Where Can I Sell My Engagement Ring for the Most Money?

POSTED ON October 30, 2020
Where Can I Sell My Engagement Ring for the Most Money?

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Sometimes things don’t work out like we had hoped. Relationships and marriages ending is a difficult time in anyone’s life, but hopefully they lead to bigger and brighter things in the future. What is the saying? Life is riding a rollercoaster with a blindfold on? Who knows what’s next. That said, if you have valuable jewelry or other relics from past relationships that don’t harbor warm feelings, it may be a good idea to recoup the money invested in your engagement ring and other valuables.

The general consensus is that the right thing to do is return the engagement ring to the partner who purchased it after a divorce. While that doesn’t always happen, we felt obligated to share that is considered the best practice to keep things a bit more fair and harmonious.

If your former partner returned the ring to you, most people choose to sell it. Keeping it seems a bit too “holding onto the past” and storing it with the idea of giving it to a future partner is considered a bit unromantic by many. That leaves selling or resetting it, which are generally your best options.

The big question then is, assuming you’ve decided to sell your engagment ring, how can you make sure that you get the best price?

Don’t jump before you look

The first step towards that goal is to take a step back and breathe. Yes, of course there are a lot of emotions stirring around inside of you. The problem, however, is that if you give in to them then that can cost you a lot of money. Taking the quickest and easiest option – probably a fire sale at a pawn shop or jewelry store – probably won’t get you close to what you could for it.

Instead, try to keep emotions out of it. If that’s not possible right now, then wait a while until you can see things more clearly. After all, the ring will still be worth the same a month from now.

From there – particularly if you’ve got a diamond – go and find whatever supporting paperwork you have. The reason is that the value of diamonds can vary from one appraiser to the next, and having certified documentation can give jewelers confidence that what you’re selling is legitimate and its attributes are well-documented. Many jewelers don’t have the ability to appraise diamonds (it takes training and advanced equipment), so having a certification ensures they know what they are buying.

Without a certificate from a leading diamond appraiser like GIA or AGS, many will refuse to buy it. And if they agree to, it’s likely to be at a lower price to give them more of a buffer to make a profit if their initial appraisal is incorrect. So, if you’ve got the original supporting documentation include it whenever you try to sell your ring.

I’m sorry, you’re not going to get what you paid for it

Emotional value is not the same as financial value

Even then, you’re unlikely to get back what you paid for that diamond. Or even close, really. Unfortunate, but nearly impossible to avoid. The retail value and the wholesale value differs substantially for diamonds (much like the store of the car dropping in value as soon as it’s off the lot). Don’t be surprised if you’re offered half or less by many jewelry buyers.

Fortunately, the precious metals tied up in your ring, such as gold or platinum, keep their value better. You’re still likely to lose some of the money, but it should be less. On the supporting documentation it should also tell you about these metals.

When we buy diamond rings, we’re pricing the gold or platinum part of the ring separate from the individual diamond. You’ll receive an offer for both the ring and the stone, which you can choose to sell together, separately, or of course not at all after receiving our offer. Figuring out the weight of the gold can be a bit tricky when the diamond is in its setting, but you can use our gold value calculator to determine what the ring might be worth. Here’s a bit more information on the value of gold rings.

The pricing of diamonds is much more complicated. You can learn more about how diamonds are priced here. Diamond Karma is also a great resource for providing more detailed pricing on your diamond (you’ll need your certificate).

Emotional value is not the same as financial value

Another thing to remember: the price they’ll offer does not take into account the heartache or the suffering. It does not include the emotional attachment that you’ve built up. They aren’t going to pay you for the memories attached.

Coupling the often bitter end of a long relationship with the fact that you’re going to get back significantly less than what you paid for it, selling a diamond can feel very much like “hitting a man while he’s down”. Most reputable diamond buyers, and of course here at Cash for Gold Mailer, aren’t trying to take advantage of you in a time of struggle. It’s simply the nature of the second-hand diamond market.

Check your options

If you don’t have a diamond certificate and feel your diamond is valuable, the first thing to do is to get your diamond appraised again. The best way to do this is to send in your diamond to GIA for grading and analysis. They’ll return it with a certificate that contains all the information necessary for people to give you an accurate offer.

With your certification in hand, the next step is to get multiple quotes. You can try local jewelers and pawn shops, but due to their access to the wholesale market and large markups, you’re likely to be quoted rates that are quite low.

At Cash for Gold Mailer, we pride ourselves in our ability to accurate price diamonds and provide a fair offer. In most cases, we offer more for your diamond than jewelry shops and stores will. And if you send in your diamond to us you’re under no obligation to sell it. If you don’t like our offer, we’ll return it insured via FedEx safely.

You can also try your hand at selling it privately. Maybe an online diamond market, an auction site, or even some kind of local marketplace. That can be a great way to get a better price if your patient and can find the perfect buyer. However, it’s much less convenient and carries the risk of dealing with a scammer or unscrupulous individual.

Ready to sell?

Selling your diamond online has gotten much safer in recent years. Yes, in the past that was a little risky. Fortunately, the business has been cleaned up and is now perfectly safe. For example, online retailers now get accredited like the offline variety. With the number of online reviews available and ability to easily look into businesses’ reputations, you can sell online with much more confidence.

Even sending packages is no longer risky. You can thank FedEx for that. They don’t lose anything anymore and even if they do, it’s ensured so that you get your money either way.

Obviously, if you do have something to sell, we’d be happy if you chose us. We work hard to offer the most competitive prices out there.

Just remember, though, even if you don’t choose us, to stay clear-headed and to weigh things up calmly. Yes, this is an emotional time, but don’t let that get the better of you. For the value of this transaction, put aside your troubled heart and enter into it with a clear head.

You’ll thank yourself for it afterwards.

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