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

POSTED IN: Diamond Appraisals, Diamonds, Divorce, Engagement Rings, Selling Diamond Rings, Selling Engagement Rings, Selling Wedding Rings

I’m so sorry things didn’t work out. All I can say is that I hope the future will be brighter than the past. And it very well might, you know. Life is riding a rollercoaster with a blindfold on. Who knows what direction you’ll go in? Whether the ring represents something that once was and isn’t anymore, or something that never happened, it’s usually best to sell it and try to recoup some of the money invested in the engagement ring. No reason to keep an expensive token around that elicits bad feelings.

The big question then is, how can you make sure that you get the best price?

Don’t jump before you look

Well, 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.

The worst thing you can do is run down to the pawn shop and take the first price the person behind the counter gives you.

Instead, try to keep emotions out of it. If that’s not possible right now, then why not wait a while with selling it till you can see things more clearly? After all, the value of the ring won’t change substantially a month or two 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. A GIA (or similar) certificate not only proves the authenticity of the diamond, but also its exact measurements (the 4C’s). This allows for more objective pricing of your diamond.

One lady recounted how, her friend had a $20k ring, and they offered her $4k for it. Ouch! You don’t want that to happen. So if you’ve got the original supporting documentation include it whenever you try to sell your ring.

I’m sorry, you’ll not get what you paid for it

Even then, you’re unlikely to get back what you paid for that diamond. Yes, that’s a low blow. Still, it is hard to avoid. It’s an unfortunate thing about these stones. The retail value (what you buy it at) and the wholesale value (what you sell it at) will differ significantly.

That’s the case for a lot of products, of course. The old saying about the car losing thousands of dollars in value as soon as it’s driven off the lot. The difference between new at a retailer and even slightly used can be significant when a salespersons’ livelihood exists on the markup.

Fortunately, the precious metals tied up in your ring 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.

If your diamond engagement ring is has a gold or platinum band, or if you’re also selling a wedding band, those metals have more straightforward pricing based on their intrinsic value. If you sell to us, or a jeweler, you should also be compensated for any other stones included on your ring. Of course, your ring might also be purchased for resale as-is, so the more desirable the design the better odds that it won’t just be purchased for scrap.

Selling your wedding band too? It’s common to sell those too, and we have a blog about how much you can usually sell a wedding band for after a divorce.

What you want to know is how much precious metal you’ve got and how pure it is. Check out our gold value calculator to get a better idea of what to expect.

Emotional value is not the same as financial value

Another thing to remember: the price you’ll be offered 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. It may sound cold-hearted, but the diamond buyback business is an unemotional one.

Still, the person who is buying your ring is doing so either to sell it or repurpose it. Yes, they no doubt understand your heartache. But that won’t help them when the next buyer comes along.

Please don’t blame them.

Tip: If you don’t want to sell your diamond but are uncomfortable with the memories attached, consider having it repurposed into a different piece of jewelry that you can enjoy. A different ring, necklace, bracelet, or something else that doesn’t have the same memories attached.

Check your options

The best thing to do, even if you do have the supporting documentation, is to get your ring appraised again (at least if it’s worth a significant amount). Yes, this might cost you some money. Still, if you find somebody qualified who gives you a full accounting, then you’re in a much better position.

Please note, “free” appraisals can be quite expensive. Some buyers will try to low ball the number to then buy the ring from you at a bigger profit. Better to get an independent opinion and then proceed from there.

At Cash for Gold Mailer, we don’t lowball you on the price of your diamond. We’ll tell you exactly what you have, how much we can pay for it, and why. The same goes for the gold, platinum, and other gemstones that make up your ring. You can learn more about our diamond engagement ring buying here.

Where to sell your diamond engagement ring?

Today, you’ve got a lot of options for where you can sell your ring. Yes, there is the local pawnshop, like days of old. That can be a good choice if you pick the right one. Make sure that you pick one that is accredited and that has a good reputation (check all their reviews!). Your best bet is one which has a lot of traffic. The reason is that the more people sell their goods there the less profit they need per item to stay in business.

That means they can offer you a better deal.

Another choice (which we obviously think is better – though admittedly we’re a little biased) is to sell it online. 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.

Even sending packages is no longer risky. You can thank FedEx for that. They rarely lose anything anymore and even if they do, it’s fully insured so that you get your money either way.

Obviously, if you do have something to sell, we’d be happy (with a suitable amount of decorum considering your loss) if you choose to sell to us. We work hard to offer the most competitive prices out there. Request a free mailer today to get started. And while you’re at it, sell any extra gold, silver, or other precious metals you have that you don’t want anymore too!

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 length of this transaction, put aside your troubled heart and enter into it with a clear head.

You’ll thank yourself for it afterwards.