How To Sell Diamond Engagement Wedding Rings: Guidelines for Selling Expensive Engagement Rings for Cash or Trade
Receiving that diamond engagement wedding ring is the thrill that young girls and many women dream of throughout their lives. Of all the things represented by a diamond engagement wedding ring, the last thing on most women’s minds is getting rid of it after a divorce. But alas, in our society divorce has become a cultural phenomenon and once divorced what can girls do with those expensive engagement rings? Well, sell it of course, to the highest bidder.
Sometimes it’s not a divorce which triggers the need to sell a diamond engagement wedding ring, but the desire to trade up from an earlier gift of a discounted engagement ring. These guidelines will be helpful for both situations.
Find the Value for Expensive Engagement Rings
Find a good jeweler. Depending on whether the diamond engagement wedding ring is contemporary or antique, a qualified jeweler should look at it before any sale is attempted. Find a jeweler who sells unique diamond engagement rings or does repairs because someone like that will have a finger on the pulse in the jewelry industry with regards to the value of the stone.
Get an appraisal! Make sure the jeweler has the credentials and experience to appraise diamond engagement wedding rings. Jewelers who have been certified at the Gemological Institute of America (GIA) are always a high quality, safe place to take those expensive engagement rings. It’s even more important if the ring is antique because not only does the diamond engagement wedding ring have intrinsic value in the precious metal and diamonds, but the antique value must be taken into account.
Be sure to get an appraisal that is recent. Stone prices change over the years and what a ring once might have cost may have increased OR decreased in value. Ask for an appraisal for resale, not for insurance or full replacement value. When selling expensive engagement rings, generally only a fraction of its value is recoverable. An accurate appraisal will reflect the actual value of the ring at that time.
Places to Sell Diamond Engagement Wedding Rings
Before trying to sell diamond engagement wedding rings, attempt to trade it in to the jeweler where it was first purchased or another jewelry store selling diamonds. Many jewelers will offer a store credit rather than a cash price. If trading up for a larger ring, this may yield the greatest amount of money for the ring.
There are other options for selling the ring and the available time frame will dictate the best choice. Selling expensive and unique diamond engagement rings at live auction with a reserve, will often yield the highest price, especially if it is rare or antique.
Remember the auction house takes a big cut from the selling price. Discuss this with several auction houses. Check the auction house’s reputation for honesty before signing with them. Certain auction houses are open to negotiating the commission they charge.
Sell it online! Look for online auctions like eBay. Choose a reputable jewelry seller by speaking to several and arrange for them to sell the diamond engagement wedding ring on consignment. Online auctions can be very, very rough for those who don’t know the game. The seller will charge a commission fee and the ring should have a reserve to protect the value. Unless familiar with selling online, it’s best to have someone do this who has experience.
Contact several pawn shops in the area. Although a pawn shop will yield the least amount of money for expensive engagement rings, they can be sold fast and most pawn shops give the seller at least 30 days to buy it back at a reasonable price if desired. Take the most recent appraisal to show to the pawn shop.
There are a lot of shysters out there who will try to take advantage, especially of a woman who may be very vulnerable. Always get more than one opinion from those trying to buy any engagement ring. Remember to never allow any jewelry or diamond engagement wedding rings to be taken out of site when negotiating a sale, and never allow anyone to remove the stone until after having received payment. It’s too easy to replace the stone with one of lesser value. Time and patience are a seller’s friend. The longer a person can wait to sell a unique diamond engagement ring, the more money can be made.