You’ve already said farewell to your spouse and now it’s time to sell that engagement ring. Don’t worry – there are a variety of people who would like to buy your ring from you.
However, before you sell your ring for less than it’s worth, you should do some research and make sure you get the best price for your unwanted engagement ring.
If you are looking to sell your engagement ring, or your wedding band, then there a few things to keep in mind before selling it.
Consult a Jeweler
At the beginning of the process consult a reputable jeweler who can appraise the ring accurately. Keep in mind that the appraisal value will be 20% to 50% higher than what it is actually worth brand new. You will be selling a pre-owned ring which is obviously a little different from purchasing brand new. An engagement ring is no different than a car, once it has been driven off the lot, it loses a significant amount of its value.
Ensure that the appraisal includes the carat weight, color and clarity of the center diamond as well as the total carat weight of the setting. Ask the jeweler to clean the ring for you, it may need to be rhodium plated or polished, but it will be worth it. When you leave, you will have a ring that looks shiny and almost new. Remember though, before you leave ask the jeweler what they would offer you.
Visit Other Jeweler Stores
Thanks to the appraisal you have in your hand, you now understand exactly what you are selling. Don’t be shy, visit other jewelry stores and ask them to make you an offer as well. The reason why we suggest doing this is that you will get an accurate picture of what the ring is worth in the (almost) worst case scenario.
You should take into account the quality of the jewelry shop to which you take your engagement ring. Chain stores (mentioning no names) are often not a good place to sell your ring or even have it valued. They are typically staffed with sales staff with no experience in jewelry, this is not their forte.
Local Options
If you live in a small or medium size town your options are probably limited. We advise steering clear of Craigslist, it is best left to selling unwanted furniture and gym equipment.
The larger the city, the more options you have. Take a look at your local Facebook marketplace, it is an option that although not widely used is becoming more popular
You may have a local auction house whose specialty is selling estate jewelry and used engagement rings. The challenge with auction houses is that they can take 25% or more of the sale price and realistically your buyer will be in the jewelry industry. You are probably not going to get top dollar when you sell through an auction house.
Online Options
Selling jewelry online is becoming increasingly more popular. Established sites such as “eBay” and “Have You Seen the Ring” have been around for a number of years now.
The key to getting the best value for your used engagement ring is to find the end buyer. You will find pretty quickly that most diamond buyers on “eBay” are actually jewelers and if you end up selling to someone in the diamond industry, then you are leaving money on the table.
Sites like “Have You Seen the Ring” connect independent sellers with independent buyers, allowing sellers to recoup maximum value from the sale of their jewelry.
There are also other online auction type sites who are fairly new to the game. Just like local auction houses, the end buyer is ultimately in the diamond industry and the seller will be undervaluing their asset.
You’ve already said farewell to your spouse and now it’s time to sell that engagement ring. Don’t worry – there are a variety of people who would like to buy your ring from you.
However, before you sell your ring for less than it’s worth, you should do some research and make sure you get the best price for your unwanted engagement ring.
If you are looking to sell your engagement ring, or your wedding band, then there a few things to keep in mind before selling it.
