How To Sell Your Engagement Ring For The Highest Price
Have you ever considered selling an engagement ring? Whether you experienced a divorce, a broken engagement, or maybe even inherited a ring from a relative, an old engagement ring can be worth a lot of money. And given current market conditions, there’s no better time to sell than right now.
However, whether or not to sell your ring is not an easy decision to make. And even if you decide you are ready, it’s hard to know how and where to do it. Will you get ripped off if you sell it to a pawn shop or your local jewelry store? Could someone on eBay or craigslist take your jewelry and never pay you?
In this article, we’ll discuss everything you need to know about selling your engagement ring. By the end of it, you will know whether you should consider doing so, the best places to sell your ring, and how to go about selling it in a way that gets you the most money, safely and easily.
- Should You Sell Your Engagement Ring?
- Do Engagement Rings Have Resale Value?
- How Much You Can Get For Selling Your Ring?
- Why Worthy is the best place to sell your engagement ring
- How long does it take to sell an engagement ring?
- How to sell your engagement ring online with Worthy?
- Understanding your engagement ring’s value
- Interesting insights from Worthy’s auctions
Recently Sold Engagement Rings:
Why You Should Sell Your Engagement Ring
Some people never even think about selling their engagement ring and let it collect dust in their jewelry chest for decades. Others do consider it but for financial or emotional reasons either don’t want to sell or are afraid to. Finally, there are people who have considered it strongly but just do not know where to start. Do any of these situations describe you? If so, read on (and if not, read on anyway).
Selling an engagement ring is different from selling other types of jewelry for several reasons. For starters, because it is a diamond ring it is generally going to be worth a lot more than other gemstone jewelry or solid metal jewelry. This means the decision to sell your diamond jewelry can have a big financial impact. Because of their high value, it is also incredibly important to make sure you keep your diamonds safe and secure.
There’s also the emotional factor. An engagement ring is loaded with strong memories and emotions - likely some good and some not so great. Whether you are divorced or have another reason for selling a diamond ring, just the memories evoked when you look at the piece can be emotionally exhausting.
But if you are ready, there has never been a better time to sell your diamond. This is because market factors have driven demand higher and higher while supply has been cut. This means that by selling now you will have the opportunity to make far more money from the sale than you could have in the past. And every dollar you earn is more financially helpful than a piece of jewelry sitting in your bedroom drawer.
Moreover, by selling your valuable, you can get rid of some of the emotional clutter that may be weighing you down. You can let go of negative feelings, a material item that takes up space and carries emotional baggage. And you can even use the money you earn to pay down debt, invest, start a venture, or just buy yourself something fabulous! That sounds like a pretty good deal to us.
Do engagement rings have resale value?
Yes, engagement rings do have resale value because all diamonds and diamond jewelry have resale value. But, many people are shocked and disappointed to learn that the resale value of an engagement is almost always far below its original retail value. In other words, when you buy a new ring it will be at a far higher price than the price you can sell it for later.
In general, a piece of diamond jewelry is not an investment like a share of stock, a house, or even a precious work of art. While those investments are expected to increase in value over time, buying a piece of diamond jewelry is more like buying a new car: it almost always goes down in price over time. That’s why diamond jewelry is not generally an investable asset.
How much does a diamond ring decrease from its original retail price? Generally, you can expect a diamond ring to decrease in value from somewhere between 40% to 80% of its original sale price. So, if you originally purchased an engagement ring for $1000, you may be able to resell it for somewhere between $200 - $600 depending on a variety of factors.
This does not mean a diamond ring has zero resale value. Far from it. A piece of diamond jewelry can still be a substantial financial asset for its owner. For this reason, it is almost always worth selling an engagement ring that is no longer needed and wanted.
Why does the price of a diamond ring decrease so much from its original retail value? One reason is that the original sale amount price factors in the entire diamond ring production process from mining to setting to marketing. Furthermore, diamond retailers have significant overhead costs like keeping a physical retail store open and stocking it with inventory. All of this gets priced into the original value of the ring as well.But a local diamond retailer is not going to buy your ring from you at that price. After all, the only reason they would purchase your ring at all is to go ahead and resell it again. But to do so at a profit, they have offer you a price far lower than their final sale price. If they plan to resell your ring for $10,000, they won’t make a profit if they pay you $10,000 first. That’s why they will only pay you something like 20% to 60% of its resale value.
How Much You Can Get For Selling Your Ring
We’ve now covered the bad news. When you sell a pre-owned engagement ring or any other diamond jewelry, you are not going to get retail value for it. In fact, you likely won’t get half, and may even be paid far less.
That’s because most people willing to buy your jewelry will make far more profit by paying you as little as possible for your ring. Plus, diamonds are not investments like stocks or real estate - they don’t go up in value over time.
But, you can still get a lot of money by selling your diamond, and you should. But in order to do so you need two things. The first is an estimation of how much your jewelry is really worth. The second is being able to find someone willing to pay you that much for your diamond. But you can definitely do both of these things, and we’ll explain how.
The most important characteristics to consider when estimating the value of a diamond ring are known as the “4 C’s.” These refer to carat, cut, color, and clarity. All four of these attributes will go a long way in determining a ballpark of what someone may be willing to pay when you sell your engagement ring.
The 4 C’s are not the only features that matter. Other characteristics that play a role in determining a diamond ring’s worth include the shape of the diamond, the precious metal in the setting itself, as well as any side stones present with the ring. But these other characteristics will likely matter far less and may not affect the overall value much at all.
WHERE YOU CAN SELL YOUR ENGAGEMENT RING
Finding a place to sell your engagement ring is usually easy. Finding someone trustworthy who will pay your top dollar for it? That’s extremely difficult. In other words, you have a lot of options, but not a lot of great options.
Probably the first place you’ll think of is your local jewelry store. In fact, that may even be the shop where your ring originally came from.
But there’s no way they are going to give you anything even remotely close to what you paid for it. And they will probably pay you significantly less than market value. They have to in order to cover their overhead costs and earn enough profit when they turn around to re-sell it.
Pawn shops may not always have the best reputation, but they certainly will be able to buy your engagement ring and give you fast cash. If you are having a true money emergency, maybe this quick payment is your best option. But you are likely getting paid pennies on the dollar.
Consignment shops will likely pay you more than a pawn dealer will. But, they take a long time to move the merchandise and will likely charge a considerable commission on your sale, often 20 - 30% or more. And, there’s no reason to think that the ultimate buyer is going to pay you market rate —or better— for your ring.
Finally, you can sell your engagement ring online. Selling your engagement ring online is the fastest and easiest way to do so. There will be plenty of buyers online happy to take your ring off your hands.
But selling an engagement ring online can be a problem as well. Internet sites like craigslist, eBay, and Facebook marketplace have a ton of sales competition. This means that the price of your ring will be driven down due to high supply.
Plus, the presence of scammers on these online platforms increases your risk of getting ripped off and may make buyers too afraid to trust you. So while selling your engagement ring online may be easy and fast, there are definitely major drawbacks as well.
The Best Place To Sell An Engagement Ring
Worthy is the best place to sell your engagement ring online — and better than your in-person options, too. As a tech startup leveraging our innovative auction platform and the expertise of our curated network of jewelry buyers, we know how to get you the best price for your jewelry. And when you sell with us, you can do it safely, conveniently, and quickly.
When you sell your ring with Worthy, we take care of all the gemological lab grading, cleaning, and photography of your diamond for free. This way, our buyers know what they would be getting when they bid on your jewelry at auction - and will be willing to pay much more for it. Here’s how the process works.
HOW TO SELL YOUR ENGAGEMENT RING ONLINE WITH WORTHY
Once you’ve decided to sell your engagement ring online with Worthy, you can use the form below to submit a description of your jewelry to us. If your ring qualifies, we will assign you an account manager that can help you with every step through the process.
You’ll receive regular updates throughout the process and have a reliable point of contact if any questions arise.
Once your jewelry submission is complete and it qualifies, we will provide you with a FedEx label. Schedule your secure FedEx pickup, which is fully insured by brokers at Lloyds of London. Your valuables will ship to our New York City headquarters, where they are carefully logged and entered into our 100% secure tracking system.
Once fully in our system, we get your engagement ring ready for auction by carefully cleaning it and having beautiful shots taken by professional photographers.
After your ring’s glamor session, it’s off to be officially graded by an industry-leading diamond lab like the Gemological Institute of America (GIA).
Now it’s time to create an auction listing, complete with the official lab grading and photos. Set your minimum reserve price, which is the lowest offer you are willing to accept for your engagement ring. And then you are ready to start your auction!
As you watch bids from our curated network of professional diamond buyers come in, you can sit back and relax. Once you accept the high bid on your auction, you will receive the final sale amount minus our commission. Choose a payment method and get paid fast.
Selling Other Jewelry With Worthy
Engagement rings are not the only jewelry you can sell with Worthy. In fact, we specialize in helping you sell all of your diamond jewelry for the best price on the market. Here are some of the other items of jewelry you can sell with us:
Sell Your Wedding Ring
Like with engagement rings, Worthy can help you sell your diamond wedding ring online for the best prices offered on the market. Oftentimes people who have an engagement ring to sell will also have a wedding ring to sell as well. You can sell both items together as a bundle or separately, depending on your own unique situation and whatever timing works best for you.
Sell Other Diamond Jewelry
With Worthy, you can sell more than just diamond wedding and engagement rings. You can sell diamond jewelry of all types. These include:
- Diamond earrings
- Diamond bracelets
- Diamond necklaces
- Loose diamonds
- Non-diamond jewelry / Semi Precious gemstones
With Worthy, you get to use the same innovative and cutting edge auction technology platform to sell any of these different types of jewelry. And you will have access to the same exclusive network of experienced and highly reputable jewelry buyers on the other side of your auction. So if you have any of these types of items, submit them to Worthy and see how much money you can make today!