“When should I sell my engagement ring?” is not an easy question to have to ask. But we have some advice, both practical and on a more emotional level, to help!
For many people, selling an engagement ring may seem like blasphemy. For others, it’s the only thing that makes sense.
First things first: broken relationships are still the number one reason for selling an engagement ring. That said, there are several other valid reasons for it. You may need funds, recognize a good deal, or just don’t love the ring anymore.
Regardless of what your reasons are, selling your ring is a reasonable option. The real question you should ask is, “Where and when should I sell my engagement ring?” To get the offer you’re looking for, you’ll need to find a reputable buyer.
Want to know more about the best way to sell an engagement ring? Here’s a short guide to all the key things you need to consider.
When to Sell an Engagement Ring
Here are a few factors that can help you decide when you should sell your ring.
Emotional Value
More than any other piece of jewelry, diamonds are a symbol of love and passion. This can make them very hard to part with.
For this reason, you need to be sure you’re emotionally ready to sell your ring. Selling before you’re ready can lead to long-lasting regrets. If your main goal is to generate cash, consider looking into other options before selling the ring.
If you want to put the past behind you, go ahead and proceed with the sale. However, try not to let the sentimental value of the ring get in the way of setting a price. For potential buyers, this won’t — and shouldn’t — influence the sale.
Seasonality
When it comes to selling an engagement ring, seasonality is an important factor. In the diamond retail industry, some months are busier than others. Knowing when these times come up can help you obtain the best price.
Right now, there are three main events that drive jewelry sales. These include the Christmas and holiday season, Mother’s Day, and Valentine’s Day.
If you’re selling your ring to a diamond buyer, seasonality won’t matter.
Most buyers are looking to add to their stock throughout the year. Instead of consumer demand, the price of your diamond will depend on its size, shape, grading, and so on.
Market Trends
If you’re looking for the absolute best time to sell your ring, keep track of market trends for drops and peaks. Historically, the long-term price trend for diamonds remains positive. Still, big drops tend to show up out of the blue.
Can I Sell My Engagement Ring?
Before looking into potential ways to sell the ring, you should make sure you have the right to it.
Again, this only comes up when ending a relationship with a former partner. First, try to come to an agreement about who gets to keep the ring. If this isn’t an option, your best bet is to contact a divorce lawyer for some expert advice.
Why is this important? Simple: different states have different laws for ownership of engagement rings. For more information on this, check out this state-by-state breakdown of engagement ring laws.
Where to Sell an Engagement Ring
Want to know where to sell diamonds? There are several places where you can do that, but finding the best buyer is a different story. Here are your main options.
Online Ads
Sites such as Craiglist are an easy ways to put an engagement ring for sale. You can set the price and decide who gets to buy it. That said, pricing diamond rings is tough for people who aren’t diamond experts or don’t follow the jewelry market.
There’s also a real chance that your ring takes months to sell or doesn’t sell at all. Your ideal buyer must want your exact ring at that price and your size. Even if you find someone who fits the bill, sharing financial or personal information can be risky.
Diamond Buyers
Contacting diamond buyers such as Chicago Diamond Buyer comes with many benefits. First, you get to work with industry experts who can provide you with the best price for your ring. You’ll also learn more about what you have on your hands.
The process is simple enough. After collecting the relevant documentation, you’ll book an appointment and have the buyer evaluate the ring. Once they run a few quality tests, you’ll get an offer that you can accept, refuse, or negotiate.
Pawnshops
If you’re trying to sell your ring as soon as possible, pawnshops could be an option. Keep in mind that they don’t employ gemologists who can price your ring accurately. This is why they tend to make cautious offers, so you’d be underselling.
Auction Sites
When it comes to how to sell an engagement ring, eBay seems like a natural choice. This can be a way to get more money, as a bidding war may raise the price of the ring. Still, there’s no guarantee your ring will drum up enough interest.
Much like with online ads, you need to watch out for scammers. Also, if you don’t have a selling history, some customers may be wary of buying from you. Finally, you’ll likely still need someone to determine a fair price for the ring.
Auction Houses
Speaking of evaluating rings, an auction house can take care of this step for you. They always have jewelry experts on staff, so you’ll be able to get a fair price. If you sell your ring at an auction, the house takes a percentage of the earnings.
Keep in mind that auction houses are best suited for people who can afford to wait. Other than waiting for the auction itself, selling the ring may take months or years. This is why auction houses tend to deal with high-end items.
More on Selling an Engagement Ring
As you can see, selling a diamond ring can get complicated. Instead of rushing to get rid of it, do your research and find the right buyer.
One final piece of advice: unless your diamond is unique in some way, you won’t receive more than what you paid for it. Much like cars, diamonds lose value as soon as you take them out of the store. Keep this in mind while negotiating the price.
Still mulling over the question of, “Where should I sell my engagement ring?” We can help you out! Contact us here for a fair diamond evaluation.
