People have varying reasons for selling their engagement rings. For some, it could be to help move on from past relationships while others need to upgrade their jewelry collection. You might have spent a lot of money, but there is no need to retain the ring when the intended bride can no longer wear it, while you can still sell it to make a substantial amount of cash.
If there ever comes a time that you feel you need to sell your diamond ring, the first thing to go for is an appraisal to help you understand your ring’s value. Here is everything you may need to know about diamond rings appraisal before the sale.
What is a Diamond ring Appraisal?
It’s a process in which your ring gets tested to distinguish it from other base metals and provide a value assessment. You can use the value to determine the approximate price to expect from your ring sale. It will provide you with the essential characteristics of your diamond that eliminates the ambiguity of the stone to give you a competitive edge while pricing.
Appraising your ring creates some peace of mind knowing that your ring’s value matches the buying price and also gives you a quote of the replacement value. However, the diamond appraisal doesn’t guarantee higher rates since it doesn’t reflect the actual cost of your ring. Therefore, you need to be realistic in terms of what to expect, since you can even sell it significantly lower than the appraisal value.
Factors that Affect the Valuation of a ring
The appraiser will calculate your engagement ring’s value based on the diamond’s quality and the four Cs which are;
- Cut quality
He will also look at the quality of the ring to determine if it contains any inclusions, damage, and abrasion. Note that a higher quality of stone will lead to a higher variation. You can find out more here on Pricescope, an independent diamond and jewelry forum. He may also look at your ring’s brand name to see if it may contain some sophisticated or ornate design that may contribute to a higher appraisal.
Where to Get Appraised
There are various places to have your engagement ring appraised. Most jewelry shops offer an appraiser, or you can opt for an independent one from a diamond company. When choosing an appraiser, pick one that charges a flat price or based on the piece.
Keep in mind that although a significantly lower offer may seem like a good deal, it might also mean that you are dealing with an inexperienced individual, which may increase your chances of getting scammed. On the other hand, it would be best to pick an appraiser who charges a rate based on the percentage of your ring’s value. It will ensure that they provide a fair estimation.
Parting with an engagement ring can be emotional, but in case of a change in life circumstances, you don’t necessarily have to keep it. The above guide aims at helping you get the best and the most realistic price possible for your ring without disappointments.