I want to sell my old diamond engagement ring. How do I sell it without getting ripped off?

I would advise you to have the engagement ring appraised by a third party, before you attempt to sell it, so you would have a rather objective view of its value.

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You could always try going to a pawn shop. Pawn shops are the best way to get rid of old jewelry, such as old diamond engagement rings, which  you don't want anymore. However, there is no assurance that you won't get ripped off at a pawn shop. You could try visiting a few and seeing what kind of price offers you get. Mom & pop pawn shops are often less seedy than your usual run of the mill pawn shops so you may try pawning your engagement ring there, you might get a better price for it. Your best chance of getting a decent amount for your old diamond engagement ring is selling it to jewelry stores. Big chain stores won't buy old pieces of jewelry but smaller, local jewelry shops might.

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Here's a little tip: when selling diamond jewelry, be wary of jewelry stores that offer "free appraisals". The jeweler can't be unbiased because he's the one that benefits from appraising your jewelry at a lower value than it's worth. Always get your jewelry appraised by a third party!

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You MUST be careful when trying to sell a diamond. Do your research! There are a few steps that I highly recommend you go through before attempting to sell your diamond engagement ring. First and foremost, go to a qualified diamond appraiser. If you want to make sure your appraiser is qualified, check with "The International Society of Appraisers", "The Appraisers Association of America", or"The American Society of Appraisers". Then make sure that the diamond appraiser tells you the wholesale price- the most you can get for your diamond if it's not being sold in a jewelry store by a retailer. Then find a buyer. It's recommended that you sell to friends or family or jewelers. Because gems, especially diamonds, can be sentimental, friends and family usually appreciate the "used" stone far more than any one else. They are the least likely to rip you off and the most rewarding customer for you to sell to.

If you have no friends or family interested in buying the diamond engagement ring, then the next best bet is to go to a jewelry store. But be careful- don't ever let anyone take the diamond from you, even if they want to check it "in the back" or keep it overnight to inspect its purity. You could be scammed! Remember, you have the diamond appraisal. They shouldn't have to do any crazy inspecting. Also, be ready to bargain. Of course any smart business man will try to save himself as much money as possible in a sale, so never take the first offer he gives. Make sure that the offer is reasonable- meaning no less than 60% of the wholesale price.

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