There are many reasons why you can (or should) sell an engagement ring. It could be a divorce, a canceled engagement, financial need, or even a setting that just doesn’t suit your mood.
To make sure you get the most money for your ring, you must collect all the information you can about it, prepare it for sale, and decide where you would like to sell it.
1. Gather as much information about your ring as you can
Before you can sell your ring, you need to know exactly what you are selling. You will want to collect as much information about your ring as possible.
Here’s what you need to know before listing your ring for sale:
What is it made of
Wedding rings can be made from almost Any material, from diamonds and gold to plastic and sugar.
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Before you sell your ring, make sure you want to sell exactly what you think. It would be a shame to build unrealistic expectations just because someone has embellished the truth about the origin of your diamond.
To be sure what you have, refer to the documents that came with the ring. If you don’t have one, you need to visit an appraiser. You can find appraisers at any major jewelry chain.
Read more: 6 Meaningful Alternatives to Diamond Engagement Rings
What state is he in?
The condition of your ring will be a major factor in its value. If the silver is tarnished and your stone is dislodged, you need to either fix it to increase its value or lower your expectations of its price.
Remember, always weigh the cost of a repair against how much value it can add to your ring.
What is it worth
Valuing your ring is one of the easiest and most accurate ways to find out how much it’s worth. If you have time, having it evaluated by several different jewelers can help you find the best average asking price.
The appraisal of your ring is especially important if your ring is a family heirloom or used item, as the history of these pieces of jewelry is not always clear. In addition, the value of a ring will change over time due to factors such as inflation and the value of precious metals and stones.
Read more: How to sell legacy values
2. Decide how and where you want to sell it
There are many different options when it comes to where to sell an engagement ring. Each of them has its own advantages and disadvantages.
private sale
Private selling is more likely to allow you to get the most out of your ring because you eliminate the middleman and sell directly to the consumer. You can sell on sites like Etsy, eBay and Facebook Marketplace.
Pawnshops
Pawnshops will help you sell the ring the fastest. You can go to most pawnshops, appraise the ring, and walk away with cash the same day.
But here’s the catch: you only get a small percentage of the value of the ring. The pawn shop will have to make money, so it won’t offer you the full price.
local jewelers
Many jewelry stores will buy rings in good condition. You will meet the appraiser at the store and he will buy it back for a fraction of the price, just like in pawnshops.
Again, the jewelry store will need to make a profit, so you won’t get the full value of your ring.
Jewelry auctions
An auction house is another option for selling your ring. This is the most complete option as the auction house handles the advertising, valuation and sale for you.
You will pay a price for them to sell your ring, but if it is very valuable, you are better off leaving it at the auction house, as they may find powerful clients.
Thrift stores
Thrift stores are similar to auction houses, but many of them operate completely online. Thrift stores usually handle the selling process for you, for a percentage of the selling price.
Read more: Forget Craigslist: 7 Safer Alternatives to Buying and Selling Online
3. Prepare the ring for sale
One of the best ways to make sure you get the most out of your ring is to make it as presentable as possible. Make sure you:
Clean and repair
Ring cleaning is often free, especially if you did it where the ring was purchased. Tiffany is a good example of this by offering free cleaning for all Tiffany & Co. products.
You can clean the ring at home, but be very careful. You don’t want to do anything that could damage the stone or setting, resulting in a lower price.
If the listing is online, create an attractive ad
If you’re taking the DIY approach and listing your ring online, make sure the ad accurately describes your ring. There is no point in embellishing the truth, as anyone who comes to look at the ring will most likely notice the false advertisement.
Also, take good photos of the ring in the right lighting. As with any other advertisement, the better the images, the more attractive the product looks and the more buyers you will attract.
Gather all the documents you have
Most sellers need a paper trail to make sure they don’t overpay for a ring. Before selling, make sure you have all the original documents that you can pass on to the new buyer.
If not, go back to the store where it was purchased and see if they have a record of the sale.
4. Sell your ring!
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Finally, we got to the part where you get the money in hand. But before you blindly accept a wad of cash, there are a few small tasks that need to be done.
Consider drafting a bill of sale
Drawing up a bill of sale can protect you and your buyer from any misunderstandings.
List who is selling the ring (you), who you are selling it to, and how much you are selling it for. If there are any other agreements you have come to, make sure they are listed as well. It could be a simple handwritten sales contract, just make sure you sign it.
Meeting in a neutral place
If you need to meet a potential buyer in person, avoid meetings at home. Meet in a public place and even consider taking someone with you. It never hurts to be careful.
Summary
Selling your engagement can be an emotionally charged situation, so by taking the time to sell, you can be sure you’ll get the price you deserve.
When you’re ready to sell, there are options for each type of seller. If you want to be actively involved in the process, listing the ring for sale yourself can mean a higher price. If you don’t want to spend time researching and listing your ring for sale, consider pawnshops, thrift stores, and auctions.
Featured Image: Atsushi Hirao/Shutterstock.com