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 sell 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.
In this article, find:
- Why You Should Sell Your Engagement Ring
- Do Engagement Rings Have Resale Value?
- How Much Money You Can Get For Selling Your Ring
- Where You Can Sell Your Engagement Ring
- Worthy: The best place to sell your engagement ring
- How to sell your engagement ring online with Worthy
- Selling Other Jewelry Online With Worthy
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Why You Should Sell Your Old 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, 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 engagement ring. 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 item, 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 and other diamonds have lots of resale value. While you won’t get as much as the original retail price, you can get a significant portion of retail value back when you sell your diamond. And by holding on to a diamond you don’t want or need, you are not recouping any of that money 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.
Physical Locations
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 local jewelers are unlikely to pay you anything close to the full market value of a ring. And if they will, it is likely after you have done much research and received estimates from a handful of different local jewelers. After all, They have to in order to cover their overhead costs and earn enough profit when they turn around to re-sell it.
Another type of jewelry buyer, 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 compared with other buyers.
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. This is called the “consignment fee”. And, there’s no reason to think that the ultimate buyer is going to pay you market rate —or better— for your ring.
Selling Your Engagement Ring Online
Finally, you can sell your engagement ring online. Selling your engagement ring online is often 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.
Worthy: 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.
Hear from our sellers
Our sellers are very vocal about their positive experiences with us. See what they have to say as you prepare to start your jewelry selling journey.
Selling Other Jewelry Online 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!