If you are considering selling your diamond ring after going through a divorce, you are not alone. Many women treat their diamond as they would any other asset and use the proceeds from its sale in various ways to enhance their lives such as by paying off debt, investing for their future, starting a business, or taking a dream vacation. The possibilities are endless!
Regardless of how you plan to use the money from the sale of your ring, you might want to first ensure you understand the pricing journey of your ring and how you can get the best possible price by knowing the facts.
3 top tips to be smarter when getting ready to sell your ring after divorce:
1. When selling your ring after divorce what is the most important thing?
Do you know the size of the center stone in your ring? Have you always told everyone it is a 2.0 ct oval? Only to learn that it is a 1.5 ct oval with .25 side stones for a total carat weight of 2.0? OMG! Yes! So many retail jewelers sell rings as the total carat weight that it makes it hard to understand what you really have.
When it comes to reselling your ring, the size of largest stone, typically the center stone is the most important component. The other stones, known as melee, while enhancing the look and appeal of the ring, are valued for their individual carat weight. It is the large single center stone that establishes the pricing. Knowing it is a 1.5 ct is vastly different than a 2.O ct ring and impacts the pricing range dramatically.
2. Understand today’s fair market value of your wedding rings before selling them.
Your ring, like a piece of art, or a home you are putting up for sale, is evaluated based on similar items selling or sold in the current marketplace – this is the fair market value to resell your diamond. This is different than the retail price originally paid for at a store. Retail is the price a jewelry store sells to you. Many jewelry stores provide a grading report that has been conducted by the store gemologist or by GIA.
This initial report may contain valuable information regarding your stone including its cut, carat weight, color, and clarity. However, be aware that not all evaluations are created equal, and information can vary not only based on the credentials of the individual who originally graded the diamond, but also on the current condition of the stone.
It is smart to get a new grading report for your diamond and don’t be surprised if a new grading report shows chips, scratches, or even that your stone was internally enhanced. Having a current trusted grading report is paramount to know what you have today so you can price it accurately.
3. Pick a trustworthy seller when selling your diamond ring.
You have choices when it comes to selling your diamond, so making the best choice for you is important. There are many ways to sell today from online auctions, consignment, pawn shops options to e-Bay or Craigslist; as a seller, you need to feel comfortable and safe with the process you choose.
DivorcedMoms recognizes Worthy.com, an online auction marketplace as a convenient, secure and trusted service for selling your diamond ring. Considered the go-to destination for women selling their diamond rings online, Worthy provides the real facts enabling the best possible value. Working with GIA, the most respected industry grading lab, Worthy provides a comprehensive GIA grading report that protects you as the seller and gives you the confidence in knowing exactly what you are selling.