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How to Sell My Diamond Ring

How to Sell My Diamond Ring

In this economic climate, almost everyone has to make sacrifices. Especially if you’ve found yourself out of work, you might have to get a little creative when cash flow is low. If this sounds familiar, and you’re looking for a way to make the mortgage payment until you land back on your feet, there is one option than many people forget to consider.

Before you sell your house (in a poor market), don’t forget about other valuable assets you could sell first. If you’re married, for example, it’s more than likely your wife is carrying around the equivalent of several mortgage payments on her ring finger. Yes, her diamond ring is an asset you can consider liquidating.

It’s very likely your wife’s first thought at this suggestion will be, “I don’t want to sell my diamond ring!” But it’s important for both of you to consider why that reaction happens. The ring obviously has sentimental value, but if it’s the difference between keeping and losing your house, it’s worth a serious discussion.

If, after this discussion, you decide to sell the ring, make sure you follow the next few steps in order to ensure the sale is worthwhile.

Once you’ve both said, okay, I want to sell my diamond ring, the first step is to get the ring appraised. This step might cost you a little bit upfront, but it will be nothing compared to the thousands you could save in the long run. Knowing the proper value of your ring is going to help tremendously when you sell it, because you’ll know exactly how much you should be looking to make.

After the appraisal, you’ll have to decide where to sell the ring. There are a number of venues where this is possible. You can take out an ad in your local paper. You can post the ring on Craigslist. You could even open an online auction for the diamond ring on eBay.

If none of those options sound appealing, there are also numerous jewelers and online services that pay cash upfront for diamonds.

No matter where you decide to sell the ring, however, always keep in mind that appraisal value. This will serve as the benchmark for how much you should be getting out of the sale. Especially with online services promising to buy diamonds off individual sellers, the seller does not usually end up obtaining the best deal.

Once you’ve lined up a buyer, make sure you don’t fall victim to a scam of any kind. When you decide, I want to sell my diamond ring, that is the cue for some scam artists to pull out fraudulent checks or money orders. Always make sure you have the money and you know it’s a legitimate source before handing over the ring.

Saying, “I want to sell my diamond ring,” is understandably difficult, but if the decision must be made, make sure to get the appraisal and be wary of scams. This will ensure you get the proper value out of the ring.

Photo courtesy of /charlene.

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