How Do I Sell My Engagement Ring? 7 Ways To Do It

Tell anyone, “I would like to sell my engagement ring,” and also you’ll almost definitely receive some gasps. Engagement rings are at all times loaded with memories, whether the connection has worked out or not.

In some unspecified time in the future, you said the large, fat “Yes” when your other half popped the query. So, why would you sell your engagement ring?

Reasons to sell my engagement ring

Perhaps you’re getting divorced or have called time in your engagement before the large day? And for many who are happily married, possibly you’ve financed a hoop upgrade to a glitzier model?

Or, if times are bad, you may just wish to money in your prized possession to maintain a roof over your head. And there’s no shame in that, regardless that it’s a clanger of a call.

Whatever the explanation, when you’re sure you are able to part ways, you will need to get a wonderful price in your gem. This guide will be certain that you do!

If I sell my engagement ring, what can I do with the cash?

Should you’d wish to sell your engagement ring, listed below are some ways to make use of the proceeds of the sale.

Create an emergency savings pot

An emergency savings account is crucial. Everyone should try to maintain not less than three months’ salary squirreled away to cover unexpected costs. For instance, if the water heater breaks down or your automobile needs recent tires.

Should you’re the type of one who blows their spare money on nights out or weekends away, then selling your engagement ring might be a approach to finally get that pot of money together.

Pay an unexpected bill

In keeping with Bankrate, roughly only 4 in 10 Americans have enough savings to pay for an unexpected expense of $1,000.

So, what do you have to do in case you get a surprise bill for $2,000 to repair your roof? If you could have an engagement ring knocking around, selling it might be a approach to pay that bill without entering into debt.

Save for a downpayment

The common downpayment for a house within the US is 6% of a borrower’s loan value – not a small amount by any means!

Should you’re combating your financial goal of getting a downpayment together, or in case you’re nearly there and want just a little more, an engagement ring sale could swing the difference.

Invest the money

Consider investment opportunities in case you’re not in an enormous rush to spend the money. You possibly can use the cash to take a position in stocks and shares or buy a rental property. This might be a fantastic approach to atone for your retirement savings.

How can I get one of the best possible price once I sell my engagement ring?

There isn’t any single “value” in your engagement ring. You may receive as much as someone is willing to pay for it. But you may ensure the chances (and, more importantly, the worth) are in your favor by going through these steps.

Gather relevant ring documentation

Step one is gathering all of your engagement ring documentation. This might include a certificate of authenticity, an appraisal, and even the unique sales receipt.

If your ring is vintage or antique, you may not have any of these items, nevertheless it’s still vital to know what you could have. The more provenance you may offer a buyer, the more they’ll be willing to pay – it’s that easy.

Get a proper appraisal

A proper appraisal gives you an accurate value in your engagement ring, which you need to use as a baseline when selling. Just bear in mind an appraisal will cost money – expect to pay around $50 to $100.

But this is usually a sensible investment, as you will receive one other piece of documentation to present to potential buyers.

Receive a market valuation

The ballpark valuation of your ring will depend on the 4 Cs, which stand for clarity, cut, color and carat. It’s also price knowing that the brand name could make a difference.

For instance, a Tiffany & Co. ring will typically be price greater than an unknown brand.

Carat

Carat refers back to the diamond’s weight with a single carat equal to 200 milligrams. Measurements are accurate to the hundredth decimal place.

Color

The colour of a diamond is judged on a scale from D (no hue) to Z (a yellow-hued diamond). A high-quality white diamond will command a better price than a lower quality, more yellowy one.

Often it comes right down to a buyer’s preference, with some preferring a hotter jewel, especially if this implies they’ll afford a bigger one!

Clarity

Clarity is judged on some extent scale from FL (flawless) to I3 (included, meaning there are noticeable blemishes visible to the naked eye).

Cut

The cut of the diamond includes the peak, depth, angles, and other aspects. A well-cut diamond will probably be vivid and sparkly, while a poorly cut one might appear dull.

Metal and side stones

Looking beyond the Cs, the metal of your ring also influences price. Platinum is the most dear, followed by white gold, then yellow gold.

Side stones will even add to the worth of your ring. In case your diamond is accompanied by sapphires, for instance, it will bump up the worth.

Take high-quality photos to sell your engagement ring

Before taking any photos, get your ring professionally cleaned so as to add that sparkle and ensure it looks priceless and appealing. Once you’ve got done that, you are ready to start out taking photos.

A busy or patterned background will distract from the ring itself. So, select a straightforward background like a white sheet of paper or a plain wall.

And be certain that the ring is the one thing in focus. Should you’re using a phone camera, get near the ring and use the zoom feature.

Use natural light where possible, making the diamond appear brighter. But in case you cannot take photos outside, then use indoor lighting – just avoid direct sunlight or fluorescent light as this may make the diamond appear yellow.

Finally, take a wide range of photos from different angles. This can give potential buyers a fantastic idea of what the ring looks like and help them to understand its features.

Where can I sell my engagement ring?

So, you’ve got done all of the prep work, understand how much your ring is price, and also you’re in one of the best position to get one of the best price. You may ask yourself questions like “where can I sell my diamond ring” and “how can I be certain that I do not get scammed?”

Let’s break down your options for selling your engagement ring to a good buyer.

1. Online marketplaces

Should you sell other second-hand goods online, then marketplaces like eBay could appear the plain place to sell your jewels. An alternative choice is to try a platform like, I Do Now I Don’t, which is devoted to selling engagement rings.

In each cases, you will have the opportunity to set your asking price and reach a broad audience of potential buyers.

The downside of using a web based marketplace is that you’re going to must handle shipping the ring to the client, which might be tricky (and expensive) in the event that they live distant.

One other potential issue is that you could not get as much money in your ring as you’d by selling to knowledgeable buyer or jeweler. That is because buyers on these platforms will probably be searching for a bargain, so that they might lowball you on price.

2. Local jewelers

Attempting to answer, “where can I sell my engagement ring in a rush?” One option is to take your ring to a neighborhood jeweler and ask for his or her opinion on its value. Should you’re blissful with their offer, you may sell it to them on the spot.

That is up there with the quickest and easiest ways to eliminate your ring, nevertheless it probably won’t net you one of the best deal either.

The most important advantage of selling to a jeweler is that it’s convenient – you may walk in, get a valuation, and walk out with fast money (or a check) in hand. But because they’re businesses, jewelers will intend to make a profit in your ring, so they are not likely to provide you top dollar.

3. Pawnbrokers

Pawnbrokers are one other poor alternative in case you’re searching for an honest price in your engagement ring. But they might be price considering in case you need access to fast money.

If you take your ring to a pawnbroker, they’ll assess it and offer you a loan based on a percentage of its value. You possibly can repay the loan (plus interest) later to get your ring back or hand it over to the pawnbroker as payment and walk away.

4. Consignment shops

Consignment shops might be a fantastic option in case you’re not in a rush to sell your ring and need to get as much money as possible.

With this feature, you will take your ring to a consignment shop, they usually’ll put it on display, typically for around 30 to 60 days. In the event that they manage to sell it, you will get a cut of the profits (often 20-30% or more).

The most important advantage of using a consignment shop is that knowledgeable will handle the sale for you. But it surely could take some time to sell, and you may not get the entire value of your ring if it goes off the market.

5. Auctions

One other approach to sell your engagement ring is to auction it off online or through a standard auction house. This selection could work well if you could have a rare or priceless ring, as you may have the opportunity to get extra money by selling it to collectors.

The downside of auctions is that they could be dangerous. There isn’t any guarantee that your ring will sell, and you may not get the worth you are hoping for. Nonetheless, you may put a reserve price on how low the bidding can go.

6. Diamond exchanges

Should you’ve been wondering, “where can I sell my diamond ring?” for some time, then a diamond exchange might be an option.

Diamond exchanges are businesses that buy diamonds from people after which resell them to jewelers and other buyers. They typically have a network of diamond buyers they work with, so that they can get you an affordable price in your ring.

The most important advantage of using a diamond exchange is that you’re going to have the opportunity to sell your ring quickly and simply without worrying about shipping it or haggling over price. However the exchange will take a cut of the sale as they’ve overheads to pay.

7. Where can I sell my engagement ring privately?

Locating a personal buyer in your ring requires lots of legwork in your part, but there isn’t any one to take a cut out of the sale fee – it’s all yours. Research fastidiously to search out a buyer willing to pay a good price in your ring, which could take a while.

For instance, you may advertise your jewelry on the market in wedding forums or on social media. Concentrate on scammers who might capitalize in your desperation to sell.

How can I avoid scammers once I sell my engagement ring online?

Unfortunately, getting ripped off is common in the web jewelry industry. But do not be deterred in case you’re determined to sell your engagement ring. Avoid scammers in these ways:

Depend on that independent valuation

When you could have a superb idea of what your ring is price, you are unlikely to simply accept wildly lower than it’s price. All the time ensure your valuation is conducted by a real skilled, so you do not get conned out of your money.

Insure your ring

Should you plan to send your ring within the post, ensure it’s adequately insured. That way, you will be covered if it goes missing or is broken in transit.

Your own home contents insurance may cover your ring, but at all times check the terms and conditions before sending it out into the world.

Don’t part together with your ring without payment

This one must be obvious, but don’t give your ring to anyone without receiving payment first. Should you’re going to satisfy someone in person to sell your ring, be certain that you meet in a secure, public place.

And in case you’re selling online, only use a good platform that provides escrow services. This implies the client will only get the ring once they’ve paid you, and you will not need to worry about scams.

Sell your engagement ring with confidence

Hopefully, you will not be asking yourself, “where can I sell my diamond ring?” after reading this text. All the time be 100% sure that selling your engagement ring is the proper step for you –  once you’ve got parted ways, there isn’t any going back.

But when that is the proper move, do your research, and you may be well positioned to get an enviable price in your ring. Good luck!