Different Options for Selling Diamond Rings and Other Jewelries
Without a doubt, selling jewelries, especially diamonds can be very daunting for someone who hasn't even tried selling one to a pawnshop. There's a lot at stake, and it's really unnerving to keep thinking whether a certain store or broker's appraisal is fair or not. Without experience or understanding of the value of jewelries, it's hard to sell off items on a one-off basis and be over with it. Selling a wedding ring, for example, is just a single transaction. Yet going through the trouble of knowing what it's worth as well as finding the right people to sell it to takes a lot of time. And time itself is more valuable than any jewelry. Here are some of the most common places to turn to when planning on selling valuable trinkets.
- Auction house
Selling rings, valuables or practically any item worth buying is usually something that auction houses can rack up for high prices. Auctioneers know what they're doing and the very objective in their perspective is to get a high bidding on items. Higher than its normal price. Although this is usually the case, sometimes auctioneers fail to convince a crowd of the value of certain jewelries. And then there are bidders who know different types of engagement ring settings and precious stones, so they aren't that easy to convince to keep bidding high. A notable downside to auctioning off a ring is that auctioneers take their commission from the total cost, sometimes even charging a service fee.
- Pawnshop
Let's face it, even without this article pointing out that jewelries can be sold to pawnshops, it's the first thing that comes to a regular person's mind when they're faced with having to sell off valuables. There's nothing wrong with this option, unless, of course, if the seller doesn't understand the dire trade-off of pawning's convenience. And that glaring disadvantage is the fact that items, jewelries or otherwise, sell for cheap. Arguably, time is valuable. Sometimes pawnshops provide a fast solution that lets people go back to doing what they do best to earn money.
- Acquaintances
Generally, it's not that good of an idea to sell jewelries with sentimental value to friends and relatives. Although it isn't illegal, it's pretty awkward to sell off a wedding ring or engagement ring from a failed marriage to one's best friend. Yeah, sure, it's a legitimate option buy nonetheless quite unusual and, for some, unethical.
- Brokers
Selling diamonds and other precious stones to brokers is relatively risk-free. Compared to the cheap valuation of pawnshops and the erratic prices of the auction house, brokers pretty much stay close to the actual value of the item in question. Anyone who finds themselves mulling over questions like "Where am I supposed to sell my James Allen ring if not to a pawnshop?" should definitely consider checking out a reputable broker online. Before pushing through with a sale, however, it's highly recommended to check any reviews from previous sellers that are likely to exist.
