You recently purchased a diamond ring and the relationship just went south. You bought the ring online and you have heard that the store will take it back, but you wonder if there is a way you can get more money for the ring if you sell it locally.
If you are in a hurry, you should probably get your money back from the vendor while the opportunity is available to you. This is because jewellery takes time to sell and you may just want to be able to collect something immediately. Of course, you will need to arrange with the vendor before you ship the ring back.
If the shipping risk is too high, and you want to see what you can get locally, be patient while selling your ring. Do some research to see what the ring sells for and then judge your prospects.
Sell to the end user.
You should decide if you are going to sell to the end user or let someone else do that for you. Be aware that the Gold Buyers are paying little for diamond rings. Some jewellery stores that pay cash for jewellery are also paying very little. They all have daily spend limits and rarely pay more than $500 for a diamond ring.
Your target should be the end user. Someone that will love and cherish the diamond and appreciate a resonable deal. This is a much better strategy but it takes more time and patience.
A ring is personal.
People are careful about what ring they buy and wear. Style is important to the buyer. So is quality. It’s hard to know what someone else is looking for, so sharing your ring offer with a larger audience, preferably to allow prospective buyers to see and try on the ring, is the best thing. The more exposure your ring gets, the better your chance of selling it.
Everything is saleable, if it has the right price.
The higher your price, the less saleable your ring will be, but that doesn’t mean panic and give it up to the lowballers. Let’s think about this. Suppose you purchased your ring on Ebay because the ring was once owned by Elvis Presley (and you have the papers to prove it), you can almost name your price and I am sure it will sell quickly to the right audience. Assuming your ring is like hundreds of other rings sold online, I predict it will take time to sell. Not that your ring is bad or anything. Prospective buyers will always consider your price along with the perks of buying one new. Therefore, try to be realistic. You will be smart to do some research and price it a bit lower than they do online for a comparable new ring.
Have You Thought About Consignment?
If the online jeweller will not take the ring back, perhaps you should have it appraised and sell it on consignment in a reputable jewellery store. Think about it…jewellers have an established audience for your ring. People come to jewellers because we are experts and know all about what we are selling. Trust is established and questions are easily answered in a professional way. At least you won’t have to meet strangers in restaurant parking lots or answer dumb questions from lowballers on Kijiji who are trying to resell your ring after they buy it. Remember, the right audience is important when trying to sell jewellery. And, partience is a virtue.
If you would like to consign a ring for sale at our store, please contact us and we will be happy to discuss the process.