There are many reasons you might want (or need) to sell your engagement ring. It may be divorce, a called-off engagement, financial need, or even a setting that just isn’t matching your vibe.
To be sure that you get the most money for your ring, you’ll want to collect all the information you can about it, get it ready for sale, and decide where you would like to sell it.
What’s Ahead:
1. Collect as Much Information as Possible About Your Ring
Before you can sell your ring, you need to know exactly what it is that you’re selling. You’ll want to collect as much information about your ring as you possibly can.
Here’s what you should know before listing your ring for sale:
What It’s Made Of
Engagement rings can be made out of almost any material, from diamonds and gold to plastic and sugar.
Source: Giphy.com
Before selling your ring, make sure that what you have to sell is what you think it is. It would be a shame to go in with unrealistic expectations just because someone embellished the truth about the origins of your diamond.
To be sure of what you have, refer to the paperwork that came with the ring. If you don’t have it, you will want to visit an appraiser. You can find appraisers in any major jewelry chain.
Read more: 6 Meaningful Alternatives to Diamond Engagement Rings
What Condition It’s In
The condition of your ring is going to be a major factor in its value. If the silver is tarnished and your stone is offset, you will either need to fix it to add to its value or lower your expectations for its price.
Remember, always weigh the cost of the repair and how much value it’s likely to add to your ring.
What It’s Worth
Having your ring appraised is one of the easiest and most accurate ways to find out how much it’s worth. If you have the time, having it appraised by multiple different jewelers can help you find the best average asking price.
Getting your ring appraised is especially important if your ring is an heirloom piece or second-hand, as the history of these pieces isn’t always clear. Plus, a ring’s value will change over time due to factors like inflation and the value of precious metals and stones.
Read more: How To Sell Your Inherited Valuables
2. Decide How and Where You Would Like to Sell It
There are many different options when it comes to where to sell your engagement ring. Each has its own advantages and disadvantages.
Private Sale
Private sales are likely where you’ll make the most for your ring because you’re cutting out the middleperson and selling directly to the consumer. You can sell on sites like Etsy, eBay, and Facebook Marketplace.
Pawn Shops
Pawn shops will be your quickest turnaround in terms of how long it takes to sell your ring. You can walk into most pawn shops, get the ring appraised, and leave with cash in-hand all on the same day.
But here’s the catch: you’ll only get a small percentage of how much the ring is worth. The pawn shop will need to make money, so they won’t offer you full value.
Local Jewelers
Many jewelry stores will buy back rings in good condition. You’ll meet with an appraiser at the store and they’ll buy it back for a fraction of the price, similarly to pawn shops.
Again, the jewelry store will need to make a profit, so you won’t be getting the full value for your ring.
Jewelry Auctions
An auction house is another option for selling your ring. It’s the most comprehensive option, as the auction house does the advertising, appraising, and selling for you.
You’ll pay a price to have them sell your ring, but if it’s extremely valuable, you’re better off leaving it with an auction house, as they can find the high-powered clients.
Consignment Shops
Consignment shops are similar to auction houses but many operate entirely online. Consignment shops will typically handle the selling process for you, for a percentage of the sale price.
Read more: Forget Craigslist: 7 Safer Alternatives for Buying and Selling Online
3. Get Your Ring Ready to Sell
One of the best ways to make sure you get the most for your ring is to make it as presentable as possible. Make sure you:
Get It Cleaned and Repaired
Ring cleanings are often free, especially if you have it done where the ring was purchased. Tiffany is a good example of this, offering complimentary cleaning for all Tiffany & Co. products.
Cleaning your ring can be done at home, but be very careful. You don’t want to do anything that could damage the stone or setting, which would drive down the price.
If Listing Online, Create a Compelling Ad
If you’re taking the DIY approach and listing your ring online, make sure the ad accurately describes your ring. There’s no use in embellishing the truth, as anyone who comes to see the ring will likely notice the false advertising.
Additionally, take good photos of the ring in proper lighting. As with any ad, the better the pictures, the more appealing the product looks, and the more buyers you’ll attract.
Gather Any and All Paperwork You Have
Most sellers will want a paper trail to ensure they’re not overpaying for a ring. Before you sell, make sure you have all the original paperwork to give to the new buyer.
If you don’t, return to the store where it was bought and see if they have a record of the sale.
4. Sell Your Ring!
Source: Giphy.com
We’ve finally made it to the part where you get money in-hand. But, before you blindly accept a wad of cash, there are just a few small tasks that need to be taken care of.
Consider Drafting a Bill of Sale
Drafting a bill of sale can protect you and your buyer from any miscommunications.
List out who is selling the ring (you), who you’re selling it to, and how much you’re selling it for. If there are any other agreements you’ve come to, make sure those are listed as well. It can be a simple handwritten bill of sale, just make sure you sign it.
Meet in a Neutral Place
If you have to meet with a potential buyer in-person, avoid meeting at your home. Meet in a public place and even consider bringing someone along with you. It never hurts to be cautious.
Summary
Selling your engagement can be an emotionally charged situation, so taking your time with the sale can help ensure you’re getting the price you deserve.
When you’re ready to sell, there are options for every type of seller. If you want to be heavily involved in the process, listing the ring for sale on your own can mean a higher price tag. If you don’t want to spend the time researching and listing your ring, consider pawn shops, consignment shops, and auctions.
Featured image: Atsushi Hirao/Shutterstock.com
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