When looking to sell your second-hand engagement ring there are a few aspects to understand about the value of your ring.  An engagement ring is made up of two components the metal (gold or platinum) and the crystal (diamond or gemstone) of which both will hold value on resale. Once second-hand, a ring is only worth what someone is willing to pay for each of these components and the better the quality, condition and attractiveness of the design the better chance that it will sell for close to new replacement price.

Gold and platinum are precious metals that will always have a market value if sold for scrap.  However, as new, a ring mount is worth the cost of the metal as well as the cost of manufacturing.   The scrap value of a ring is minimal but depending on the condition, complexity, type of manufacture and the attractiveness of the design a ring can achieve anywhere up to the value of new replacement.

The gems within a ring will also hold a set market value based off the wholesale replacement as long as there is no damage in any way. Diamonds are the easiest gem to resell as they rarely damage and are the most popular gem used in engagement rings whereas coloured gemstones are much softer and unless relatively new can sustain chips and scratches.

Once a diamond or gem has sustained damage then the value rapidly diminishes with the condition and is usually considered worthless for resale unless the gem is large enough to be re-cut.

The majority of the gem value will always be held is the main stone with most smaller diamond and gems having only minor resale interest.  Diamonds above 0.50ct no matter the quality will retain high market value and is what any buyer is looking at when determining the value of a ring. 

To sell a second hand engagement ring requires finding a buyer who requires a ring with the right size and quality diamond and within their budget and a design that is similar to their taste and expectations.  Not an easy task and this is the same even for jewellery stores, which is why we suggest even for the most popular selling rings it will take an average of 6 months to sell. 

When the value of the main diamond makes up the majority of the ring value then achieving a return is much easier and relies less on the need to sell the whole ring.   When the ring value is split amongst the various components then the ring has to be sold on the merits of the whole design to achieve a reasonable return, which can be a much slower process. Diamond Brokers Queensland have the experience and understanding of the second hand diamond ring market to get your ring sold in the most efficient manner at the best possible price.

Why is my engagement ring not worth what I paid?

Unfortunately selling a diamond engagement ring in the pre-owned market is not worth the same as selling it in a retail store.  Retail stores are a business, they have a customer base and a reputation for a particular range or quality of jewellery, that people hold with an awareness and element of trust.  Retail stores also have very large advertising and operational overheads, and are selling a new product of which they can ask up to the full recommended retail price.  

The RRP is the price that a jewellery retailer is allowed to mark up a diamond engagement ring from the wholesale price. This helps regulate the industry and protects customers from being over charged.  However, this is the maximum amount that they can sell the item for and in a lot of circumstance these stores will have sales of up to 50% off their marked price.

Regardless of how much you may have paid for your ring the real value of the ring is what it has cost the jewellery manufacturer to produce and sell to the jewellery store.  At best a second hand ring can be sold at the lowest price that it could be purchased new directly from a retail store but as condition, quality and style decrease so will the price.  

As a diamond merchant business we have the ability and reputation to be able to ask and receive a better price for your diamond than what you would get trying to sell it privately.  How much we can ask is dependant on the demand for the type of ring that you own and how much it is worth to the person wanting to purchase the item.  As experienced second hand dealers we can quite easily work out with you what we believe your ring is worth and set a highest and lowest price for the sale of your ring before you have to bring or send your ring to our store. If our offer is acceptable then we will list the jewellery at the highest starting price, which will also include our commission and the GST components.