How to Sell an Engagement Ring
Your engagement ring is and always will be a sentimental piece of jewelry to you. It is the physical representation of one of the most emotional and cherished moments in your life.
However, life always has a way of, well...throwing us curveballs. And sometimes, those curveballs come in the form of financial hardships, which may necessitate selling your engagement ring for cash. Or perhaps you and your partner have decided to amicably part ways and go your separate ways. Maybe you have simply outgrown the style of ring that you chose several years ago and now prefer a more updated look.
No matter what your reasons are for wanting or needing to sell an engagement ring, we're here to help guide you through the process so that you can do so with ease.
Should You Sell Your Engagement Ring?
Every relationship or situation is unique, and therefore the decision to sell an engagement ring is a very personal one. Some people may feel that their engagement ring is a part of their past and therefore prefer to sell it and use the proceeds to fund something new, perhaps even an item or experience that represents a fresh start.
Others may want to sell their engagement ring simply because their tastes have changed over time or their relationship ended, and they feel the ring no longer represents them. If you have an engagement ring that you're thinking about selling, we can tell you from experience that it is something that should be considered very carefully.
How Much Can You Get for Your Engagement Ring?
The value of an engagement ring depends on a number of factors, including the quality of the stone, the weight of the gold or platinum, and the overall design. A well-made ring with a large diamond could be worth tens of thousands of dollars, while a more modest ring might only fetch a few hundred. Before making any decisions, we recommend that you have your ring appraised by a professional jeweler to get an accurate estimate of its value. Typically, you should expect to get 50% to 75% of the original purchase price back when you sell your ring.
How Long Does It Take to Sell an Engagement Ring?
The time it takes to sell an engagement ring depends on the method you choose. Offline methods, such as selling to a jewelry store or auctioning your ring, will actually take the least amount of time. However, these methods will also net you the least amount of money. If you're looking to get the most bang for your buck, selling online is typically the way to go.
Online buyers are willing to pay more for engagement rings because they have a larger pool of potential buyers to choose from. The downside is that it can take weeks or even months to find the right buyer willing to pay the money you desire and finalize the sale.
Ways to Sell an Engagement Ring
The method you choose to sell your engagement ring will have a direct impact on how long it takes to sell the ring and how much money you ultimately get for it. Here are some of the most common ways people sell their rings:
1) Selling to a pawn shop
Pawn shops are one of the quickest ways to get cash for your ring, but you will likely only receive a fraction of what the ring is actually worth.
2) Selling Online
While it may take longer to find a buyer and finalize the sale, selling online typically results in receiving more money for your engagement ring.
3) Selling to a Jeweler
Jewelers usually give you two options when selling them your engagement ring – they can either purchase the piece outright or consign it to their store. If you choose to consign with a jeweler, beware that some stores will lowball how much they think your ring is worth in order to make more profit off of its eventual sale.
Tips for Selling Your Engagement Ring
1) Research Your Ring
It will take time to research your ring before you decide how to sell it, but it's worth the effort. Knowing its estimated value will help you determine if you are being offered a fair price for your engagement ring.
2) Know How Much Work Needs to Be Done
If there is damage to your engagement ring, it is important that you repair it before selling. This can include cleaning off any dirt or grime buildup on the metal and getting the diamond re-graded by an appraiser.
3) Find a Reputable Buyer
Do your research on any jewelers or diamond buyers before doing business with them – look for reviews online, ask around for recommendations, etc. This way, you can be confident that you are getting a fair price for your ring.
4) Make Sure You Are Ready
Emotionally, it can be hard to part with an engagement ring if you are selling it after a divorce. It is important that you take the time to process your emotions and make sure that you are ready to sell before doing so. If you need help selling your engagement ring, contact Windsor Fine Jewelers today. Although we are a local jeweler in Augusta, GA, we service customers around the country. Call (706) 738-7777 or if you are nearby stop into our jewelry store.