How to sell your engagement ring?

If you are engaged and this question keeps popping up in your mind, then your engagement may be going downhill. The thought makes you feel guilty and dishonest. You feel as if you are betraying a man who has professed undying love for you. At the same time, you are tormenting yourself with the thought of marrying someone who will not measure up to your expectations down the road.

So if you are faced with such a dilemma, be consoled by the fact that you are not alone. About

20% of engagements 12-18 months long get aborted.

But why?

There are countless reasons why engagements fail. But they don’t concern you for the moment. What concerns you most now is the question “how I can sell my engagement ring and get the most money out of it.” 

Experts say that selling to another consumer is the best way to get the highest value for your engagement ring. Then they add “generally, another consumer will pay the most for your engagement ring than anyone else…”

This could not be as easy, and true, as they make it sound. Finding the right consumer that will buy your particular engagement ring is almost like looking for a needle in a haystack. Another issue is the price. This presupposes that a consumer is not aware of engagement prices. If he does, he will not pay more than its fair value.

So if you want to know how to sell an engagement ring for the most money, do your homework. Maybe, as you dig for the right answer, you will also find the answer to the question, “what is the best way to sell my diamond ring?”

Before getting ahead, it’s noteworthy to take cognizance of the fact that your engagement ring or any other used jewelry of modern design is called “pre-owned” jewelry. If it doesn’t fit the criteria, it is called “second-hand” jewelry. Knowing this is important as it affects your engagement ring pricing estimates.

Now let’s get back on track. There is a vibrant market for pre-owned jewelry (see chart).

But increasing your chances of selling your engagement ring and getting the most out of it, keep these things in mind:

This is not to say that it can’t be sold. But you must highlight this feature to increase your chances of selling it.

What is its condition?

This depends on how long have you been wearing it. Has it been given a rough treatment from day-to-day use? Are there scratches on the band, or chink on the stone?

Precious metals such as yellow gold tend to degrade over time – depending on how long have you been using them. So give your ring an objective look. You will be on the side of caution if you fully well know the general condition of your engagement ring.

Can it be repaired?

If your ring had seen better days, it is best to have it checked by a qualified jeweler. Some minor scratches can be repaired by a good jeweler. If it is not in a pristine condition, get an estimate on how much it will cost to bring it back to its original glory.

However, don’t dive into having it repaired until you have done a little research on sales prices of similar pre-owned rings.

Be sure, though, that your ring is at its sparkling best before taking photos of it or showing it to potential buyers. This can be done by having it cleaned by a professional jewelry cleaner.

Do a little bit of research

It’s tempting to sell your engagement ring online, like Gemesti,  if you are in a hurry to get rid of it and it is in tip-top condition. However, it is still better to do a little bit of research to see how and where you can potentially get a little more money from it.

Ask yourself this question, “where can I sell my ring for the most money?” You will be surprised at the number of online stores you can give a try. Research also helps you sell your engagement ring faster at an agreeable price.

When doing your research, try to find out:

First-hand listings:

Check out the prices of all the new rings currently being sold similar to yours. Is the style popular at the moment? Or is it rather difficult to find? These are good starting points for you to set a price for any potential buyer you may have.

Check out second-hand prices

Also, check the prevailing prices of similar pre-owned engagement rings. They provide a more realistic idea of how much people are willing to spend on items such as yours.

Going through all these sources will provide you with a good idea of “how much can I sell my engagement ring for?”.

Gather information

An engagement ring is a big-buck item. This means people looking for them will need reassurance that they are getting a real deal for their money. It will be a big help to appease your potential buyers if you have the following:

Proof of purchase

This means the original document issued by a known jewelry store covering your purchase. Any deed of sale between you and a second party is highly suspect.

If you bought it from a reputable jeweler, it may look like this…

Grading certificate

A grading certificate from a certified jeweler is proof that the metals and stones of your ring have been graded and certified for authenticity. This will hugely work in your favor when dealing with skeptical potential buyers; make them trust you.

Where to Sell Your Engagement Ring

Now you’ve reached the point where it is proper to ask, “where can I sell my diamond ring for the most money?”

If you ask anybody this question, the answer will most probably be “jewelry store.” While this may look like a sensible answer, jewelry stores are not in the business of buying pre-owned jewelry. They only sell brand-new items.

Should they accommodate you, the price they will offer for your item will most certainly be half or less than half your expectations.

However, if you ask around or browse the Internet, you will find that there are a whole lot of places you can put pre-0wned engagement rings for sale.

These are some of the pre-owned engagement rings that can easily be sold. One is an oval-shaped diamond on a platinum band with tiny stones all around and a heart-shaped diamond on white gold.

If you have something similar to these, you can have them sold at any of the following:

Worthy

Though Worthy is now selling brand-new jewelry such as engagement and wedding rings, it has always been known as the best place to sell pre-owned jewelry.

Their main thrust is to help people get the highest offers possible for the jewelry they no longer want or need. They offer double the price a jeweler would offer.

Jewelry store

As mentioned earlier, jewelry stores are not the best places to sell your engagement ring. That is not their core business. If they do want to buy your ring, they will give you a rock-bottom offer.

Online stores

The advent of the Internet ushered in online shopping. Now you can buy almost anything online—including second-hand and pre-owned jewelry.

One of the most famous of these is E-bay. This online store has been making the electronic waves for some years now because they accept practically anything people want to sell, and sell just about anything they can get their hands on.

The great thing about E-bay and similar online stores is the fact that you might get more than your initial estimate because of their auction sale programs.

E-bay online store

There is a downside though. Data compiled by some observers show that about 90% of diamond jewelry listed in these online stores never sells because of the potential of being a scam. Always protect yourself when shopping online.

Other online sites with good potential for connecting with potential buyers are Etsy, Craigslist, Kijiji, etc. They don’t offer your ring for auction but expect you to give potential buyers a fixed price.

Pawnshops

Who doesn’t know what pawnshops are? They are everywhere. But while most think they are the go-to places for pawning something, they can also sell pre-owned jewelry – fast.

The downside is that like jewelers, they also won’t give you the best price for your item. But they can dispose of it quickly due to the volume of traffic in these establishments.

Tips on How to Get Your Ring Sold

As outlined above, selling your pre-owned engagement ring is not as easy as you initially think. But there are ways how to do it quickly. Here they are:

Have it graded

Does your engagement ring have a diamond center stone? If so, then have it graded by an expert. It is possible that your ring, over time, shall decreases in value. But you wouldn’t know that unless you have it checked by a qualified jeweler. He can also give you a good estimate of how much you can get for it.

A specialist will be able to give you an estimate of how much you’ll get for each component, letting you decide which is more worthwhile.

Having your jewelry given a clean bill of health by an expert will give you the confidence to show it off.

Protect yourself when selling online

You can potentially get a good price by selling your pre-owned engagement ring online. But there are risks that you can overcome by protecting yourself. Here’s how:

Provide High-Quality Photos

One of the main reasons for potential customer dissatisfaction is over expectation. Fortunately, you can overcome this by providing clear photos of your item from various angles and magnification. Provide an enlarged photo of the center stone. This is particularly useful for an emerald-cut diamond with pavé diamond accent stones.

Don’t Exaggerate

Exaggerating is a necessary evil in the marketing world. But to exaggerate things to the point of lying is a no-no.

So tell it like it is, i.e., the full description of the ring, how many years you have been using it, its overall condition, and the reason you are selling it. Include carat size, metal used, diamond cut, and certification. These things will bolster its chances of being sold.

Include your price range to prove leeway for bargaining – which is a certainty unless it is sold on auction.

Get Proof of Postage

Proof of postage is a document, such as a receipt, that proves that you have posted or mailed something.

No matter what your buyer says, never post anything of high value like an engagement ring without proof of postage. This will protect you should the ring be lost in transit. And will provide proof if the buyer should claim that it never arrived.