When it comes to finding an expert in the diamond industry who will help you receive the best possible price, explore where to sell engagement rings!
Your reasons for selling your diamond engagement ring are your own. Whether the marriage has ended or you want to sell the jewelry for extra money, you want to fetch the best price for your rock.
Selling an engagement ring isn’t like selling other items secondhand. There should be an expert who makes the process painless and profitable for you. You’ve probably wondered where to sell engagement rings for the best price.
Here is a quick guide to the best places to sell your engagement ring.
A Diamond Buyer
If you bought your engagement ring from an expert, why not then sell it back to an expert? An expert diamond buyer is often the best and most convenient option to sell an engagement ring.
The process of selling to a diamond buyer or a diamond buying company is often the quickest way to sell your engagement ring for cash. Diamond buyers are qualified gemologist that can accurately assess the quality and provide the best price for your diamond ring. Pricing a diamond is a complex process that an expert should do.
When working with a diamond buyer, you want to make sure that you’ve done sufficient research. You want to research the company they work for and look at their reviews to see how the process has been for other sellers.
Working with a diamond buyer is all about trust.
A qualified diamond buyer will have no problem answering your questions and addressing your concerns.
Have the luxury of time on your hands or don’t need a quick turnaround? You may want to consider selling your diamond at auction. If you’re working with a reputable auction house, they will have diamond experts that can consult with you. These experts would be able to assess your ring, how much it’s worth, and what price you could receive for it.
However, the auction route isn’t the best option for everyone or every diamond.
For one, it can have a slow-selling process since high-end auctions are often held infrequently. You will have to check with the auction house to see when their upcoming auctions are and when your ring will be up to auction.
Secondly, auction houses take a percentage of the final price. While your ring may fetch a pretty penny when it goes up for auction, you may only get to see a portion of that price. Be sure you know the percentage for agreeing to sell.
Lastly, most auction houses won’t take the everyday diamond. In order to make the most money, auction houses are most interested in rare and antique pieces. That means the standard engagement ring may be turned away.
Selling It Secondhand Yourself
One of the most popular methods—especially with the rise of the digital age—is to sell the diamond yourself, particularly online. This method has both positive and negative points that should be weighed before selling.
The biggest positive is that it’s convenient. You can choose the platform you sell on, whether that’s social media or an online classified. If you’re more comfortable on one than another, stick to the sites you prefer.
When you sell a ring yourself, you can set the price and terms of the sale so that it works for you and your schedule.
However, you’ll have to put in most of the work of finding the platform, creating the listing, and vetting the potential buyers. This, of course, comes with its own set of risks.
When you sell your engagement ring this way, you’re not guaranteed a sale. Your listing may sit for weeks or months before you find someone serious enough to buy the ring. You also run the risk of encountering scammers and dealing with lowball offers.
Scammers may offer to buy the ring but try to find a way to come out of the deal with both the ring and their money intact. As with any online transactions, you may put yourself at risk if you’re meeting to exchange goods.
In this case, it’s important to notify somewhere you’re meeting or take someone with you.
You should also be cautious of giving out any personal or financial information.
Another popular method for a quick sale is to head to the local pawnshop. If you ask people where to sell an engagement ring, they’ll mention a pawnshop more often than not.
However, while pawn shops broker many deals, most of these employees are not diamond experts. With a pawn shop, you will definitely get quick cash, but definitely not as much if you worked with an expert.
Experts have more avenues and distribution channels, which allows them to offer you more money. Pawnshops, however, only sell at their storefronts.
They may offer you the best price, but at the end of the day, their bottom line is much more important than yours, in their opinion.
An Online Jewelry Broker
Similar to a diamond buyer, jewelry brokers are experts in buying and reselling your engagement ring. The notable difference is that they specialize in gold and other fine jewelry as well as diamonds.
Online jewelry brokers are one of the best options to sell your engagement rings because they take the positives aspects of many of the other avenues.
You have experts that will assess your diamond and give you the best price. You get the convenience of selling it online from the comfort of your home. They will take every diamond no matter the size, shape, or style.
And the best part is that you’re guaranteed your money and don’t have to worry about having to resell the piece. The key is to find a trustworthy and experienced jewelry broker who is willing to work with you.
Hint: Chicago Diamond Buyer is all of the above!
Where to Sell Engagement Rings for the Best Price
Coming to the decision to sell an engagement ring is not a light choice. But if you do decide that you want or need to sell your diamond, you want to get the best price for it.
In order to get the best price, you should be informed of all your options as well as what the pros and cons of those options are. Knowing this will help you make an informed decision and choose the method that’s right for you.
Have more questions about selling your diamond engagement ring?
Read our frequently asked questions page, or contact us for a diamond evaluation.