Do you have an engagement ring or diamond ring lying around that is no longer meaningful to you. Maybe you’ve moved on from a past serious relationship or simply have a hand me down that you’ve inherited from a family member. Whatever the reason, you may be wondering exactly what your ring is worth. As the premier diamond buyers in Denver, we know a little something about this issue and are happy to help answer this question. 

Is My Engagement Ring Worth What I Paid for It?

You may think the answer to how much an engagement or diamond ring is worth is quite simple. After all, isn’t the ring simply worth the amount that you paid for it? It is understandable to think this as it would seem to make sense; however, this is not the case. 

The reason why selling an engagement ring in Denver will not net you as much as you paid for it is that diamond retailers markup their products. This is done in order to cover their operating costs, overhead, and to yield a profit. The markup for diamond rings is typically between 100% and 200%. 

Because of this, selling your diamond ring in Denver will typically yield a price ranging from 25% to 50% of its original retail price. Much like cars, diamond rings depreciate in value the moment you leave the store. However, estimating how much you will receive when selling your engagement ring in Denver can depend on a number of factors. 

What Affects the Price of My Engagement Ring or Diamond Ring?

There are many different factors that can affect how much you will get when you sell a diamond ring in Denver. In fact, there are many things that you may even have trouble assessing unless you are trained in how to assess jewelry. However, there are a few major factors that you will be able to assess yourself. Let’s take a look at these. 

Gold or Platinum

One factor that will determine how much you receive when selling diamond rings in Denver is whether your ring is made out of gold or platinum. These precious metals tend to have different prices with platinum being more valuable than gold. There are a few reasons for this. 

First, platinum is simply a rarer metal. This means it is typically more valuable by nature. However, there are other things at play too. Second, a platinum ring typically requires more platinum than a gold ring requires gold. This also serves to increase the value of platinum rings compared to gold ones. 

Purity of Metal

Another important consideration is the purity of metal. This specifically can have a big difference in terms of the value you get when selling a gold diamond ring in Denver. The proportion of gold in a ring is measured in something called carats. 24 carat gold is essentially pure gold while 18 carat gold has 75 percent gold and 25 percent other metals. 14 carat gold would have about 58% gold while 10 carat gold would have around 42%. Obviously, rings with higher amounts of gold would have more value. 

The amount of platinum in rings is much more consistent than the amount of gold. Platinum rings are typically between 85 percent and 95 percent platinum. Thus, the variation is much less than that of gold rings. However, the purity of platinum can still make a difference in the price with more platinum leading to higher prices when selling your engagement ring in Denver. 

Size of Center Diamond

Another major component in determining how much you will earn when selling a ring to jewelry buyers in Denver is the size of the center diamond. You can obviously expect that a larger diamond would result in more value, and you would be correct. Specifically, a center diamond greater than half of a carat will typically yield a lot more than one less than that. 

Of course, there are also a number of other factors that affect the value you will get for your diamond engagement ring. This includes the other three C’s – cut, clarity, and color. Clarity and color are difficult to assess without proper training. However, cut refers to the shape, and some aspects of this can be assessed at home. Specifically, a round diamond typically holds the most value when comparing it to other types of shapes with similar clarity, color, and carat. This is due to round stones being high in demand, reflecting light better, and typically having more precise cuts. 

Certification Status

Another major thing that will affect the price you get when selling your diamond ring in Denver is the certification status of the diamond. Diamonds that have been certified have undergone a thorough quality analysis at a gemological laboratory. Laboratories like these are typically either the American Gem Society Laboratories or Gemological Institute of America. These diamonds will have a formal lab report by an objective assessor not involved in the transaction. 

Diamonds that have a certificate typically will yield a higher value than those that are not certified. It is important to not the this certification must be specifically from an independent grading lab and this is not very common. A “certificate” issued by the seller or an appraisal by an insurance company or other entity is not the same as a diamond being considered certified. 

Looking for a Diamond Jewelry Buyer in Denver? 

If you are looking to sell an engagement ring, diamond ring, or other jewelry in the Denver area, we are more than happy to work with you. Just stop by our shop at your convenience. Our professional staff will take a look at your jewelry and provide you with a no risk offer at no cost to you. Of course, we are always happy to answer any questions you have as well. We hope to see you soon!