Jewelry stores currently have a $34 billion value in the United States. Diamonds are a big reason for this since they’re an attractive option for men and women alike.
If you’re going to drop some serious money on a diamond, you need to keep up with this investment by knowing its value. Maybe you want to know the value of a wedding ring or family heirloom.
So, how do you value a diamond ring? We’re happy to explain.
Here’s what you should know about how a diamond ring value is determined and what steps you can take.
Get Your Diamond Ring Appraised
A professional appraisal is the most reliable way to assess the diamond ring worth. Appraisers use magnifying tools to carefully inspect the ring and find out its value.
An appraisal lets you know how much your asset is worth for insurance and personal reasons. You’ll get a copy of the appraisal certificate that you can keep for your records.
Professional appraisals will cost you about $50 per hour and up.
Understand How Value Is Determined
Now that you know how to get a diamond ring valued, it’s important to learn how that value is determined. Appraisers are trained to look at several factors and have to get a certification.
Here are some of the key characteristics that they look for:
The Cut of the Diamond Ring
This refers to the dimensions and shape of the diamond ring. Diamonds are valued by their cut, color, carat, and clarity. You can buy diamonds according to your preferences. Jewelry manufacturers cut the diamond for size and aesthetic purposes.
When a diamond is well-cut, its dimensions will be evenly proportioned and it’ll create a sparkle effect when the light hits it. There are also several cut styles that ring buyers can choose from, including emerald, princess, oval, Marquise, and pear.
The Color of the Diamond Ring
Diamonds are graded on a color scale. The clearer the diamond, the purer it is. Appraisers rank diamond color from D to Z, with D being the purest and Z the cloudiest.
There are also several base colors that people buy diamonds in. Some examples of diamond color variations include violet, brown, purple, and pink.
Color is also assessed in terms of intensity and shade.
Jewelry stores today sell black diamonds for men, and they are particularly popular items.
The Clarity of the Diamond Ring
Diamonds are worth more when they have fewer imperfections. Clarity refers to the absence of these imperfections.
Examples of some common diamond imperfections include blemishes, inclusions, carbon spots, fractures, and chips.
The Carats of the Diamond Ring
This characteristic assesses the weight of the diamond. It lets you know the size of your diamond, which directly affects its value.
Carats are broken down from a quarter-carat to 3 carats.
Consider the Setting and Uniqueness
Style points mean a lot in the world of jewelry value. Diamond rings that are stylish and unique can immediately hold a lot of value, particularly if this style is rare or from a different era.
The more unique your diamond, the more value you can expect it to hold over the years.
Know the Origins of the Ring
It’s also important to know where your ring came from. Rings can hold more value when they’re made by a renowned jeweler or from a particular area of the world.
Countries like Botswana, Russia, the Democratic Republic of Congo, Canada, and Australia are all known for their diamond mining industries. Owning diamonds from places that are rich with these resources could increase the value thanks to the quality.
Study the Resale Market
You have to always understand the business of diamonds when considering their value. Study the current state of precious metals to get a feel for the market value of diamonds.
Changes in the economy can also affect the resale market of a diamond. No matter how much intrinsic value your diamond has, it’s only as valuable as someone is willing to pay for it.
Look into the most credible resale markets available and browse some listings to see how much comparable jewelry pieces are selling for.
Get an Insurance Plan
Once you know the value of your ring, it’s time to purchase an insurance plan. You can protect wedding ring value with a solid insurance plan and will need to insure any jewelry that is passed down as part of an estate.
Bring your appraisal certificate and purchase a policy that covers the ring in full. You can also add your diamond ring to existing policies, such as a renter’s or homeowner’s insurance plan.
Clean and Care for the Ring
Make sure to also take care of the ring so that it upholds its value. A bit of cleaning goes a long way. Any jewelry store will offer professional ring cleaning – sometimes free of charge.
It’ll shock you to see just how much luster you can get back from an old ring by getting it cleaned. Invest in a good jewelry box and case, and consider purchasing a safe for a particularly valuable diamond ring.
Learn Your Diamond Ring Value
Knowing your diamond ring value makes you a more informed jewelry owner. When you study the value of your ring, it’ll help you make the best decisions and provide the best care.
The business of jewelry can be intimidating if you haven’t studied it extensively. We’re happy to keep you up to date with the information that you need to know.
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