Bittersweet might be the feeling that you may or may not feel when you are selling an engagement ring, whether you have inherited an old diamond ring from a relative, or you have an engagement ring that you no longer want because you have been through a broken relationship. Look at the bright side though, selling your engagement ring would generate you some more money quickly, and you have five options for selling an engagement ring. You can find the finest diamonds at Shira Diamonds in Dallas, TX if you happen to live in this area so you can get an idea how much you can sell your engagement ring.
Guide to selling an engagement ring for top dollar
Options on selling your engagement ring:
1. A Local Independent Jeweler or A Vintage Jewelry Store
A local independent jeweler has the ability to examine your ring and they could offer you some advice on the best way to discard your ring. Smaller towns have one or two very good and reliable choices when it comes to these, and this is where Google search and Google reviews come in handy since in most times since independent jewelers are a much better choice sometimes than chain stores in the malls.
You should look for a jeweler that has evaluators that are trained by the Gemological Institute of America (GIA) so that they would be able to examine your ring and discern your ring’s value in order to find out whether they could remove the diamond or not.
Alongside a local independent jeweler, going to a vintage jewelry store is also a great option. Like the local jewelry store, you have to look for a store that has an evaluator that is trained by the GIA who would be able to examine your ring and estimate its worth.
2. An Auction
There are a ton of auction houses that would give you a free appraisal for the item that you are selling, but you have to really think about it. Think about whether or not it is best because it is riskier to take their word for it instead of consulting multiple sources. You should choose an auction house that would be able to take the ring to a jeweler or to the closest GIA Laboratory for you. In choosing an auction, you have to remember that they will take a commission from your sale, possibly 20 percent, but you would also be gaining services like insurance and product photography.
Pawnbrokers are not really known for providing the best prices when it comes to re-selling jewelry, but if you prioritize speed more than anything, then the pawnbroker could be an option for you. If you are willing to negotiate up then you might end up with a secant price at the end, but once again, pawnbrokers don't really give you the best of offers.
4. A Broker
Though there are some independent jewelry shops that may or may not act as brokers for you, you have the option of going to a broker yourself. They are also known as jewelry retailers. They will take care of all of the selling processes for you, but then, you are going to have to pay for their services in the form of a commission on the sale. The process would be over and done quickly though and most brokers already have buyers lined up before you walk in the door, so it’s only a matter of finding the right buyer at this point in time.
Selling your engagement ring online would have to be the fastest and easiest way for you to get rid of that engagement ring and buy a diamond buyer. You could earn more in a specialized auction house when you want to sell your ring quickly and for a reasonable profit, then you could do that online.
There are certain platforms that you could use, like eBay and Craigslist, but you should stray away from these sites. If you could connect with a customer directly, you could skip the middleman and keep his share of their profits and there are some popular eCommerce sites that can offer these connections with individual consumers.
There is one drawback in wanting to sell your ring online, and that is having to deal with people who are looking for a bargain, shoppers who do not know the actual value of your diamond engagement ring, and the amateur gemologists who do not know the fair price of your ring so you may or may not have to hire an appraiser, which would then add to the hassly and the cuts profits.
Where to sell your engagement rings online:
- ABE MOR
- I Do Now I Don’t
What to do before selling an engagement ring
As everybody knows, diamonds are timeless, but there are a few things that you would have to do before you could sell your diamond engagement rings, like looking out for the qualities in determining the value of a diamond.
Qualities that Determine the Value of a Diamond
- Polish and Symmetry
There is nothing to feel guilty about in selling your engagement ring and it is a great way to make some easy money, but remember that you should not set yourself up for disappointment when they are valuing your diamond ring and don’t fall into the trap of thinking that you deserve a good price just because you paid a lot for it. The sentimental value is not going to add to the value of the ring since most people need a serious incentive when they are buying second hand engagement rings. But do not let this discourage you.