Diamond jewelry is classic, timeless, and ever-sought after- especially diamond engagement rings. If, for whatever reason, you have a diamond ring you want to sell, there are several ways to do it.
Selling engagement rings- especially those with diamonds- can feel like tricky business, but it helps to know your options. Here is an overview of things to know about selling an engagement ring, where you can do it, and how the selling process works.
Selling Engagement Rings: Things to Know Before You Begin
If you want to sell your diamond ring or engagement ring, there are a few things to consider first to get the most money for your ring.
- Decide what is most important to you: how quickly you sell- or how much money you get for your ring.
- Research your piece beforehand to give yourself a better idea of how much it is worth.
- Bear in mind that you are unlikely to get the original value of the ring because the resale value will be lower.
- Don’t rush into selling your engagement ring before you are ready- it is not an easy decision to retract.
- Take a route you feel comfortable with- and work with a trusted buyer.
- Consider getting multiple independent valuations for your ring before proceeding with the sale.
Where Can You Sell an Engagement Ring?
Selling an unwanted diamond engagement ring is not all that difficult if you are reasonable about how much you want for it. Holding out for a price close to the ring’s original value is likely to take longer and require a little more effort- but it may be worth it if you have a family heirloom ring or a timeless piece with a lot of value.
Either way, you have a few choices. Here are some of the best ways to sell an engagement ring- and the benefits of each one.
Online
The internet is a wonderful tool for people looking to sell anything! Diamond engagement rings are no exception. Many shop engagement rings online through well-known jewelry websites such as Brilliant Earth. You also get a lot of people who collect diamond rings and other pieces- either to make them into something else- or to keep.
There are a few options- online auction houses, eBay, and second-hand jewelry sites. The only real downside to selling online is arranging postage- but some online marketplaces have systems that make it a little easier.
At an Auction
Auction houses have the power of large buyer pools and reputable services behind them- making them great places for getting good money for your ring. When you give your jewelry to a traditional auction house, most of the work is done for you, but you must trust them to get a good price.
An auction is especially worthwhile for a rare, collectible, or timeless piece- since you are likely to find the right types of buyers who can drive the value up. Just set a reserve price so it doesn’t sell for less than you are happy to accept.
To a Local Jeweler
There are several benefits to visiting local jewelry stores to sell your old ring. First, they are often more competitive with their pricing than big chains or precious metals buyers. If you have a good-quality piece, the chances are they will be able to offer you a good price on the spot- perhaps pending approval or authentication.
Other reasons to sell old engagement rings to local jewelers include:
- The option of trading your piece for something new
- Expert staff who understand diamond jewelry
- Supporting small local businesses
Try to give the store prior notice before you take in your ring. That way, you can ensure they have an expert available to give it the proper attention- hopefully, secure a sale.
To a Precious Metals Dealer
Precious metals buyers are always looking for old jewelry- and these are great options for selling a wedding ring or engagement ring quickly and easily. Very little paperwork is involved, and minimal appraisal waiting times- it is a simple price-per-weight arrangement.
You can usually get a decent price selling this way- but it is worth comparing companies to see who offers the most.
At a Pawn Shop
No matter your opinion of pawn shops, there is no denying that they are a good solution for quick cash. If time is your biggest priority and you are willing to settle for a little less in return for a fast sale and cash-in-hand, then a pawn shop is possible.
You can get rid of your ring there and then- and walk away with money in your pocket. How much money? That depends on the pawn shop, the quality of your piece, and what documentation it comes with. Some pawn shops have a reputation for shady dealings, but most a reputable and will offer reasonable prices for items they deem resalable.
Of course, you also have to be aware of the possibility that you will be offered significantly less than the ring is worth- so it pays to do your research beforehand. Negotiation is often on the table at a pawn shop- especially if you have a piece that appeals to the buyer.
What Is the Best Way to Sell Your Engagement Ring?
Of the options detailed above, what is the best one for selling an engagement ring? We have weighed everything up and concluded that there is no definitive answer- it does depend on your situation.
That said, some stand out as the more versatile and reliable options.
Fastest Way to Sell
There is no faster way to get cash for old jewelry than selling it to a pawnbroker. It is easy, hassle-free- and you don’t need to wait for funds to clear.
If you are not keen on selling your ring to a pawn shop, the next fastest solution is taking it to a precious metals buyer.
Best Way to Get the Most Money
If getting top dollar matters most- and you have a high-quality ring that substantiates the asking price- you can get the most money by selling it online. You have access to the widest range of buyers and are more likely to find someone willing to pay more for your ring- especially if you list it in the right places.
That said, there is a lot of competition online. If you want a more targeted market with less competition, consider taking your ring to auction.
Summary
If selling your engagement ring is definitely what you want to do, there are plenty of ways to do it. The most important things to remember are:
- It could take a while to get a high-paying buyer.
- You are very unlikely to get the full value of the ring.
- Make sure you research the ring and have it professionally appraised (independently from the prospective buyer).
- Don’t rush into anything- check out your options- and make sure you pick the best route.
Overall, the best way to sell an unwanted diamond ring is either online (for the wider buyer pool) or through a trusted local jeweler (who can repurpose the stone).