Hey there, it’s Ira and Mike, the Diamond
Pros.
Normally at The Diamond Pro, we’re all moonbeams
and unicorns.
I mean, what’s not awesome about helping
people in love get more diamond for their
money and avoid getting screwed?
But sometimes it’s unavoidable to discuss
an uncomfortable topic and today’s one of those days.
Today we’re going to discuss what to do
when you need to sell your diamond ring.
That’s right, Ira.
This topic is such a bummer, we weren’t
even sure we wanted to make this video in
the first place because of the vibe.
But we’re doing it because we’re here
to help you guys with your diamond issues,
whether good or bad.
So let's get the first rule out of the way.
Rule #1: Unless you’ve had your ring for
a very long time, you are going to lose money.
Let's take the best case scenario.
That means you bought a GIA certified excellent
cut diamond according to our specs from one
of our recommended retailers that work on
razor thin margins.
Anyone buying your diamond is doing so in
order to make money, which means you are going
to lose money.
And unfortunately, that’s the best case
scenario.
If you’ve been on our site and read our
reviews, you’ll know that all brick & mortar
jewelry stores make much higher profit margins
than online retailers like Blue Nile & James Allen.
That means that the true cost of the diamond
is a lot lower in relation to the price you
paid, which of course means even bigger losses
when you need to sell.
Another important thing to remember is that
you get a better return on investment for
the diamond than you do for the jewelry piece
it was in.
The more intricate a piece of jewelry is,
the more the total price is made up of unrecoverable costs.
If, for example, a ring setting has a hundred
pave stones, the setter charges a few dollars
per stone.
If someone is buying your ring for the cost
of the materials, then that is just money
out the window.
Also, profit margins are anyway typically
much higher for jewelry as opposed to loose diamonds.
While we like to pride ourselves on helping
thousands of people a month with their diamond
purchases, the sad fact is that most people
don’t learn from the Diamond Pros before buying.
That means that most of you watching this
video may have gotten screwed in one way or
another when you bought your ring.
Guess what?
If your diamond is certified by EGL or any
one of the other unreliable labs, you’ll
be losing much more when you sell your diamond.
OK, so now that we’ve prepared you psychologically
for the losses ahead, let's discuss how to
minimize those losses.
You have a few options of where to try to
sell your diamond.
The first place people think of is usually
the worst - and that’s pawn shops.
Do not go there.
Pawn shops are set up to take advantage of
people at their weakest.
They prey on diamond sellers, taking advantage
of their ignorance of true diamond prices,
and they feast on their desperation for quick
cash.
As with pawn shops, jewelry stores are a terrible
place to sell your diamond ring as well.
Jewelry stores are under tremendous financial
pressure.
In order to cover the brick and mortar retailer’s
enormous overhead, they must make a very large
profit margin just to stay afloat.
Also, they usually owe diamond wholesalers
tons of money for their current inventory,
so they are more tempted to sell something
they already owe money on.
So when a jewelry store makes you an offer,
he’s thinking he has to pay you as little
as possible in order to make enough money
to justify investing in your diamond.
This means less value for you.
You could always try to sell your diamond
yourself on eBay or Craigslist or whatever.
You can try to get whatever price you want,
but unless the price is sufficiently low to
convince someone to buy from you as opposed
to buying cheaply from a quality online vendor,
you’re going to be waiting around for a
long time.
This leaves us with the last option - selling
to an online diamond buyer.
We tested 3 such companies, getting offers
from each for the same ring.
We bought a half carat Tiffany solitaire that
we used for a few different articles.
The ring cost us about $4,500 direct from
Tiffany & Co.
We got offers for this ring from White Pine,
Worthy, and Abe Mor.
Abe Mor gave the best offer BY FAR.
White Pine only offered us $1,000.
Worthy, after a long back and forth process,
only offered us $1,200.
Abe Mor, on the other hand, offered us $1,800.
Even this sounds like a huge loss, but keep
in mind that this ring was purchased directly
from Tiffany, which we would never recommend
precisely because their prices are so high.
Since we wrote this article on our site (link
below in the description), we have sent thousands
of people to Abe Mor.
We receive thank-you emails from our readers
time and again who have sold their diamonds to them.
These are readers who have shopped their diamonds
around and have not only been thrilled with
Abe Mor’s best offer but have also raved
about their personal and patient service.
This has been Ira & Mike, the Diamond Pros.
Thanks for watching.
