There are a lot of reasons why you would want to sell your diamond rings. Selling these items can be more complicated than it looks, though. While you could go to a local jewelry store and try your luck, that may not be the best way of getting a reasonable price.
Is there a suitable place to sell your engagement ring? Of course! Today, we’ll go over the best options you can consider to sell diamonds. This will help you get a good amount of money from them.
Why Should You Sell Your Diamond Engagement Rings?
Many people associate selling engagement rings with the end of a relationship. While that may sometimes be the case, other people want to sell their old engagement ring to buy a wedding ring, for example. Others decide to sell their rings to go through hard financial times.
Regardless of the reason, it shouldn’t be a decision to take lightly. Most of the time, it’s better to get a bit of money for your engagement ring instead of storing it (unless it has a tremendous sentimental value).
Not taking enough time before selling an engagement ring could leave you with regrets later, so if you’ve already decided what you want to do, keep reading!
Does Selling an Engagement Ring Take Long?
It depends on where you expect to sell your engagement ring. Local jewelers may be your best shot at selling quickly if you’re in a hurry. However, you may not get the best offer for your ring. Most of the time, going for a local diamond buyer is the worst option for those looking for more money.
Other websites, such as online marketplaces, may allow you to get a better value for your engagement rings, but you must wait longer.
We suggest you don’t settle for a lower price because you’ll sell your engagement ring quicker. You can often get a much better offer if you wait long enough and get the right advice.
How Much Can You Get for Your Diamond Ring?
A few factors affect how much engagement rings are worth, so you must check yours thoroughly and determine their value.
Typically, you can expect the price for your diamond ring to change depending on its:
- Carat Weight
- Clarity Grade
Most of the time, you could get from 40% to 75% of the ring’s original value if you sell it in the right place.
Where Should You Sell Diamond Engagement Rings?
The “best” place to sell your diamond jewelry will vary depending on how fast you want to make the sale.
Local jewelry buyers are the way to go if you want the fastest option. They’ll give you an appraisal for the ring and make an offer right away. If you agree, you’ll make the exchange on the spot.
Remember that local jewelers or pawn shops often don’t pay as much as other places. If you’re going to a pawn shop, ensure you understand your ring’s value. Otherwise, it’s not worth it.
What alternative do you have if your local jeweler isn’t offering a reasonable price? Go online!
Selling your engagement ring online is probably your best option if you want to get the most money out of your deal. There are many marketplaces where you can directly sell your ring at a reasonable price.
Those looking to sell engagement rings online can consider the buyers at Abercrombie Jewelry. They give people expert appraisals for their gems and precious metals, so if you have anything besides your old engagement ring, you can get some money out of those pieces too.
Are There Any Downsides to Online Jewelry Buyers?
Selling online is great if you want more money from your ring, but remember that your sale could take longer. You could set a fixed price for your jewelry or get an expert appraisal, depending on the marketplace you go into.
If you choose to set a price for your ring, ensure it’s reasonable. Otherwise, you’ll be less likely to sell your jewelry anytime soon. Engagement rings have a lot of resale value, but if you’re not realistic, no one will be interested in yours.
On the other hand, if you go for an appraisal, make sure you already set a reference price to compare. This will tell you if what the buyer is offering is reasonable enough. Another thing you can do is compare different appraisals and go for the one that fits your goals.
Extra Tips to Help You Sell Your Engagement Ring
Selling your engagement ring can quickly become a nightmare, but you don’t have to rush into things.
The more “prepared” you are to sell your ring, the more likely you will get a fantastic sale price. Here are a few tips you can consider when getting ready to sell your engagement ring online or at a local pawn shop:
Doing research will take you a long way. Engagement rings will always be worth a lot of money if handled correctly. However, you could get even more money from them if you identify what makes them more valuable.
Some rings, for example, have a unique cut or color that makes them more appealing to potential buyers. If you don’t know that, other people could get away with offering less money.
Knowing more about your ring will also help you improve your negotiation strategy. Not everyone will immediately offer you a high amount for your ring, so you must emphasize its strong points to make your offer more attractive.
Compare Similar Options
You can go online and look at rings similar to yours. This will give you a better idea of how much your piece is worth.
Remember that those are only reference prices to consider. Since your ring is likely old, it won’t sell for its original value.
Consider Every Price Factor
The four Cs of a diamond can have a significant effect on its price. For example, a diamond with more carat weight can cost more than a smaller one.
Moreover, rings with a high-quality cut will cost much more than other options.
It may be hard to know how valuable your ring is just by looking at it, especially if you don’t have experience. The best thing you can do here is to get a formal appraisal and use that price as a reference.
Bottom Line – Should You Sell Your Diamond Jewelry?
You can sell your engagement ring for any reason, but you must be smart.
If you rush and sell the ring to the first person you see, you may miss out on better offers in other places.
The key to making a good sale is to get price references based on the ring you’re selling and use that to negotiate. It may take longer to find a great offer, but it’ll be worth it.
To summarize, here’s what you must keep in mind before selling your rings:
- Please don’t rush to sell it.
- Take time to decide if you genuinely want to sell it.
- Do research before setting a price.
- Consider different selling places to choose the most appropriate one.
- Go for local buyers if you want to sell fast; go for online buyers for more money.