Karat Chat


Unloading your wedding ring

My divorce took place years ago. For a while I was wearing my wedding ring on my right hand but now I am downright sick of looking at it.  I tried to sell it in the local pawn shops and retail jewelry stores but because was not a traditional wedding ring with a solitaire, I was advised to sell it on my own. I can’t tell you how uncomfortable I felt meeting up with potential buyers carrying a diamond ring.

Then I researched the online auction houses.

They work like this:

The seller takes a picture of the piece they would like to sell. They are advised to take time writing the description, and describe it in detail. Most times it is that  picture and description that is the one used online.

A seller can work with the auction house to come up with a price. Some auction houses will provide GIA service for you but if not, you should get your diamond independently verified though a GIA certified jeweler/appraiser and send the certificates in with the piece. The seller then sends the piece in, insured, to the Auction house.  The insurance should cover the full amount of the piece.

On some sites you can actually watch the online auction and it is up to you if you would like to take the bid or not. If you don’t, a fee is usually involved.

Once the piece is bought, the buyer sends their money to the Auction house. The Auction house holds the money in escrow until a certified independent gemologist verifies the diamond (if you haven’t done this already).  Once verified, the Auction house takes a 15% commission (varies) on the sale and releases the balance of the funds to the seller and the piece to the buyer.  It doesn’t always work this way but this is typical.

If you are still uncomfortable with this, a gold & silver buyer may be the way to go. If you are selling gold jewelry, such as a chain or a bracelet, without stones, this is pretty straightforward.  The hallmark and authenticity are tested and there is a quantifiable melt value, so you are usually paid on weight. Diamonds are always a bit tougher. Larger diamonds seem to always be in demand. Smaller chips are tougher to sell as in my case.

As for me, I am still looking at this ring on my right hand.

If you are a business…refine with us! If not, sell to one of our customers- your local jeweler, pawnbroker or online auction house.