How To Sell Your Engagement Ring
Selling an engagement ring can be an emotional process no matter the circumstances. A divorce or breakup, for example, may initiate your desire to sell. Although there is no reason to rush through the recovery process or the transition to the next phase of life, an engagement ring is an asset you may be holding onto from a relationship that can help you move forward. You might not be sure about selling your engagement ring yet, and that’s okay. After all, it symbolizes something that was meaningful. But do you really want to see it staring up at you every time you open your jewelry box?
Take a minute to think about the many ways you would spend an extra couple of thousand extra dollars. Would you pay off debt? Or put it in savings? Maybe you would use it for your child’s education, to pay the bills, or to take a much-needed vacation.
Your engagement ring can become a financial resource and should be considered as such — when you’re ready to part with it, of course. Worthy understands that this is not always an easy step to take. When the time comes to sell your engagement ring, we know you want a trustworthy, understanding company to walk you through the process.
We specialize in selling engagement rings, as well as helping you sell other types of jewelry. We want to make this as painless as possible for you and help you get the best price when selling your diamond ring.
- Should You Sell Your Engagement Ring?
- Where can you sell your engagement 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
Should You Sell Your Engagement Ring?
Some people may wonder if they should sell their engagement ring after they get divorced. The truth is this is a very personal decision for any individual. Some people may want to hold onto their ring. But no matter who you are, selling your diamond is a perfectly valid thing to do.
Engagement rings are not run-of-the-mill pieces of jewelry. They generally have a lot of emotion and sentimental value - positive or negative - attached to them. The decision to sell your jewelry should not be taken lightly. But you also shouldn’t be afraid to let go of your ring if you feel you are ready.
When you are emotionally ready to let go of your ring, you will probably know it. You will think it’s time to release yourself from all the emotional clutter and baggage that can come with an engagement ring. And if you do decide to sell, you want to make sure you are getting the absolute best price on your sale.
One of the most important reasons you might want to sell your engagement ring is because at the end of the day, your diamond is a financial asset. But since used diamonds don’t generally appreciate in value over time like stocks or bonds, the only way to earn a return on this asset is by selling it.
Preowned engagement rings are valuable assets but unlike collectable items or antiques, they do not help you financially by sitting in your jewelry chest. However, once you sell that ring, you can take the proceeds and put it into another investment like stocks or bonds that will increase in value.
Let’s say you sold your ring for $5,000 and immediately invested that money in an S&P 500 index fund of stocks. If you earned 8% on that $5,000 for 10 years, you’d double your money. If you kept it in the market and earned an average annual return of 8% for 30 years, you’d have $50,000 at the end - that’s 10x your initial money. Compare that with the $0 you’d earn if you keep letting the diamond sit in your drawer forever.
Even if you do not invest the cash you receive from the sale right away, it’s still money in your pocket that you won’t be earning if you keep holding onto your ring. So, the financial value you receive from its sale is perhaps the most important reason why you should definitely consider selling your engagement ring today.
Where Can You Sell Your Engagement Ring:
Finding a place to sell your engagement ring isn’t difficult, but finding a place that will sell it quickly and give you a good price can be hard. The traditional routes of pawn or consignment shops usually buy for a price well below the ring’s true value. Local jewelers near you, while more trustworthy, usually cannot give you a good deal when selling a ring.
Worthy, on the other hand, doesn’t have the restrictions that traditional jewelry sellers have, which means we can sell your ring more quickly. We can also get you a much better price by presenting your item to many qualified buyers.
Here’s a rundown of where you can sell your engagement or wedding ring:
- Local jewelry stores - As trustworthy as these stores are, they will need to take a big portion of the price you get for your ring for themselves to cover their costs. Many of the retailers we talk to have no desire to purchase your ring, usually for two reasons:
- They are only going to be able to offer you a small fraction of the price, perhaps ~15% of the current retail item. Since these retailers rely on their reputation, it is not good for their brand to buy that item back, particularly if it was where you bought it in the first place.
- Many of these retailers no longer buy much of their inventory. Instead, they have access to manufacturers and traders who provide diamonds for them on what is referred to as a memo in the industry, otherwise known as consignment. Given the overarching challenges many local and independent businesses, particularly jewelers, have with cash flow, local jewelers may be reluctant to add additional owned inventory to their jewelry case. As a result, when choosing to an sell engagement ring locally, you might have to shop around, making the process long and draining-- and you probably will not receive the amount you could get for your pieces.
- Consignment shops - Much like local jewelry stores, consignment shops have their own overhead costs and therefore need to take a large percentage of the price you get for your ring. This is often 35%, if not more. Another problem is if you are in need of quick cash, consignment shops often take an incredibly long time to sell your item.
- Pawn shops - While pawnshops can be a great place to find deals on antiques and rare collectibles, they are not the best place to sell engagement rings or other jewelry. While they do give you cash on the spot, the value they offer is usually about 10% of the current retail price for a similar item.
While you do need to be realistic in the price you will get back regardless of the channel you sell in, you deserve more for your item than you will get in this channel. If you are looking to make money quickly, you can sell your engagement ring to a pawnshop, but again don't expect anything close to a fair price for it.
- eBay - There are over a million pieces of jewelry for sale on eBay at any given time so if you decide to sell an engagement ring there, you will literally be one in a million. 95% of all listed diamonds or diamond jewelry on eBay do not sell. The ones in the 5% that do are typically listed by power sellers - i.e. these are businesses selling to consumers.
The reason for this is that consumers are wary of buying from other consumers in a category like diamonds because of the expertise it takes to authenticate the item-- most people are not gemologists and do not have the tools or skills to know if the item matched the description in the auction listing.
Further, eBay has been known to have a number of dishonest participants on both the buyer and seller side, which creates additional friction in the process. Therefore, unlike shops and stores, you might be able to get more value for your ring through eBay but there is no guarantee and it may take relisting your items many times.
In addition, remember that it is the seller's responsibility to submit the ring's characteristics, meaning that sellers who do not know what they have and/or do not have a grading certificate for their diamond are both unable to either describe their items accurately, meaning that they neither know how to appropriately describe their item nor how much to ask for it.
Local online classified listing - Places such as Craigslist, Facebook Marketplace, etc are similar to eBay, but are extremely prone to dishonest actors trying to scam you. In addition, it requires meeting people in person and takes an even greater amount of your time to coordinate meetings and showing your expensive jewelry to complete strangers. We would advise you to be extremely careful when considering this avenue to sell your engagement ring or other jewelry.
- Worthy - Knowing that sellers are looking to get good deals quickly, Worthy has developed a method that nets sellers up to 2-3 times the amount they can find locally, all typically in under 2 weeks. Worthy is a selling partner that does all of the work and the only place that shares your financial interests - the more money you sell it for, the more Worthy makes.
Why Worthy Is The Best Place To Sell Your Engagement Ring
When selling your engagement ring, we know your priorities are getting the best price for your ring and selling it in a fast, safe and easy way. That’s why Worthy has developed an easy to use online auction platform. Our platform makes it easy for professional jewelry buyers to see your ring and for you to monitor the auction.
We take care of all the lab grading, cleaning, and care of your ring so the buyers know what they are getting and know your ring’s true worth. And once the sale goes through, we make sure to get your money to you quickly so you can move on.
Each engagement ring is sent to a grading lab for a full analysis, meaning sellers and potential buyers know exactly what the ring is worth. The ring is then put up for auction to a network of professional buyers who know the true value of the ring and are able to pay the highest price. That way, sellers get the deal they need without waiting around for the right buyer to come along.
We work with the best in our field to provide professional photographs, detailed descriptions, and quality marketing. We also have low overhead commission rates, so you get more from the total of the sale.
When using Worthy, you will benefit from:
- Better offers. Sell your engagement ring for more when we offer your ring to our worldwide network of professional jewelry buyers and they compete for it.
- Fast, simple process. Many of our clients tell stories of how frustrating it is to go to one local jeweler after another in search of a fair price. Worthy is different: we help you sell your engagement ring on a platform that’s fast, fair, and convenient. Grading, cleaning, photography, and marketing expertise are part of every sale. Simply schedule a FedEx pickup and we’ll handle the rest.
- You’re fully covered in insurance from reputable providers. When sending your ring to Worthy for auction, you will receive a prepaid, fully insured shipping label. Insurance remains in place until your item is sold to the buyer.
- Complimentary grading for every ring. Understanding what you have is the key to obtaining a fair price for your engagement ring. All rings are graded at a leading gemological laboratory such as GIA (the Gemological Institute of America).
- Work with your own account manager. Your Worthy account executive answers your questions and walks you through each step of the process so that you're never left in the dark. You remain updated as the auction progresses and you always know where your ring is and what is happening with it.
How Long Does It Take to Sell An Engagement Ring?
The amount of time it takes to sell an engagement ring depends very much on what type of place you decide to sell through. The quickest option is most likely to be your local pawn shop. They will turn around cash for your ring perhaps on the spot.
The problem with this approach, however, is that you are generally going to sell your ring for far less than you could somewhere else. Pawnshops are trying to make as much cash on your ring as possible, so they will tend to pay you the lowest amount they can get away with and then sell it for as much markup as possible.
On the other end of the spectrum, consignment shops will probably get you more cash than a pawn shop, but the sale can take a long time, even many months. If you are looking to earn a fair amount for your ring but in a timely way, consignment shops are probably not the best option for you.
Selling your engagement ring through Worthy helps you get the best of both worlds. By using our online auction platform, we will be able to get you the best prices for your jewelry. On the other hand, our turnaround time averages 10-14 days. While not quite on the spot cash like at a pawn shop, it’s much quicker than options like consignment stores and likely to get you as much money as possible in the end.
HOW TO SELL YOUR ENGAGEMENT RING ONLINE WITH WORTHY
Once you’ve researched where to sell your engagement ring and decided Worthy is the way to go, we’ll assign you an account manager. This expert team member will help you every step of the way, so you won’t have to worry about a thing. You’ll receive regular updates throughout the process and have a reliable point of contact if any questions arise.
Follow the steps laid out below to sell an engagement ring with Worthy.
Free Secure Pickup - Describe your valuable and schedule a secure shipment. Your valuable will be shipped to our offices via FedEx and fully insured by brokers at Lloyds of London.
We Do All The Work - Once your item arrives at our offices, it is screened and put into our secure tracking system.
We get your valuable ready for auction by carefully cleaning it and having beauty shots taken by professional photographers.
Then it’s off to be graded by an industry-leading diamond lab like GIA, GSI, or IGI. Watches are inspected by Central Watch in NYC.
Now it’s time to create an auction listing, complete with the lab grading and beauty shot.
Set your reserve price, either by using our recommended price guarantee or setting a manual reserve price.
Start your auction!
Get paid - As offers from vetted professionals come in, you decide what offer to choose. Once the auction has concluded, you will receive the final sale amount minus our commission. Choose a payment method and get paid fast.
Recently Sold Engagement Rings:
Understanding Your Engagement Ring’s Value
When selling an engagement ring, it’s very important to understand how diamonds are valued - after all, they play starring roles in most engagement rings! Learn more about some of the key features that professional jewelers look for when assessing the quality of diamonds. You may recognize them as “the 4 C’s.”
- Cut: Even though diamonds come in a variety of intriguing shapes, the term “cut” refers not to the outline or shape of a diamond, but to the angle, number, and type of edges or facets on the diamond. High-quality cuts offer more sparkle and shine since they reflect light better than low-quality cuts.
- Color: While fancy colored diamonds are gaining popularity, most engagement rings continue to feature white and colorless or “clear” diamonds. The less color a diamond has, the easier it is for light to pass through it, and the easier it is for those same lightwaves to be reflected and seen outside the diamond. Since the color change from one grade to the next is extremely subtle and nearly impossible to detect with an untrained eye, color determination is among the chief aims of professional diamond grading.
- Clarity: Most diamonds contain microscopic defects called inclusions. The more inclusions a diamond has, the more difficult it is for light to pass through. Clarity is a term that refers to the number and type of inclusions. The fewer inclusions, the more valuable the diamond.
- Carat: Weight or “carat” is among the most important factors when determining a diamond’s value. The larger the diamond, the rarer it is and the more valuable it is likely to be.
We also consider the ring itself. The type of precious metal that it contains contributes to its overall value.
Insights from Worthy’s AuctionsWhile we certainly think that Worthy is the best place to sell an engagement ring, we are not the only ones. We like to back up our claims with research and facts, so you can be sure you’ve chosen the right company to sell your engagement ring.
- 82% of our auctions last year were for bridal jewelry, either bridal sets (engagement and wedding ring) or a diamond solitaire ring.
- And when it comes to style, the three most popular ring styles in our first-quarter auctions of 2021 were bridal sets, solitaires, and halo settings. These three accounted for more than 90% of all our auctions.
- Do you have a round-cut engagement ring you’re looking to sell?
54% of Worthy’s 2021 diamond ring auctions were rounds.
- Worthy closes 85% of the value that goes to auction, a very high success rate in closing deals for top dollar!
However, you shouldn’t just take our word for it. Worthy has tons of reviews across the web from people who have sold their jewelry through Worthy that show why our auction platform is the best place to sell your engagement ring or other items. Check out our reviews on sites like Trustpilot, Sitejabber, Google, Wealthy Single Mommy, and Millennial Money now.Learn more about how the auction process works at Worthy and all the facts you need to sell your engagement ring. When you're ready to take that next step forward, we're ready to walk beside you. Get a fair price for selling your engagement ring and enjoy a simple, straightforward process with a company that cares.