Are you in the market to sell an engagement ring? If so, you may feel a little overwhelmed with your options. You might prefer the fastest and easiest route, but this often yields the lowest returns. Fortunately, there are several good alternatives to choose from. In this guide, we’ll go over some of the most common ways to sell engagement rings and help you find the best option for you!

Jewelry Stores

Jewelry stores are one of the most common places to buy and sell engagement rings, but that doesn’t mean you’ll get the best price or the best experience.

Pros

• In-Person Appraisal - When you sell at a jewelry store, you’ll often discuss the value of your ring with someone who has years of experience in the industry. If you’re lucky, the jeweler will also walk you through the appraisal process and explain how different elements of your ring, such as the diamond cut, carat, color, and clarity, affect its value.
• Immediate Payment - Once you agree to the jeweler’s offer, you can often get your payment immediately. In some cases, you might even walk out the door with cash!
• Possible Trade-In Options - Another benefit of going to a jeweler is that you can exchange your used engagement ring for its trade-in value. For example, if you know you want to buy a different ring, you can use your old ring to greatly reduce the purchase price of the new one.

Cons

• Reduced Price - Since a jeweler will only buy your ring so that they can resell it for a profit, you can expect to get far less than the market value of your ring in return.
• Limited Market - Most jewelers only sell to a relatively small regional market. Since a jeweler will evaluate your ring based on their ability to resell it, they may offer you even less to reduce risk for themselves.
• High-Pressure Negotiation - Not all jewelers will be friendly and accommodating when you want to sell your ring. In fact, you may feel pressured to accept low-ball offers, which can be very intimidating if you’re not comfortable negotiating over the price.

Pawn Shops

Pawn shops offer a quick and easy way to sell engagement rings or use engagement rings as collateral to get a loan. If you don’t pay back the loan (with interest) after a set period of time, the pawn shop reserves the right to sell your ring for far more than the original loan amount.

Pros

• Quick Sale - At a pawn shop, you can typically get in and get out in a matter of minutes. If you agree to the price they offer, you’ll walk out with cash in hand.
  Straightforward Process - Pawn shops don’t require you to fill out a lot of forms. You just have to sign on the dotted line and accept payment.
• Retain Ownership - When you sell to a pawn shop, you will typically retain ownership of your engagement ring. In essence, you’re just taking a loan from the shop and using the ring as collateral.

Cons

• Low Payouts - Pawn shops typically offer some of the lowest rates for jewelry.
• No Appraisal - Since there is no official appraisal process at a pawn shop, you have no way of knowing if you’re getting a price that comes anywhere close to the fair market value of your ring.
• May Lose Collateral - If you just need some quick cash and you use your engagement ring as collateral, you could end up losing your ring in the event that you can’t pay the loan back in time.

eBay

eBay is one of the largest and most popular online marketplaces for buying and selling used goods, including engagement rings.

Pros

• Huge Market - As one of the largest eCommerce stores in existence, eBay is a great place to get maximum exposure for your engagement ring.
• Greater Price Control - eBay gives you complete control over the selling price of your ring. Even if you decide to use eBay’s auction feature, you can still set a minimum bid.
• Higher Sales Price - Since you’re selling directly to others online, you can often get a much higher sales price than you could selling to a jeweler or pawn shop.

Cons

• Time-Consuming - While eBay does have a huge market of buyers, there’s no guarantee that your ring will sell quickly. In fact, it could take weeks, months, or even years to get a legitimate offer.
• Risk of Fraud - There are plenty of people looking to acquire high-value items through fraudulent means. While eBay has some rules in place to reduce scams, there’s always a chance that you could fall prey to a scammer.
• High Fees - Like a traditional auction house, eBay charges various fees to fund its operations. You may have to pay a standard fee to list your engagement ring, plus an additional fee if and when it sells.

Auction

An auction is a more formal, in-person way to put your engagement ring up for sale to a room of potential buyers. Ultimately, the ring will go to the highest bidder, or if it fails to attract any bids, it will be returned to you.

Pros

• Trustworthy Process - When you choose a reputable auction house, you can rest easy knowing that the in-house appraisal, auction, and payout will all be legitimate and above board.
• Interested Buyers - Some people attend an auction out of sheer curiosity, but most attendees will be there with the intention of buying something. If you can find an auction that specializes in jewelry, you can greatly increase the chances of having multiple interested bidders.
• Higher Sales Price - Since an auction sells your item to the highest bidder and you can generally set a minimum bid for your engagement ring, the process all but guarantees that you’ll get a higher sales price than you would by selling to a jeweler or a pawn shop.

Cons

• No Guarantee of Sale - Even if you have a beautiful ring, there’s no guarantee that people will bid on it, especially if you set a high minimum bid.
• Uncertain Sales Price - You might set a lower minimum bid to increase the chance of making a sale, but this also puts greater uncertainty on the final sales price. In the end, you might get far less than you expected.
• High Fees - Selling an engagement ring at an auction house is not free. You’ll typically have to pay a commission if your ring sells as well as a standard entry fee that can vary based on the size and prestige of the auction.

Have You Seen The Ring

Ultimately, there is only one trustworthy, dependable, and profitable way to sell a pre-owned engagement ring. When you sell your jewelry on Have You Seen The Ring, you just have to follow a simple process to protect yourself and the future buyer. First, you’ll need to upload photos of your ring, along with any important details regarding the brand, design, and gemstone quality. You can set the price however you see fit when you create the listing.

Then, you can field offers from interested buyers until you can reach an agreed price. At this point, the buyer will need to provide the funds, which will temporarily be held in escrow. Next, you’ll mail us the ring so that one of our certified gemologists can certify its authenticity. As soon as your ring has been authenticated, we will subtract a nominal fee for our services, and the rest of the funds will be released from escrow and sent directly to you!

We hope you enjoyed our guide on where to sell engagement rings! Are you currently trying to buy or sell a used engagement ring? If so, be sure to contact HYSTR today!