Engagement rings are sentimental pieces that often come with lots of emotions and memories attached. They can also be very valuable, and if you no longer have an attachment to the ring, one of the best options may be to sell it. Selling an engagement ring is a serious consideration – here’s what you need to know before you make the sale.
Should I sell my engagement ring? Things to Consider
There are a number of reasons why someone might consider selling their engagement ring. If you’ve recently been through a divorce or had an engagement called off, the ring may evoke sad or unpleasant memories. You also may consider selling an engagement ring if you’ve inherited it from a family member. Since selling an engagement ring is a big consideration, there are a few things to take into account before you make the decision.
Engagement rings come with a lot of sentimental value. If the ring is an heirloom or was passed down through your family, you might consider keeping it to give to your children. However, if the engagement ring comes with negative memories, selling it can be the best way to move on from the relationship while making some extra cash.
The financial value of your engagement ring is also a big consideration when deciding whether or not to sell. We’ll talk more later in the article about setting expectations for the value of your engagement ring. In many cases, selling your ring can generate hundreds or thousands of dollars. This extra money can be very helpful for paying down debt, bolstering your savings account, or making a long-awaited major purchase!
There’s no shame in selling your engagement ring, particularly if you’re not emotionally attached to it anymore. You’ll have many different options when it comes to selling your ring, so you’ll want to really compare your options and see which reseller can provide you with the best value.
Best Places To Sell your Engagement Ring Online
One of the easiest ways to sell your engagement ring is online. There are many reputable websites that are dedicated to the resale of fine jewelry pieces like engagement rings. The advantage of selling online is that it’s fast, easy, and efficient. Each site has their own pros and cons, and you may want to get an estimate from a few different sites ahead of time to see who can provide you with the best value.
Worthy.com is one of the top sites to resell your engagement ring. They are very secure and have a simple sales process that’s easy to understand. When you sell your ring on Worthy, they’ll send you a free, insured shipping label and you can schedule a pickup. The ring is then sent to GIA for an independent appraisal of its value. It’s important to note that all items sold on Worthy must be valued at $1,000 or more. Then, the ring goes to auction, and you can set a minimum price for the ring (based on its value) to reduce your financial risk. Since there will be multiple bidders for the ring, you might end up getting more than you initially expected.
The advantage of using Worthy is that you don’t have to pay anything up front to sell your ring, although they do take a commission off of the final sale price. They even pay for the independent appraisal of the ring, which typically costs a few hundred dollars. They also provide free cleaning and photography for the ring to help it sell faster. Once your ring has sold, you can receive the payment in as little as 24 hours. Worthy’s simple, secure process makes it a standout option for reselling high value pieces.
CashforGoldUSA and their affiliate, CashforDiamondsUSA, could be a good option for you if you’re looking to sell your ring quickly and without much effort. It can also be a good choice for you if your ring isn’t valued highly enough to sell on Worthy. The process is extremely quick – you’ll fill out an online form describing your ring, and then they will provide you with free insured shipping that you can track online.
Once the ring arrives, you’ll get a quick appraisal and receive payment via the method of your choice in 24 hours. If you send in your item within seven days, you’ll also receive a 10 percent bonus on your appraisal. If you aren’t happy with the appraisal price, you can also request that your item be sent back to you for free. While this may not be the best choice for higher value rings, it’s one of the easiest options if you need to make a sale quickly.
WP Diamonds is a global jewelry seller that could be a good option for your high-value diamond. Unlike Worthy, they do not have an auction platform, but instead will give you an offer based on an in-house appraisal. WP Diamonds has locations in New York, London, Hong Kong, and Tokyo where you can attend your appraisal in person, or you can send your item with free shipping and insurance from anywhere in the world. This makes WP Diamonds a great option for international sellers.
When you sell with WP Diamonds, you will complete a detailed valuation form online, and then you will receive an initial quote via phone or email. If you are happy with the quote, you can send your diamonds in for a final valuation. If you accept this final valuation, they will send you your money within 24 hours. If you’re interested in WP Diamonds, it’s best to get their initial valuation and compare it with other resale sites before making a final commitment.
Circa is a large diamond resale platform that recently merged with Mondiamo, which was another leader in the jewelry resale space. Circa deals in a wide range of fine jewelry and watches beyond engagement rings, but they’ve partnered with Blue Nile, a jeweler that specializes in diamonds. This enables them to provide relatively high resale prices for their diamond sellers.
Circa offers both in-person and mail-in appraisals. They have multiple locations in cities like New York, Chicago, Los Angeles, San Francisco, Washington, DC, and Palm Beach, as well as international locations in Madrid, Barcelona, and Hong Kong. They accept diamonds that are over .4 carats, and will be able to guarantee an offer if you can provide a professional appraisal. Either way, you won’t receive a final offer until the diamond has been evaluated by one of their team members. If you choose to mail in your jewelry, they will provide free insured shipping. Once you accept their final offer, they will make a payment immediately. Keep in mind that their offer is only valid for seven days, so you’ll need to make a decision quickly.
Have You Seen The Ring
Have You Seen The Ring is a relatively new platform that focuses mostly on engagement rings, although they do support resale for other jewelry pieces as well. They have a very simple, user-friendly platform that makes it easy to sell your engagement ring. You’ll start by creating your own listing, using HYSTR’s simple online questionnaire about your jewelry piece. If your ring has already been appraised by GIA or another similar organization, you’ll be able to get more for your money.
Once you place your listing online, interested buyers can bid on your ring. The bidding process means that you might get more for your ring than you would by selling it directly to a professional reseller. Once you and the buyer have negotiated a price, you will send your ring directly to HYSTR, who will have an in-house gem expert appraise it. You’ll get paid once they have approved your ring. HYSTR does take a commission on sales, with a sliding commission scale depending on the purchase price.
I Do Now I Don’t
I Do Now I Don’t is another online platform that facilitates engagement ring resales. They connect buyers with sellers to facilitate quick and easy sales at fair prices. You can also choose to receive a direct offer from IDNID. When you create your listing, you’ll send photos and a description of your item directly to their team, who will give you a direct offer estimate as well as a recommended value if you’d prefer to put it on the market.
If you put up a market listing, you’ll receive offers from buyers via email. By putting your ring on the market, you’ll be able to choose between offers and find the buyer who can give you the best deal. For both market listings and direct offers, IDNID includes a third party appraisal as part of their service to verify the quality of the ring. They do charge a commission fee ranging between 10 and 20 percent. One downside of this platform when compared to other online platforms is that they only make payments on the 15th of every month for sales from the month before. Because of this, it could take anywhere from two to six weeks to receive your payment.
Craigslist and eBay are both popular platforms for many different kinds of online sales. However, they typically aren’t the best option for selling your engagement ring. This is because neither site can provide the financial security you need to make such a big sale. On both sites, you may be subject to scammers, and you won’t get the insurance and appraisal that you would get with sites that are designed specifically for jewelry sales. The other disadvantage is that the average buyer on these sites does not know much about the value of diamond rings, so you likely wouldn’t get the price you are looking for.
The only instance where you might consider selling an engagement ring on eBay or Craigslist is if your ring has sentimental value, but is only valued at a few hundred dollars or less. Since there’s less financial risk, you may be able to find a good buyer on these sites without having to go through the process of listing your ring with a jewelry specialist.
Best Places To Sell Your Engagement Ring In Person
If you don’t want to sell your engagement ring online, don’t worry – there are plenty of other ways to sell your engagement ring locally or in person. Selling your engagement ring offline can be more time-consuming, but in some cases, you may be able to get a better price. Some people prefer to sell their rings in person for security reasons as well, so that they do not have to send the ring in the mail.
Independent Local Jewelers
Instead of selling your ring online, you may feel better about selling your ring through a trusted local jeweler. If you live in a large city, chances are there are reputable local jewelers that you can visit. For example, there are jewelry districts in New York, Los Angeles, Chicago, and Philadelphia. If you live in a smaller city, keep in mind that you might have to travel to visit a reputable jeweler.
Look for a trained jeweler that can give you an in-house appraisal to set a value for the diamond. They may still require you to get your diamond independently appraised by an organization such as GIA, which can cost extra money up front. However, this can result in a higher sale price for you eventually. Many jewelers also charge money for in-house appraisals as well, so you’ll need to factor that in when deciding where to sell your ring.
Some jewelers will offer to buy the ring directly from you, which will usually bring in the best price. Many jewelers can also serve as brokers and will help you find a buyer. As with online sales platforms, there is typically a commission fee involved with this. If you have a jewelry district in your area, you may consider taking your ring to a few different jewelers to see who you feel most comfortable with.
Another option is to sell your ring through an auction house, like Sotheby’s or Christie’s. There are also plenty of smaller local auction houses to consider. This could be a good choice for you if you have a very valuable ring made by a reputable jeweler. The advantage of going through an auction house is that the bidding can drive the sale price of the ring up dramatically, depending on the demand for your ring.
Some auction houses offer free appraisals in-house, but the best will have your ring appraised by GIA or another independent agency for a more accurate value. If your auction house won’t offer this type of appraisal, it’s worth investing in an independent appraisal on your own to ensure that you get the best possible value for your ring.
One of the advantage of going through an auction house is that they provide photography and advertising for you to help draw in buyers. If you go through a trusted national auction house like Sotheby’s or Christie’s, they will attract high-powered buyers who may be willing to spend more on a good quality ring. Keep in mind, however, that auction houses typically take a large commission that’s well over 20 percent.
Vintage and Consignment Stores
Local vintage or consignment stores can also be a reliable place to sell your ring, particularly if your ring has a very unique design. The experience of going to a vintage or a consignment store is very similar to going to a local jeweler. When choosing a vintage shop to go to, make sure they have an experienced jeweler on hand who can provide a reliable estimate as to the value of the piece. Since there are many different types of vintage shops out there, make sure you visit one that has a fine jewelry section and appeals to the type of clientele that will be able to afford your ring.
When you go into the shop, they may offer to buy the ring from you on the spot or help to broker it, depending on the shop. If you have a GIA certification or other independent certification, this can help you get better value for your ring. As with independent jewelers, it’s usually best to get estimates from a few different vintage stores to see who can give you the best value. You’ll also want to ask about any commissions or other fees involved before you commit to a final sale.
Some individual jewelry experts work as brokers, and they can help find a buyer for your ring. The process of this is somewhat similar to working with an independent jeweler, but instead of working with a company, you’re working with an individual. The advantages of working with a broker is that they know the market inside and out and can help you find a buyer quickly. They also might be able to negotiate a higher price than you’d get elsewhere. However, jewelry brokers do charge commission fees, and they may also require you to get your gems independently appraised, which can cost money as well. You’ll need to weigh these costs when deciding where you want to sell your ring.
Many people immediately think of a pawn shop when they want to sell their engagement ring, but this isn’t always the best option. Pawn shops are a fast way to make some quick cash, but they typically won’t give you the best possible offer for your ring. If you do go to a pawn shop, make sure to research them online first and make sure they are reputable.
Things to Know Before Reselling Your Ring
Selling your engagement ring can feel like a daunting task, but the process is actually fairly simple. Here’s what you should know before you sell your engagement ring.
Divorce and Engagement Rings: Who gets the ring?
If you’re getting a divorce, you may be wondering who gets the ring in the settlement. Legally, engagement rings are classified as gifts, so you will get to keep whatever you were given, regardless of the situation.
Understanding Your Ring’s Value
Before you go to sell your engagement ring, it’s very important to understand its actual value. Many women are shocked to find that their rings won’t sell for nearly as much as they were originally purchased for. Secondhand rings are typically sold for 30 to 50 percent of the cost of a new ring. Knowing this before you make the sale can help you temper your expectations accordingly.
There are several qualities that jewelers assess to determine the financial value of your diamond. Before you have your diamond assessed, keep in mind that it might not be as highly valued as you initially thought. It’s possible that the initial seller or even your former partner exaggerated the value of the ring initially.
Here are the qualities that your jeweler will look at to determine the overall value of your diamond. They are sometimes referred to as the Four Cs. You may already know some of these qualities about your ring, such as the cut or the carats.
- Carats: This is the weight of your diamond.
- Color: This is measured on a scale from D through Z and indicates shades of white, off-white, and yellow.
- Clarity: This indicates how many flaws a diamond has.
- Cut: This is the shape and finish of the diamond.
These factors will determine the value of your ring. In some cases, you may even be able to make more money by removing the diamond from the ring and selling it to a jeweler as a loose gem.
Selling your old engagement ring is a good way to make some extra money and part with a piece that can bring back negative memories. Although you won’t get as much money as it was originally worth, selling a ring secondhand can still bring in hundreds or even thousands of dollars in many cases.