Engagement rings often have many memories attached to them. However, when things turn sour, and you and your partner decide that you no longer want to tie the knot, it can be painful to look at the token of your love.
The good news is that you don’t have to. You can eliminate the annoying reminder of your lost relationship and make some money simultaneously. However, knowing how to sell an engagement ring is the key to success.
In this article, we’ll provide tips on selling your old engagement ring for a fair price.
Why Sell Your Engagement Ring?
Whether your engagement ring is a custom-made diamond ring or a simple gold band, there’s no denying its sentimental value. That’s because these rings aren’t just another piece of jewelry. They symbolize the love two people share and the promise they make to get married.
This is why the question of whether it’s the right choice to sell your engagement ring is one only you can answer. Sometimes getting rid of the engagement ring that brings back memories every time you see it can be one of the best ways to move on with your life.
Another significant reason to let go of the engagement or wedding ring you once held dear is financial constraints. If you really need the money, diamond jewelry can fetch you a handsome reward.
Before You Sell Your Ring
Selling jewelry isn’t as easy as you might think, and getting a high resale value requires a few extra steps. Before you head out the door to your local jewelers or try to find the best pawn shop to sell your ring to or post a photo online, there are a few things you should do first.
Start By Cleaning and Polishing It
The first step is to have your engagement ring cleaned and polished to ensure it’s in good condition. This can make a good impression on diamond buyers and improve your chances of selling and getting a good price for the ring. After all, no one wants to buy diamond jewelry with evidence of its previous owner.
Consider a Market Valuation and Appraisal
Market valuations and appraisals can help determine your ring’s true value. Before you let your local jeweler talk you into selling it for a low price, be sure to find out what your ring is truly worth. Here’s what an appraisal and market valuation will tell you about your jewelry:
Market Valuation
A market valuation investigates the most recent trends to estimate the engagement ring’s value. It approximates the cost at which similar rings are presently being sold. If you intend to sell the ring, this information will help help you determine a fair and reasonable asking price.
Appraisal
A professional appraiser or certified gemologist will thoroughly examine the engagement ring’s features, quality, and overall value. An appraisal offers insight into the ring’s components, including the diamond, precious stones, metal, and craftsmanship. Here are some of the things that will be assessed during an appraisal:
- The cut, color, clarity, and carat weight of the diamond.
- What type of precious metal was used to make the ring and its purity?
Get Your Documents in Order
Before you sell your engagement ring, it’s essential to have your paperwork to provide proof of its value. Here are a few documents you should have:
- The original receipt, if possible.
- A certificate of authenticity.
- Appraisals and/or market valuations.
Where to Sell Engagement Rings
If you’re ready to sell your engagement ring or wedding band finally, you’ll need to know where to go to find local buyers. Here are some of the best places to sell rings and other jewelry:
1. A Local Jewelry Store
A great place to make a quick sale is at your local jewelry store. Jewelers often offer cash upfront for diamond rings and even offer appraisals, so you can find out the value of your ring and sell it simultaneously. There’s no need to wait around for a buyer to come along.
2. Pawn Shops
Another option to get cash for your ring quickly is a pawn shop. An advantage of this method is that you can also take a loan using your ring and get it back when you’ve paid it off. This can be a good choice if you have second thoughts about selling your ring. Ensure you’re researching and using only the best pawn shops to avoid any trouble.
3. Auctions
This is a good option if you have a vintage or unusual ring, as it can fetch a good price and expose you to collectors around the world. You can choose to go for an online or in-person auction, but it’s important to remember that they can be risky, as you may receive a lot less than you were hoping for.
4. Consignment Stores
Suppose you’re not hurrying to part with your ring and want to get the most money. In that case, consignment stores can be a fantastic choice.
This alternative involves taking your ring to a consignment store, and displaying it for approximately 30 to 60 days. You’ll receive a portion of the revenue (often 20 to 30 percent or more) if the store can sell it.
The key benefit of choosing a consignment shop is that a specialist will handle the transaction on your behalf. On the other hand, it can take a long time to sell engagement rings this way.
5. An Online Marketplace
One of the best options, especially if you have a busy lifestyle, is to sell your engagement ring online. To do this, you can use a diamond exchange or find some other online marketplace, such as Craigslist, eBay, and Facebook.
However, if you choose this method, you must remember that these marketplaces are often saturated with people just like you trying to sell their jewelry. This high supply will likely lower the overall price you receive for your ring, so it might be worth exploring other options first.
The Bottom Line
If you need to sell your engagement ring for a reasonable price, the good news is that you don’t have to spend a long time looking for a buyer. Abercrombie Jewelry is a trusted jeweler in Austin, Texas, and will pay top dollar for your engagement ring.
We also offer appraisals to ensure that you understand the value of your jewelry, so contact us today to schedule an appointment and let us help you sell your unwanted engagement ring!
Frequently Asked Questions
In this section, we answer some of the questions we often hear about selling an engagement ring.