Are you deciding whether or not you should sell your engagement ring?
You are probably wondering:
“Where is the best place to sell your engagement ring?”
“How much will I get for my engagement ring?”“What do I need to know when selling my engagement ring?”
And, maybe the most difficult question, should you sell your engagement ring at all?
We often get calls or walk-ins from men and women wanting to sell their diamond engagement ring. Sometimes they need the money, and other times they just want to never see it again. In any case, the decision is usually difficult. We all want to get the most value when selling something that has so much emotional attachment.We understand that this is a tough decision, both financially and emotionally. So, we wrote this article to answer those questions and simplify the process of selling your engagement ring.
Knowing what you have
First, it’s very important that you know what your engagement ring really is – in regards to the 4Cs, it’s history, and so on – before you go to sell it.
In many cases, a woman looking to sell an engagement ring doesn’t have a full understanding of what her rings true characteristics are.
Maybe it was unconditionally gifted to you by your ex.
Maybe it was passed down to you from a previous generation in your family’s lineage.You might have been told it’s a rare vintage ring setting from some designer of the past and the diamond is of excellent cut, color and clarity. It may appear that way to the naked eye, but what if it’s not? It’s best not to have high expectations.
If you don’t have documentation on the engagement ring and diamond in question, it’s important to do as much research as you can on your ring.
It’s even better if you can talk to an expert.Trying to find out all about your ring can be quite tiresome.
Luckily, you can skip the appraisals and all of the headaches by choosing the best place to sell your engagement ring.
What’s the best place to sell an engagement ring?
We’ll make this easy for you.
Pawnshops – NOT
Forget about pawn shops. They will try to pay the lowest possible value of it intrinsically. This means they will pay far below the wholesale market value of the gold or platinum. And, they will go even lower on the diamond’s wholesale value. They aren’t pros when it comes to jewelry, they sell everything. So they have a just bit of knowledge about it all. They will be worried they are overpaying for a diamond. Thus, they will go as low as possible to play it safe.
Direct to consumer – NOT
You could attempt to go direct to the consumer. This has it’s own risks and headaches. Firstly, you need to know exactly what you have. So, you will have a lot more research and work to do. You’ll also need to get an official appraisal.
What’s more, you will need to get it cleaned, and you need to understand that the appraisal value is not even close to what you are going to get. If you sell direct to consumer, you will be dealing with people who want to get a ring for cheap. We are talking significantly lower than what was paid for it. If the consumer is not going to get a great deal, why wouldn’t they just go directly to a jeweler or buy from a well-known online jewelry store and get one brand new? They’d get the same thing, but new, and with new packaging, warranties, lifetime aftercare, and so on.
Consumers want to buy used goods for a low price, it’s the nature of buying pre-owned goods. They want an incredible deal. Moreover, selling on sites like Craigslist and eBay have their own scam risks AND they take a service fee for the transaction, which can be up to 20% depending on the platform you choose (i.e. Worthy has a 20% service fee).
Local Jeweler – YES!
We specifically recommend going to a local jewelry store rather than a big chain jewelry store because local jewelers are more personal and will appreciate the relationship aspect of buying your engagement ring. They typically offer a more intimate vibe. In our experience, local, reputable jewelry stores offer the best resale value too. Moreover, they won’t require an appraisal, as they are experts and will know how to value it (this is why you need a trustworthy jeweler, and it’s best to have some knowledge about diamonds). Furthermore, they won’t worry if it’s a bit old looking and dirty, as they can easily polish and clean it up to look brand new.
If you have a certificate from GIA, they will honor it. So definitely bring this along if you have it.
How to choose the right jeweler to sell your engagement ring?
If you want to choose the best jewelry store to sell your engagement ring, you need to do your due diligence:
- Check reviews online.
- Call up their local Better Business Bureau to see their rating.
- Give the store a call and ask some questions to gauge their customer service.
- Try to get in touch with others who have sold jewelry to that specific jewelry store.
What is the best place to sell an engagement ring in South Florida?
Raymond Lee Jewelers in Boca Raton! We’ve been doing this for over 30 years and we have made this very same difficult process simple and pain-free for countless people.
About Raymond Lee Jewelers
We are a multigenerational family business in Boca Raton committed to continual growth and a reputation for fair, ethical dealings. We buy, sell, trade, appraise and offer collateral loans for luxury jewelry. We are confident when we state that we are the best place to go to for all engagement ring and jewelry transactions. We have been told on countless occasion that we offer more than pawnshops and other jewelers in the area. Our integrity to the people of our community and our BBB A+ Rating has been intact for over 30 years and we don’t plan on ever breaking that.Sell your engagement ring
What is the best site to sell rings?
We also buy and sell rings via online. Visit our site to get started. If you have any questions, please don’t hesitate to give us a call or send us an email – contact page.
Insurance Appraisal vs Selling Price
It’s important not to confuse the insurance appraisal value with the actual resale value. When done for insurance purposes, the value is always higher. For example, if your engagement ring was appraised at $20,000 for insurance, you are likely to get $5,000-$6,000 when you resell it.
“How much can I sell my engagement ring for?”
Most places that buy engagement rings will offer you less than the wholesale value of your engagement ring. Raymond Lee Jewelers will offer you the high end of the wholesale price of your engagement ring. We have to buy it for a wholesale price because we need to mark it up to sell it and make money to maintain our business. We believe in complete transparency so we have no problem telling it how it is.
“How much is my diamond worth?”
This depends on a few factors:
- What are your diamonds 4Cs – Carat weight, cut, color and clarity.
- Does your diamond have any damage to it (yes diamonds are hard but they can get damaged/chipped)
- Does it have any special history.
Because of this, we can’t give you an exact number for how much you can sell your diamond for. On average it’s around 20-70% of the retail value.
If you know your 4Cs, then you can do some simple math on this:
Here are some sample diamond retail values. Match your diamond closely with one of these then multiply it by around 50% and you have an approximate value of your diamond.
Sample Diamond Prices:2.04 carat round brilliant diamond – Good Cut, M Color, SI1 Clarity: $7,956 2.08 carat round brilliant diamond – Excellent Cut, G Color, VS2 Clarity: $25,459
“How much is my ring setting worth?”
This also depends on a couple of factors. Will the jeweler buy it for its intrinsic value or will they buy it based not the brand/designer.
If the ring setting if from a well-known brand, it can be sold for a higher value, because it will receive a portion of the retail value, rather than just a portion of its intrinsic value. A portion of the retail value will be higher because it was sold with the intrinsic value in mind originally as well as the designer branding.
What designer brand ring brands will be bought as is?
The giants like Tiffany & Co. Harry Winston, Cartier.
Also, smaller but well-respected designer brands like Gabriel & Co., Veraggio, A. Jaffe, Henri Daussi, Simon G, and Tacori can be sold for what they are, not the intrinsic value.
What does Intrinsic value mean?
Intrinsic value is the value of the precious metal at its original melted state…and the value of the gemstone as well.
If it’s a custom ring, then it will likely be valued on its intrinsic value.
What is the intrinsic value of my ring?
Bands typically come in 18k or 14k white, yellow, or rose gold. If it’s not gold, it’s Platinum.
Let’s do some math here for an 18k gold band.
Pure gold is 24k, so an 18k gold band is 75% pure gold. If your band weighs, say, 10g, then you can multiply that number by 75% (10 x 0.75) to get your total amount of gold – in this case, 7.5 grams of gold.
From here, you need to find out what gold is worth per gram at the current time. At the current time of writing this post, gold is worth $41 per gram. So here’s the math: 7.5g x 41 = $307.50.You can do the same type of math for Platinum.
Now, you aren’t going to get the exact price because, again, the reseller needs to make some money. You will likely get around 70% of the retail value of gold or platinum. This is pretty good.
Remember, if your ring setting has other gemstones, you need to get paid for those as well. Small accent diamonds aren’t worth very much, though. Unfortunately.
How to know if the price you are offered is fair?
When you get a selling price, take your time to think about it and do some research. See what similar rings have sold for online. This is when eBay becomes useful. It’s a good place to do research on market value. At this point, you should know enough about your ring to do so.
Can I legally sell my engagement ring?
This is kind of a tricky question and subject.
Disclaimer: We are not lawyers or a law firm and we do not provide legal advice.
So, we highly recommend that you consult a lawyer if you have any question regarding selling your ring. People get sued every day for things like this.
Typically it depends on a few factors whether the woman or man can keep the engagement ring and sell it, such as:
- Was the wedding broken off?
- Who broke it off?
- Were you married?
- Was there a prenuptial agreement?
- Was it an heirloom?
Each state has different laws so you should consult a lawyer in the state where you reside.
Other options besides selling
If you don’t want to sell the ring. You have some other options.
- Let her keep the ring (or for women, give it back to the man).
- Repurpose the ring (make a new ring or piece of jewelry).
- Trade it in for another piece of jewelry.
- Keep it in hopes that the value goes up.
Selling your engagement ring can be a tough decision and it can also be quite emotional. You should never rush when making this kind of decision. Weigh your options and make your decision when emotions subside a bit. It’s also best to do the right thing, and sometimes it hard to see what the right thing to do is until you take time to think it over carefully. It’s also smart to get advice from a trusted friend or family member. It’s even better to discuss this with your ex-partner.
If you are sure you want to sell your engagement ring, please contact us and we can help you get the process started. We make it simple and pain-free. Our goal is for you to walk away satisfied, putting the past where it belongs…in the past.