HomeFinancial PlanningHow Do I Sell My Engagement Ring? 7 Ways To Do It

How Do I Sell My Engagement Ring? 7 Ways To Do It

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Sell my engagement ring

Tell anyone, “I want to sell my engagement ring,” and you’ll most likely receive some gasps. Engagement rings are always loaded with memories, whether the relationship has worked out or not.

At some point, you said the big, fat “Yes” when your other half popped the question. So, why would you sell your engagement ring?

Reasons to sell my engagement ring

Perhaps you’re getting divorced or have called time on your engagement before the big day? And for those who are happily married, maybe you’ve financed a ring upgrade to a glitzier model?

Or, if times are bad, you might just want to cash in your prized possession to keep a roof over your head. And there’s no shame in that, even though it’s a clanger of a decision.

Whatever the reason, once you’re sure you’re ready to part ways, you’ll want to get an excellent price for your gem. This guide will make sure you do!

If I sell my engagement ring, what can I do with the money?

If you’d like to sell your engagement ring, here are some ways to use the proceeds of the sale.

Create an emergency savings pot

An emergency savings account is crucial. Everyone should try to keep at least three months’ salary squirreled away to cover unexpected costs. For example, if the water heater breaks down or your car needs new tires.

If you’re the sort of person who blows their spare cash on nights out or weekends away, then selling your engagement ring could be a way to finally get that pot of cash together.

Pay an unexpected bill

According to Bankrate, approximately only 4 in 10 Americans have enough savings to pay for an unexpected expense of $1,000.

So, what should you do if you get a surprise bill for $2,000 to fix your roof? If you have an engagement ring knocking around, selling it could be a way to pay that bill without getting into debt.

Save for a downpayment

The average downpayment for a house in the US is 6% of a borrower’s loan value – not a small amount by any means!

If you’re struggling with your financial goal of getting a downpayment together, or if you’re nearly there and need a little more, an engagement ring sale could swing the difference.

Invest the cash

Consider investment opportunities if you’re not in a huge rush to spend the cash. You could use the money to invest in stocks and shares or buy a rental property. This could be a great way to catch up on your retirement savings.

How can I get the best possible price when I sell my engagement ring?

There’s no single “value” for your engagement ring. You’ll receive as much as someone is willing to pay for it. But you can ensure the odds (and, more importantly, the price) are in your favor by going through these steps.

Gather relevant ring documentation

The first step is gathering all your engagement ring documentation. This could include a certificate of authenticity, an appraisal, or even the original sales receipt.

If your ring is vintage or antique, you might not have any of these things, but it’s still important to know what you have. The more provenance you can offer a buyer, the more they’ll be willing to pay – it’s that simple.

Get a formal appraisal

A formal appraisal will give you an accurate value for your engagement ring, which you can use as a baseline when selling. Just be aware an appraisal will cost money – expect to pay around $50 to $100.

But this is often a smart investment, as you’ll receive another piece of documentation to present to potential buyers.

Receive a market valuation

The ballpark valuation of your ring will depend on the 4 Cs, which stand for clarity, cut, color and carat. It’s also worth knowing that the brand name can make a difference.

For example, a Tiffany & Co. ring will typically be worth more than an unknown brand.

Carat

Carat refers to the diamond’s weight with a single carat equal to 200 milligrams. Measurements are accurate to the hundredth decimal place.

Color

The color of a diamond is judged on a scale from D (no hue) to Z (a yellow-hued diamond). A high-quality white diamond will command a higher price than a lower quality, more yellowy one.

Often it comes down to a buyer’s preference, with some preferring a warmer jewel, especially if this means they can afford a larger one!

Clarity

Clarity is judged on a point scale from FL (flawless) to I3 (included, meaning there are noticeable blemishes visible to the naked eye).

Cut

The cut of the diamond includes the height, depth, angles, and other factors. A well-cut diamond will be bright and sparkly, while a poorly cut one might appear dull.

Metal and side stones

Looking beyond the Cs, the metal of your ring also influences price. Platinum is the most valuable, followed by white gold, then yellow gold.

Side stones will also add to the value of your ring. If your diamond is accompanied by sapphires, for example, this will bump up the price.

Take high-quality photos to sell your engagement ring

Before taking any photos, get your ring professionally cleaned to add that sparkle and ensure it looks valuable and appealing. Once you’ve done that, you’re ready to start taking photos.

A busy or patterned background will distract from the ring itself. So, choose a simple background like a white sheet of paper or a plain wall.

And make sure the ring is the only thing in focus. If you’re using a phone camera, get close to the ring and use the zoom feature.

Use natural light where possible, making the diamond appear brighter. But if you can’t take photos outside, then use indoor lighting – just avoid direct sunlight or fluorescent light as this can make the diamond appear yellow.

Finally, take a variety of photos from different angles. This will give potential buyers a great idea of what the ring looks like and help them to appreciate its features.

Where can I sell my engagement ring?

So, you’ve done all the prep work, know how much your ring is worth, and you’re in the best position to get the best price. You might ask yourself questions like “where can I sell my diamond ring” and “how can I make sure I don’t get scammed?”

Let’s break down your options for selling your engagement ring to a reputable buyer.

1. Online marketplaces

If you sell other second-hand goods online, then marketplaces like eBay may seem the obvious place to sell your jewels. Another option is to try a platform like, I Do Now I Don’t, which is dedicated to selling engagement rings.

In both cases, you’ll be able to set your asking price and reach a broad audience of potential buyers.

The downside of using an online marketplace is that you’ll need to take care of shipping the ring to the buyer, which could be tricky (and expensive) if they live far away.

Another potential issue is that you may not get as much money for your ring as you would by selling to a professional buyer or jeweler. That’s because buyers on these platforms will be looking for a bargain, so they might lowball you on price.

2. Local jewelers

Trying to answer, “where can I sell my engagement ring in a hurry?” One option is to take your ring to a local jeweler and ask for their opinion on its value. If you’re happy with their offer, you can sell it to them on the spot.

This is up there with the quickest and easiest ways to get rid of your ring, but it probably won’t net you the best deal either.

The main advantage of selling to a jeweler is that it’s convenient – you can walk in, get a valuation, and walk out with fast cash (or a check) in hand. But because they’re businesses, jewelers will want to make a profit on your ring, so they’re not likely to give you top dollar.

3. Pawnbrokers

Pawnbrokers are another poor choice if you’re looking for a decent price for your engagement ring. But they could be worth considering if you need access to fast cash.

When you take your ring to a pawnbroker, they’ll assess it and give you a loan based on a percentage of its value. You can repay the loan (plus interest) later to get your ring back or hand it over to the pawnbroker as payment and walk away.

4. Consignment shops

Consignment shops could be a great option if you’re not in a hurry to sell your ring and want to get as much money as possible.

With this option, you’ll take your ring to a consignment shop, and they’ll put it on display, typically for around 30 to 60 days. If they manage to sell it, you’ll get a cut of the profits (usually 20-30% or more).

The main advantage of using a consignment shop is that a professional will take care of the sale for you. But it could take a while to sell, and you might not get the total value of your ring if it goes off the market.

5. Auctions

Another way to sell your engagement ring is to auction it off online or through a traditional auction house. This option could work well if you have a rare or valuable ring, as you might be able to get more money by selling it to collectors.

The downside of auctions is that they can be risky. There’s no guarantee that your ring will sell, and you might not get the price you’re hoping for. However, you can put a reserve price on how low the bidding can go.

6. Diamond exchanges

If you’ve been wondering, “where can I sell my diamond ring?” for a while, then a diamond exchange could be an option.

Diamond exchanges are businesses that buy diamonds from people and then resell them to jewelers and other buyers. They typically have a network of diamond buyers they work with, so they can get you a reasonable price for your ring.

The main advantage of using a diamond exchange is that you’ll be able to sell your ring quickly and easily without worrying about shipping it or haggling over price. But the exchange will take a cut of the sale as they have overheads to pay.

7. Where can I sell my engagement ring privately?

Locating a private buyer for your ring requires a lot of legwork on your part, but there’s no one to take a cut out of the sale fee – it’s all yours. Research carefully to find a buyer willing to pay a fair price for your ring, which might take some time.

For example, you might advertise your jewelry for sale in wedding forums or on social media. Be aware of scammers who might capitalize on your desperation to sell.

How can I avoid scammers when I sell my engagement ring online?

Unfortunately, getting ripped off is common in the online jewelry industry. But don’t be deterred if you’re determined to sell your engagement ring. Avoid scammers in these ways:

Rely on that independent valuation

When you have a very good idea of what your ring is worth, you’re unlikely to accept wildly less than it’s worth. Always ensure your valuation is conducted by a true professional, so you don’t get conned out of your money.

Insure your ring

If you plan to send your ring in the post, ensure it’s adequately insured. That way, you’ll be covered if it goes missing or is damaged in transit.

Your home contents insurance may cover your ring, but always check the terms and conditions before sending it out into the world.

Don’t part with your ring without payment

This one should be obvious, but don’t give your ring to anyone without receiving payment first. If you’re going to meet someone in person to sell your ring, make sure you meet in a safe, public place.

And if you’re selling online, only use a reputable platform that offers escrow services. This means the buyer will only get the ring once they’ve paid you, and you won’t have to worry about scams.

Sell your engagement ring with confidence

Hopefully, you’ll no longer be asking yourself, “where can I sell my diamond ring?” after reading this article. Always be 100% sure that selling your engagement ring is the right step for you –  once you’ve parted ways, there’s no going back.

But if this is the right move, do your research, and you’ll be well positioned to get an enviable price for your ring. Good luck!

For more ways to earn money, see our other Clever Girl Finance articles and free courses!

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