If you’re looking to sell your engagement ring, there are many options available to you. Up until recently, your options were you can sell it yourself to a jeweler, sell it to a pawn shop, try to sell it online at eBay, Craigslist, or the like. However, with Trade In My Diamond, you now have a much better option. Let’s take a look at the pro’s and con’s of each scenario:
Selling to a Jeweler
Jewelry store prices reflect a great deal of costs that are not readily known to you. Diamonds are first mined and then cut by professional diamond cutters. They are then sold to a diamond broker who then sells that diamond stone to a jewelry store who in turn sets it in a piece of jewelry which eventually makes its way to the showroom floor. Along the way, there are additional costs that are incurred. Jewelry stores have to pay rent, advertising fees, salaries for their employees, insurance, etc. They must also stock large amounts of inventory in order to provide large selections to their customers. It is not uncommon for a diamond ring to sit in inventory for six months or more before being purchased.
Diamond rings and other diamond jewelry certainly retain their value better than most jewels. However, it is just not realistic to expect you will be able to sell your diamond for the amount you paid for it. Remember – a jewelry store doesn’t have to pay you what you paid for your diamond. They can merely buy diamonds wholesale for much cheaper. Therefore, you need to be willing to sell your diamond for less than a jeweler can purchase the same diamond from a wholesaler.
Jewelry stores also already have an inventory. When you bring in your diamond for sale, they may not be looking for additional inventory to put on the showroom floor. Thus, they have even less of a need to purchase your diamond and will offer far below wholesale prices.
We at Trade In My Diamond are fourth-generation jewelers with direct channels into the wholesale diamond business along with a network of other jewelers across the country. We give you more for your diamond than anyone else because we have cut out any middle men. And there’s also nobody else on the web that will let you trade in your diamond for an indistinguishable moissanite stone, thereby not only getting the most cash for your diamond, but allowing you to keep your jewelry – and your dignity too!
Selling to a jeweler is sometimes the most desirable option for some people because they believe that it is the quickest and easiest way to get cash for their diamond. However, most states require a 30-day waiting period before a jeweler will purchase your stone. At Trade In My Diamond, you get cash for your stone IMMEDIATELY. In fact, we can transfer your cash via PayPal if you so desire. Additionally YOU are given the 30-day wait period. If you change your mind for any reason and want your diamond back, we will return you diamond and restore it in its original setting. What jewelry store offers you that?
Another point to consider is the embarrassment of selling to a local jeweler. What if your neighbor sees you there? Or a family member? Trade In My Diamond provides that anonymity.
Selling to a Pawn Shop
The business of a pawn shops is first and foremost to loan money. Its primary goal is to take collateral from customers (in this case, a piece of diamond jewelry) and loan money to their customer. When the customer pays the loan back, they get their collateral back (in this case, the diamond jewelry). When a customer does not pay the loan back, the pawn shop then keeps the collateral. The pawn shop must then go through the same process as you would – sell that jewelry to its customers, or a jeweler or wholesaler.
Pawn shops are not diamond experts. They are loan experts! A pawn shop will merely test your diamond to ensure it is real and then make an offer on a quick visual inspection. The price you get from a pawn shop is going to be what the pawn shop thinks you will accept. Nothing more.
And as mentioned above, there is still the problem with the wait period. And what if you change your mind? At Trade In My Diamond, that option is still available to you. And you can be anonymous and not risk the embarrassment of selling your diamond.
Many people opt to sell their jewelry online. In this manner, you cut out the “middle man” and could theoretically get the most cash for your diamond. However, online transactions can be risky. Your potential buyers are far fewer due to the risk. Most buyers will be reluctant to purchase a diamond sight unseen. And many more will not want to send payment until the diamond is received. There is then the risk of you sending a diamond without payment. What if your buyer never receives the diamond? Or if they claim they never received the jewelry?
With Trade In My Diamond, you can rest assured that we are an incorporated business in the state of Massachusetts. We pay for the postage and even insure your diamond during the shipping process in the event it gets lost. (We have yet to have had a single package gone missing!) We provide tracking numbers so you know where your jewelry is during shipping. We have also never had a single complaint with the Better Business Bureau. And there is still our 30-day, no questions asked, guarantee.