Selling an Engagement Ring

Whether you choose to upgrade your ring, want to remove reminders of a broken engagement, or simply want a different style of ring, selling an engagement ring can bring in a significant amount of money if done properly.

Finances are one reason to sell an engagement ring.

Why Sell Your Engagement Ring?

Couples opt to sell engagement rings for different reasons. While the most common reason may be a broken engagement or divorce when neither individual wants to keep the reminder – or they choose to sell the ring and split the money – there are many reasons why a committed couple would opt to sell their ring.

• Finances: With engagement rings routinely costing thousands of dollars, selling the ring can be an easy way to acquire necessary cash, often for unexpected debts or emergencies.
• Lack of Sentiment: If the engagement ring was never a favorite style or didn’t suite the bride’s personality, she may not be sentimentally attached to the piece. Selling it is a way to get rid of clutter and see some gain from the transaction.
• Change of Preferences: Many women change style preferences over time, and an engagement ring that was initially well-suited to the bride’s tastes may no longer be a favorite piece of jewelry as anniversaries pass. Selling the ring allows her to choose a more suitable design.
• Upgrade: Opting for a more luxurious ring may mean that the original engagement ring can no longer be worn, and selling it can help pay for the upgraded purchase.

Where to Sell an Engagement Ring

There are many venues open to individuals and couples who want to sell an engagement ring, including:

• Local classifieds
• Pawn shops
• Antique stores for vintage or heirloom rings
• Online classifieds (typically through local papers or news websites)
• Online auctions
• Estate sales

Different venues may offer different prices, and if time allows, the couple should shop around for the best deal before agreeing to a sale.

Tips for Selling an Engagement Ring

Selling a ring is not as simple as just setting a price and waiting for a buyer. To make the best deal, it is necessary to prepare properly and set a fair price.

Preparing for the Sale

• Study current engagement ring prices. Visit a jeweler and inquire about similar styles, and compare the prices of those rings to the price you initially paid.
• If the ring was particularly expensive when you bought it, or if you have had it for several years, consider having it appraised. This also provides a third party estimate to potential buyers.
• Have any necessary repairs made, and have the ring professionally cleaned so it looks its best.
• Assemble any paperwork, including certificates and original sales receipts. This proves that you are hiding nothing about the ring’s value or condition.
• If you will be selling the ring online, take quality photographs from several angles with enough magnification to show details. A photo of the ring’s paperwork is also valuable.

Setting a Price

An appraisal helps verify a higher price.

When setting a price, it is important to understand how the buyer may view the transaction. Regardless of the seller’s reasoning, the buyer will still see the ring as used (and potentially a bad omen) and may be less likely to pay a high price. That does not mean, however, that you need to severely reduce the price simply to sell the ring. First, study the current value of similar rings (comparing settings, metals, and total carat weight), and price your ring accordingly. If you are simply interested in getting rid of the ring regardless of the profit, set a substantially lower price.

At the same time, the more verification you provide about the ring, the higher you can price it and still sell it easily. If you simply claim a ring cost $3,000, for example, most buyers would be reluctant to agree. On the other hand, if you can produce original receipts and a current appraisal, buyers will see the value and be more likely to agree to your price.

Concluding the Sale

Be prepared for buyers’ questions, both about the ring itself and about why it is being sold. While they do not need to know the details of the decision to sell the ring, letting them know it is because of a change in preferences or for financial reasons can assuage their hesitancy and superstition. Outline your conditions (if any) for returning the ring if it is not as they expected, and if the ring will be shipped, be sure to insure the package.

Making More Money

A little extra work can dramatically increase a ring’s sales price. If additional items are included, buyers may be more apt to pay a higher price. While the seller should not go out and purchase items just to sell them with the ring, if they are on hand it can help a transaction go more smoothly. Different items to include with the ring to boost the sales price include:

• The original velvet box (if in good condition)
• Jewelry cleaner
• All initial documents, including regular inspection checklists if available
• A matching wedding band or other pieces such as a pair of earrings or matching necklace

Note: If including additional jewelry, be sure the price reflects the value of all the pieces.

A Word of Caution

An important consideration when selling an engagement ring is sentiment. Though a couple may be in desperate need of cash at the moment, they may regret losing the symbol of their relationship later on. Similarly, a couple who breaks up on the spur of the moment may later reconcile, but selling the ring prematurely can create bitter feelings that could destroy the budding romance.

Different couples have different reasons for selling an engagement ring. By being prepared for the sale, providing ample paperwork, and not making a hasty decision, it is possible to gain some profit in the transaction.

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