preparing to marry her forever beau is in a bubble of love. Her and her beloved are to say their vowels, exchange their rings and ride off into the sunset to live happily ever after. There is nothing more unfathomable or incomprehensible to her than the thought that her and her man will not endure the pressures of the 21st century. A second hand diamond engagement ring is an all too unpleasant reminder of a marriage that did not survive. No bride in her blissful state of engagement will dare wear the tainted gem of a failed marriage.
So what are you to do? Your ring isn’t even the product of a failed marriage! Alas, that does not help. No bride is really happy to have her “something borrowed” be her ring!
Without beating around the bush, the second hand diamond market is a cruel place to find yourself in. You have your gorgeous, hand crafted, one of a kind engagement ring that cost thousands of dollars. It has hardly been worn and you looked after it really well, surely its worth close to retail value?
Sadly, it is not. If you have ever set foot in a pawn store to see what your precious ring is worth you are already familiar with the heartbreak. Pawn stores work on the premise that you would not be there unless you had to be. They have a large range of stock and rarely are they desperate for second hand jewellery to be put on the counter. The market is theirs to determine. A second hand diamond ring will rarely fetch any more than 10% of an original purchase price if offered to a pawn store.
A measly $2,000 or less for what was a $20,000 ring is unbearable for most. In attempt to improve their chances a lot of people attempt to sell their jewellery privately. Again, the number is a lot and a lot on the market minimises the very little demand there already is for second hand diamond engagement rings. You can of course attempt to sell it on gumtree for close to what you paid retail. We, however feel it is our duty to tell you to be prepared to have numerous emails concerning your post and they will be numerous. You will receive plenty from the site reminding you your post hasn’t ben looked at this week. It gets pretty bleak, pretty quickly.
Another option some people consider is to sell it back to the retailer from which you purchased. The only issue with this solution is that diamond engagement retailers are not in the business of buying second hand diamonds. You will not be given the time of day from the assistant looking to sell diamonds.
So how do you sell a second hand diamond engagement ring?
The only viable solution is to find a diamond wholesaler such as ADWB. Diamond wholesalers are distinct from retailers as they are not in the business of holding stock for display. Wholesalers are in the business of buying and selling diamonds. Their place in the industry means they deal directly with jewellers, diamond suppliers and general public. Their market mobility means they are more likely to have an interest in your second hand diamond engagement ring.
To ensure you get the best price possible for your diamond engagement ring make sure you have all relevant certificates for your diamond. Proof of purchase is also an advantage and don’t worry about the condition. Diamond wholesalers tend to be industry experts, you need not worry about paying for your jewellery to be cleaned or fixed they are happy to take it as is.
If you are interested in selling any of your pre-owned diamond jewellery, ADWB are now buying precious metals and diamonds, contact us today to organise a quote.