You probably never expected to think about selling your engagement ring, but it happens more often than you think.
Tastes change, your ring finger changes size, relationships sometimes end – these things happen! And when they do, it’s good to know there are options for getting some money back from your engagement ring. Continue reading for my top tips on selling an engagement ring.
Before Selling an Engagement Ring
Before thinking about how or where you might sell your ring, take a close look at what you’ve got and how tempting it might be for a potential buyer.
The first thing I must emphasize is to be realistic! Engagement rings are a very personal purchase and that means that yours may not be to everyone’s taste.
That doesn’t mean you’re stuck. Instead, make plans knowing that the resale value for an engagement ring tends to be less than for a more generic item of jewelry. To guide your resale potential, ask yourself:
Has it been customized?
If your ring is one-of-a-kind, that may have a negative impact on your chances of selling, because it will be very specific to your tastes. That’s not to say that no one will want it, just that it’s a good idea to highlight its uniqueness from the outset. Try to attract the right kind of shopper.
What condition is it in?
This will depend on how long you’ve been wearing your ring and whether it gets any rough treatment in day-to-day life! Precious metals wear down over time and even the hardest of stones can be scratched. The first step is to have an objective look at your ring and decide how much wear and tear it has suffered.
Can it be repaired?
Some minor scrapes and bashes that befall engagement rings can be repaired by a good jeweler. If your ring isn’t in pristine condition get a quote on how much it would cost to return it to its former glory. However, don’t dive right into repairing a ring until you’ve done a little research into similar second-hand ring sales prices. There’s no point if you have little chance of making your money back!
Tip: A good cleaning can go a long way towards making a ring more salable! Make sure your ring is at its sparkling best before taking photos or showing it to customers. You can have your ring cleaned professionally or have a go at a few tried and tested home cleaning methods.
If your ring is in tip-top condition and you’re in a hurry to get it sold, it’s tempting to jump online and post it for sale. However, a little bit of research at the start can go a long way to potentially securing you a little more money. Alternatively, research can help you sell it faster by making sure you’re not overcharging.
Try the following to help determine your ring’s resale value:
- Check firsthand listings – Have a look at all the new rings currently being sold that are similar to yours. Is the style particularly popular at the moment? Or, perhaps a style that is a little harder to find? These could be good points to mention to potential buyers later down the line.
- Browse second hand prices – Spend some time browsing second hand rings in the same price bracket. This can provide a realistic idea of how much people are willing to spend.
An engagement ring is a big dollar value purchase. That means that people interested in buying your ring will probablywant reassurance on its authenticity. If you’re able to provide paperwork, it’ll go a long way to appeasing concerns.
Proof of Purchase – Do you still have your original proof of purchase on file? This can be especially handy if you bought your ring from a big name jeweler.
Grading Certificate – A grading certificate from a certified jeweler lets potential buyers know how your precious stones and metals have been graded. This will put weight behind your words and make buyers more likely to trust you.
Where To Sell an Engagement Ring
There are lots of avenues for selling your ring, so don’t limit yourself to one. If you do post a listing in more than one place, make sure to take it down as soon as it’s sold to avoid dealing with disappointed shoppers.
Best Places to Sell Your Ring
Here are some of the best avenues to sell an engagement ring:
- Reputable jeweler – If you want a fast and easy sale, a reputable jeweler is a good place to start. Do bear in mind that they will be looking to make a profit on anything they buy and may not give you a favorable price.
- eBay and auction sites – The great thing about eBay and other online auction sites is the fact that bidding may work in your favor. The thrill of the hunt can occasionally mean your customers compete and drive the price higher. Be sure to set a minimum price that you’re willing to sell for because there’s a chance only one person will bid.
- Pawnshops – These can be a good choice if you’re looking to sell a ring quickly. As with jewelers, a pawn shop won’t give you the best possible price, but they will make the process quick and easy.
- Etsy and online vendors – Online marketplaces like Etsy, Craigslist and Kijiji can be great for connecting with buyers both locally and globally. Unlike auction sites, they will expect you to set a fixed price at the outset, so you’ll have to decide how much you’re willing to accept.
Tip. If selling direct to a customer be sure to protect yourself by getting the money first and always keep proof of postage. If you’re meeting in person, meet in a safe, public place.
Selling a Diamond Ring
Not all engagement rings are diamonds. If you have a diamond be sure to have it graded by a specialist. This will give you the opportunity to show off your diamond to its best advantage.
It could be that while your ring has lost value overall, your diamond has increased in worth. If this is the case, it might be worth selling the diamond and metal band separately. A specialist will be able to give you an estimate of how much you’ll get for each component, letting you decide which is more worthwhile.
Protect Yourself When Selling Online
Selling your ring online can bring higher rewards, but can also pose a few challenges. Protect yourself from possible pitfalls with these hints.
- Provide High-Quality Photos – One of the most common reasons for customer dissatisfaction is misaligned expectations. Try to mitigate this problem by taking lots of clear photos, including plenty of close-ups. Include how the ring looks on a finger and a variety if different angles.
- Don’t Exaggerate – It can be tempting to exaggerate a ring’s advantages when trying to sell it. If you overpromise and underdeliver, you might have someone trying to return the ring after purchase. Honesty is definitely the best policy here.
- Get Proof of Postage – No matter what the buyer says, don’t ever post a high-value item like an engagement ring without making sure you have proof of postage. This will protect you if the ring is lost in transit. It will also provide proof if the buyer is tempted to claim the ring never arrived.
Tips To Get Your Ring Sold
You’ve gone to the effort of getting your ring ready for sale and no one is biting. I know you might feel disheartened, but before giving up, give these troubleshooting tips a go.
Is Your Listing Clear?
If selling online, give your listing a second look. Are your photos low quality? Are you missing vital information – like the size?
Put yourself in the buyer’s shoes and ask yourself what key information you would want to know when looking at an engagement ring listing.
Always include as much information as possible about the ring and ensure it’s crystal clear. Bullet points or short paragraphs are helpful. Also ensure you provide clear information about how you will mail the ring to the buyer, any paperwork that will accompany it, etc.
Is Your Ring Unusual?
If your ring is an unusual size (hello petite fingers!), there will be a smaller group of buyers. Consider selling the stones separately.
Highlight the Positives
It can be easy to skip over some of the things that might encourage people to buy your ring. If you have grading certificates, valuations, or a uniquely-designed ring, make sure that information is front and center.
Tip: Do you have insurance? Cancel or amend this as soon as you make a sale to save on premiums!
Selling an engagement ring might be easier than you expect, especially if you’re able to put in a little groundwork. Make sure you’re emotionally ready to pass it on, and look forward to giving someone else their dream ring.