An engagement ring is a meaningful piece of jewelry, but since things don’t always work out as we plan, you might be left wondering whether you should sell it. This decision is yours to make, but it does offer the promise of a decent sum of money, depending on the type and quality of the ring.
If you’re still weighing your options, it helps to know where you can sell jewelry for a good amount. In this article, we will walk you through some of the places you can go to exchange your fine jewelry for money.
Should You Sell Your Diamond Engagement Ring?
An engagement ring might be hard to let go of. After all, it is the symbol of the love shared by two people. In the section below, we look at some of the reasons for and against selling it.
Reasons to Sell
Selling your engagement ring to a diamond buyer might be a lucrative endeavor. It can be a lifesaver when faced with financial difficulty and can also help you get over your betrothed. Instead of tearing up every time you look at the ring, you can sell it and enjoy a holiday or put it away as part of your emergency savings.
Another reason to sell your diamond ring is to upgrade to a new piece of jewelry. By selling your engagement ring, you open up a world of possibilities, and instead of dwelling on lost love, you can purchase another item that reminds you of how brave you were in overcoming all obstacles.
Reasons Not to Sell
Sometimes, it’s a good idea not to sell your engagement ring because you might not get the retail value for it. In some cases, holding onto a piece for a long time can increase its value. However, this might not be the best option if you are working through a hard breakup.
If your ring is a family heirloom, it’s best not to sell it but to return it to its rightful owner or hold onto it. Another reason not to sell is if the ring has a custom or unique design. In that case, you can have it melted and turned into something else if you don’t want to keep it.
It’s best to assess your personal situation when making your decision and ask for advice from others. It might also be a good idea to visit your local jewelry store to get an opinion on what the ring is worth before you make a decision.
How to Sell Your Diamond Ring
If you do decide to sell your engagement ring, here are the steps to follow to ensure that you get a good price for it:
Step 1: Clean and Polish the Ring
Before you head over to your local pawn shop or private diamond buyer, you should start by cleaning your ring well. We recommend taking it to a professional who will use chemicals to strip away impurities.
Step 2: Get an Appraisal
Appraisals are important if you want to sell gold, silver, or platinum jewelry. It ensures that you have a good idea of what your engagement ring is worth.
Step 3: Gather the Relevant Documentation
Have your paperwork ready to prove the value of your ring to interested buyers. Once you have prepared adequately, you’re ready to start looking for buyers.
Step 4: Do Your Research
Next, you’ll need to conduct research to learn more about what similar rings are selling for. You will also need to look at which platforms are commonly used in your area for purchasing jewelry.
Step 5: Advertise and Make a Sale
When you have decided which avenues to explore, advertise your ring and evaluate the prices buyers are willing to pay. If you are using an online marketplace, be sure to take good pictures and write a good description to improve your chances of making a sale.
Avoid selling your ring to the first person who makes an offer. Explore different platforms and go with the bid that best meets your expectations.
Where to Sell Fine Jewelry
Now that you understand the basic process for selling an engagement ring let’s get into the best places to make a sale.
A Local Jewelry Store
If you are hoping to sell your ring fast, then we definitely recommend trying your local jewelry store. If you live in Austin, Texas, you can visit Abercrombie Jewelry to get great prices for your fine jewelry!
Jewelry stores offer expert appraisals, so you won’t have to go from place to place when selling your ring. Moreover, this option offers privacy and confidentiality, which are key elements to consider when getting rid of such a sentimental and meaningful piece of jewelry.
In addition, jewelry stores offer convenience. There’s one in every city or town, so you won’t have to travel far to get it.
The Pawn Shop
There are a number of pawn shops that also purchase engagement rings. You may also pawn your ring, using it as collateral against a loan. When the loan term is up and the borrowed amount is repaid, you can take the ring home with you again.
However, it’s important to be careful when going this route, as you could lose your precious ring entirely if you fail to fulfill the repayment terms.
If you decide to sell the ring instead of pawning it, keep in mind that pawn shops tend to offer low amounts for jewelry. This is because they are businesses and have to make a profit. However, you can get money fairly quickly when you sell to a pawn shop.
A Private Jewelry Buyer
Do you know of a jewelry collector who might be interested in engagement or wedding rings? In that case, it’s worth approaching this individual and offering them the opportunity to buy your ring.
Make sure you are doing your research if you do decide to sell to a private buyer so that you are not forced to sell for a ridiculously low price.
When meeting a potential buyer, always take someone else with you and meet in a public place for safety reasons.
An Online Marketplace
Does in-person interaction give you anxiety? If that’s the case, then your best bet is an online marketplace. We live in a digital age and most people take to the internet when looking for something. Facebook Marketplace, Craigslist, and eBay are just some examples of avenues you can explore.
When using this method, you will need to take good photographs of your ring and upload them on the platform of your choice. Make sure you’re adding a detailed description to improve the chances of finding a buyer.
There are also a number of platforms dedicated to selling jewelry. Have You Seen the Ring is a popular online marketplace where you can sell engagement rings.
Auction Houses (If You Have Rare or Collectible Diamond Jewelry)
Suppose you had your ring appraised and found that it is worth a lot of money. In that case, you can consider selling it at an auction house. Christie’s and Sotheby’s are some examples of this.
Keep in mind that although you can certainly get a good price for your ring, there is still the risk of receiving a low offer. If you cannot afford to risk it, explore some of the other options on this list.
The Bottom Line
Well, there you have it – five great options to explore when selling your engagement ring. Keep in mind that engagement rings are personal and meaningful pieces of jewelry, so you will need to think carefully about whether it is indeed a good idea to sell them.
If you’re in Austin, Texas, hoping to sell your diamond ring, estate jewelry, loose diamonds, or gold jewelry, you can turn to Abercrombie Jewelry. We pay top dollar for fine jewelry. Contact us today to learn more or get rid of that unwanted engagement ring!