“Sell diamonds near me”: Why this simple search could cost you thousands of dollars
Written by: Alastair Smith
Last updated on: June 28th, 2022
If you’re looking to sell your diamond ring, it’s understandable that you might begin the process by Googling ‘Sell diamond ring near me‘.
After all, it’s probably how you ended up on this page.
However, if you go with any of the diamond ring buyers that appear in these local searches, you are likely costing yourself hundreds, if not thousands of dollars.
Don’t believe me?
Let me show you.
The best place to sell a diamond ring probably isn’t a place near you
In 2022, you don’t need only shop in the stores in your neighbourhood, you shop globally using the web, right?
We don’t settle just for the goods or the prices that are available locally, we search online, we cross-compare and we end up buying from the retailer that offers the best price.
That’s why you buy your electronics from Amazon, rather than your local radio Shack.
The same should be true for selling a diamond ring too.
The best place in the world to sell a diamond ring probably isn’t in your local neighbourhood.
It’s a diamond buyer that is available to be contacted through the web and which has built a business solely around buying diamonds.
Of course, if you need money that day, then you may need to settle for selling locally. But if your timescale allows for a week to complete the transaction, you can source the best place to sell your diamond ring, rather than just the closest.
Speed of transaction vs. Money Earned
The first thing you need to understand is the direct relationship between the speed at which you want to sell your diamond ring and the amount of money you will receive for it.
If you want to walk into a diamond buyer and walk out the same day with some money, the amount of money you are offered will be drastically lower than if you take a little more time to source some quotes to compare, or use an online diamond buyer where you will need to send the ring to them.
You essentially are paying a significant premium to close out the deal as quickly as possible.
Pawn shops exploit your need for money fast
Many of the search results for ‘best place to sell diamond ring near me‘ are pawn shops or ‘cash for gold’ stores.
To show you just how much settling for one of these stores could cost you, I conduced a quick test, comparing the results of a ‘diamond buyer near me’ search to an actual diamond specialist.
The diamond I offered had the following specs:
- 1.21 carats
- Emerald shape
- G color
This ring would originally have had a retail price of around $5,000 with a solitaire setting.
Results from a ‘diamond buyer near me’
We contacted two NY-based ‘We buy gold’ organisations and the offers that we received back were: $1,300 and $1,500.
$1,300 is a huge drop from the original price.
Alternative to a diamond buyer near you: a dedicated diamond specialist
For an alternative, we enquired with our preferred diamond buyer – Alon at the Diamond Oak.
Alon is a third generation dealer based in New York (so if you are in NY too, then he really is a ‘diamond buyer near me!).
Alon quoted $2300 – $2500 for the stone on its own – significantly higher than the other options:
The reason he is able to offer more is because he knows the true value of the stone and what it will be worth in its next life when it is used in another piece of jewelry.
This is a significant difference compared to the pawn store for the exact same diamond ring:
It should be noted too, that using a specialist like Alon that you contact over the web isn’t a slow process – you can have the money for your ring within 1 week. The process is:
- Complete an enquiry form online
- Receive a quote within 2. days
- If the quote sounds good, ship your diamond ring using a fully-insured, overnight shipping label they provide
- If the diamond was as advertised, receive a cheque or wire payment
A better alternative to ‘sell diamonds near me’
The best option to sell your diamond ring will depend on what you have.
Factors that affect how much you will receive for your diamond ring include
- Its carat weight
- Its quality
- Its brand
- Its condition
- The documentation you have for it
We have detailed guides on how to sell a diamond ring and the best place to sell your diamond ring to get the most money, and we’d recommend that you read both of those. As a high level recommendation though, your best alternative to get the most for your diamond ring is:
- Brand name e.g. Tiffany, Bvlgari: The Diamond Oak
- Over 1.2 carats: The Diamond Oak
- 0.5 – 1.2 carats (and likely to be worth more than $1,000): Worthy
- Under 0.5 carats: Express Gold Cash
|Best for designer jewelry|
The Diamond Oak
|Consistently offers the highest prices for designer brands like Tiffany & Co, Bvlgari, Cartier, etc||Visit now|
|Best for below 0.5 carats|
Express Gold Cash
|Pays the highest percentage of the daily raw material spot price||Visit now|
|Best for 0.5 - 1.2 carats|
|Offers access to the highest number of buyers which can result in higher price achieved||Visit now|
|Best for 1.2 carats and above|
The Diamond Oak
|Consistently offers the highest prices for larger carat weight diamonds||Visit now|