There are many reasons why someone may want to sell their engagement ring. Whether the marriage ended in divorce, or they are in need of extra funds, or perhaps you’ve simply fallen out of love with the ring. There are many perfectly valid reasons to sell an engagement ring, but when it’s time to sell you want to be able to do it quickly and get paid fast, right?
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.
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.
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:
These are a traditional selling option for rare and extremely high-value items. Auction houses staff gemologists who can accurately evaluate and price your engagement ring. But selling your engagement ring with an auction house is a slow process. You will need to wait for an auction to be held and for your ring to actually be bid on, which can take months if it sells at all. Furthermore, if your ring is bought, the auction house will take a sizable percentage of your earnings.
These are considered to be 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. This means that you will be losing out on profits you could have made elsewhere.
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 need to wait months for anyone to inquire about the ring and you have no guarantee that it will sell. You will also need to be careful of potential scammers who only feign interest in buying the ring.
Expert engagement ring buyers, such as WP Diamonds, have the necessary experience and network of industry connections in order to provide you with a competitive offer for your ring. WP Diamonds’ 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.
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. But 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.
Todd Gray is a professional diamond buyer with 30+ years of trade experience. He loves to teach people how to buy diamonds that exhibit incredible light performance! In addition to writing for Nice Ice, Todd "ghost writes" blogs and educational content for other diamond sites. When Todd isn't chained to a desk, or consulting for the trade, he enjoys Freediving! (that's like scuba diving, but without air tanks)
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