If you’ve never sold a diamond ring before — or you’ve never actually sold any of your jewelry before — you might be wondering why anyone would ever sell a diamond ring. After all, aren’t diamonds precious, brilliant stones that have a lot of worth and significance?
The truth is that a lot of people do make the decision to sell their diamond rings and other diamond jewelry. Which leads us to the question: why do people sell their diamonds?
You might think that the only possible motivation anyone would have to sell their diamonds is a sudden and urgent need for money. You would be wrong. While people in dire circumstances do resort to selling their diamonds, that’s not the only reason. In fact, diamonds are often sold for a multitude of reasons.
Here are the eight most common reasons people have to sell their diamond jewelry:
1) Fast Cash
If you are in immediate need of a large sum of cash, selling your diamonds is a good option (we didn’t say nobody sold their diamonds in an emergency, just that it was not the only reason).
Whatever reason you need the money for, selling your diamond ring or other diamond jewelry is a quick and easy solution to get money in your hands as soon as possible. While it might be a hard decision to make, what with diamond jewelry having sentimental meaning, it is an excellent option for anyone who wants to get some money quick without resorting to taking loans. In fact, selling an old diamond ring is almost definitely a better option for some quick cash than reaching out to a payday lender who take extremely high loan percentages.
2) Divorce
Not a happy reason, this one, but it is quite a common reason for the sale of diamond jewelry. In this case, diamond rings, specifically.
Whatever the reason for a divorce, getting over the fact is a hard process, especially if it’s a nasty one. Having to deal with the end of the marriage with a diamond ring in your hand reminding you of all the times gone can take its toll on a person. In such cases, there is no reason to hold on to such a miserable souvenir. By selling it, you can both get rid of the ring and make some money at the same time. Short as life can be, there is no point dwelling on misery. Sell your ring, make some money, use it to make better memories as you move forward in life.
Or even use the money for new jewelry to celebrate starting the next chapter in your life.
3) Avoiding Depreciation
While diamonds are no doubt very valuable, the actual value of diamonds is quite unstable in the long-term. This means that the diamonds you currently own may depreciate over time.
An excellent way to avoid this depreciation is to sell your diamonds when you have the chance. If you can find a good price for your diamond jewelry, sell them for the maximum value possible. This is an ideal decision to make yourself some money and at the same time, not have to worry about the diamonds depreciating. In today’s digital world, it’s not very hard to find ways to sell your diamonds online. So if you have diamonds that you would rather sell than see depreciated, you should check out our Selling Diamonds page now.
4) Cashing In An Investment
Okay, we know we said that the value of diamonds can be quite unstable over the long-term. While that is true, diamonds do have some attractive factors that make some of them a good investment choice. In fact, Wikipedia has a whole page dedicated to diamonds as an investment.
If you’re one of the people who have invested in diamonds, you might want to cash in that investment. That would obviously require the sale of your diamonds. Of course, diamonds as an investment don’t usually involve consumer-grade diamonds, but rather more high quality ones, so the market surrounding the sale is not really the same for both. Which means that the same tips shared above won’t apply, but suffice it to say, those who invest in diamonds probably know the best time and place to sell them.
5) Safety
Some people have diamonds and other precious jewelry, but don’t quite wear it. It’s just there, whether it’s for its monetary value or whatever other reason. In such cases, it might be better to sell the diamonds and store the money in the bank than hold on to the diamonds and do nothing with them.
Diamond jewelry is a prime target for those looking to steal valuables, and you might be worried about the safety of your valuabes. If that’s the case — and you aren’t really wearing it — sell it now. Why risk losing thousands of dollars worth of jewelry that is serving you no real purpose? Even if you are storing them in a secure storage, if the jewelry isn’t being put to use, you might want to think about converting it all into cash and keeping it in an insured account.
6) Turning Inheritance Into Cash
Inheritance is great. You get stuff! But sometimes, the stuff you get might not be quite what you want. While they will no doubt be very valuable and meaningful (to someone), jewelry that you inherit may not necessarily fit your needs, lifestyle, your personal preference, or it may just not hold any sentimental value for you.
Whether you’ve inherited a fine piece of jewelry, gold, or some loose diamonds, you might want to sell them rather than hold on to them. This is a very common reason for the sale of diamonds. A lot of individuals get diamonds as part of their inheritance, but don’t really have any use or sentimental attachment to them. By selling the diamonds instead, they have money that they can use towards other wants or needs, whether it’s paying for their education, down payment on a new house, or a once-in-a-lifetime trip.
7) New Seasons, New Fashions
Fashion is a fickle mistress. It often changes more than the seasons do. Trends come and go, and you never know what the next hot style or trend is going to be.
If you have diamond jewelry that you previously enjoyed but don’t really use now, why hold on to it? Sure, some pieces might turn around and come back in style some time in the future, but most won’t. So sell them instead and buy new ones. Keep up with the latest trends and set some trends yourself. One of the most common reasons why people sell their diamonds or other jewelry is to make way for new ones.
8) Smart Way To Upgrade
This is loosely related to the above reason, in that this is also an instance where you are selling your diamond jewelry so that you can buy new ones. But here, it’s not quite about the style.
When you were young and in love and broke, you might not have been able to afford the biggest or the best diamond engagement ring ever. It’s just a fact of life. But if you’ve been together for a while, and your finances are in a better place, you might want to buy a new ‘engagement’ ring that better reflects your current relationship and commitment to each other. In such a case, selling your first diamond ring might be a good way to make the new ring a little bit less expensive. Of course, this method isn’t restricted to diamond rings either. If you have other diamond jewelry that holds sentimental value, but you’d like to get a replacement that better reflects your current relationship, you can always sell the old one and use the money towards the new one.
As we mentioned earlier, there are a number of different reasons why someone might choose to sell their diamond rings or other diamond jewelry. Whether it’s loose diamonds, brand name diamond jewelry, or a custom-made diamond ring, if you make the decision to sell it, the a great way to do that would be selling to an online diamond buyer.
You can take a look at our approved list of online diamond buyers here. Not only do these buyers make it very simple to sell your diamonds, diamond jewelry and other loose gems, but their systems are often very transparent, carry A+ ratings from the Better Business Bureau, and are nationally accredited.
Not sure what your diamond is worth? Use our Diamond Value Calculator to estimate how much you’ll get for your diamond!
