There are many reasons why someone may want to sell their engagement ring. Sometimes the marriage ends in divorce, or they might need extra funds.
Perhaps they’ve simply fallen out of love with the ring. There are many perfectly valid reasons to sell an engagement ring.
However, when it’s time to sell you want to be able to do it quickly and get paid fast, right? Consequently, there is no shortage of engagement ring buyers today. But, how do you know who to work with?
Keep reading as we guide you through the most popular engagement ring buyers. But if you're in a hurry, our top picks are Blue Nile and WP Diamonds.
1. Gather information about your engagement ring:
Before you can start meeting with engagement ring buyers you need to understand your ring’s characteristics. This information will help potential buyers establish the ring’s resale value and provide you with a price quote.
At the very minimum, you should know your engagement ring’s 4C’s: carat weight, color grade, clarity grade and cut grade (cut grade only applies to round diamonds).
If your engagement ring came with a diamond grading certificate upon its purchase, such as a GIA report, all of this information can be found there.
If you do not have any paperwork for your engagement ring and are unsure of its characteristics, you can still sell the ring. You can meet with a local jeweler to get a rough idea of your engagement ring’s traits. A quick, verbal valuation is typically free of charge.
2. Find a reputable engagement ring buyer:
When it comes to selling your engagement ring, you want a trustworthy buyer that provides strong prices. Below are the most popular engagement ring buyers each with their own benefits and drawbacks, consider which buyer is best for you:
Should you sell your e-ring to an auction house?
Auction houses like Sotheby's are a traditional selling option for rare and extremely high-value items. They staff gemologists who can accurately evaluate and price your engagement ring.
However, choosing to sell your engagement ring through an auction house can be a slow process. First, you will need to wait for an auction to be held. Then, you have to hope that somebody bids on your item. The process can take months, if your ring even sells. In addition, the auction house will take a sizable percentage of your earnings as their commission.
Are Pawnshops a good place to sell your ring?
Pawn Shops are a quick and convenient method to get paid for your engagement ring in cash. While this sounds very tempting, keep in mind that pawnshops do not employ gemologists with the necessary skills to properly evaluate your engagement ring.
To make up for their lack of in-depth knowledge of the second-hand engagement ring market, pawnshops typically provide customers with low offers. That means that you will be losing out on profits you could have made elsewhere.
Is it a good idea to sell jewelry online via classified ads?
With user-friendly websites like eBay, Craigslist, and Facebook, it is easy to create a private advertisement for your engagement ring. With your own ad, you are able to set your sale price and sell your ring directly to its buyer.
However, accurately pricing your engagement ring is difficult without the necessary understanding of the second-hand engagement ring market.
You may also need to wait months for anyone to inquire about the ring and there is no guarantee that it will sell. You also need to be careful of potential scammers who only feign interest in buying the ring.
Expert Online Engagement Ring Buyers:
Most of our clients choose WP Diamonds when they want to sell their jewelry. They have the experience and network of industry connections in order to provide you with a competitive offer for your ring.
Plus, their team of GIA trained gemologists can accurately value your diamond jewelry and provide a fair and honest price. Their service is fast, free, secure and easy. The entire process of selling can take as little as 24 hours.
Fill out their simple online form to receive your bespoke price quote. You then have the option of selling online or via appointment. There are no hidden fees or commissions, so the final amount you hear is exactly how much you will be paid.
The best way to sell your engagement ring:
While there are a variety of ways to sell an engagement ring, the fastest and safest way to sell your ring for the best price is to an expert diamond buyer, such as WP Diamonds.
We recommend that you always do your research and thoroughly check the buyer’s online reviews and company credentials before choosing who to work with.
However, the bottom line is that selling your engagement ring can be a quick and easy process as long as you work with a reputable company.