Selling an Engagement Ring Online

About IDoNowIDont.com

Launched in January 2007, IDoNowIDont.com strives to help former brides- and grooms-to-be solve the dilemma of what to do with an engagement ring after the relationship ends. Joshua himself had purchased a stunning engagement ring for the love of his life, only to find her heart had turned several months later when she broke off the relationship. Believing he could return the ring to the store, Joshua was stunned to discover he would only be able to receive a refund of a mere 32 percent of the ring’s original price – a price that had taken much of his life’s savings. Launching IDoNowIDont.com with his sister, Mara, became his answer to that financial injustice that preys on broken hearts.

The site offers independent quality authentication of the rings that are sold to protect buyers as well as an easy to use auction interface with photographs and detailed descriptions so buyers are fully aware of what they are purchasing. In just its first month, a dozen different rings were sold on the site, and it has been featured in a number of interviews as well as on CNN.com.

The Interview

Joshua Opperman.

Selling an engagement ring can be nearly as painful as the reason why it needs to be sold. Joshua Opperman’s insight into his jewelry auction website can help newly single individuals find the best deal.

What was the ring design from your engagement?

I got a Tacori style ring. The ring was platinum with diamonds around the band. The center stone was princess cut with 2 side stones that were princess cut as well. The ring cost me most of my savings. I’d rather not disclose the price but I will tell you that it was very expensive. I was able to sell it for about 60 percent of its value.

Did you have any prior experience buying or selling jewelry?

Buying an engagement ring was my first experience in buying jewelry, however, a lot of research went into buying my ring. It took me months to pick out the exact ring I wanted and I learned a lot about diamonds during that process of choosing the right ring.

Why is it difficult to resell an engagement ring?

Selling diamonds can be particularly frustrating for individuals. Retail jewelers generally prefer not to buy back diamonds from customers because the offer they would make most likely would be considered ridiculously low. There are many reasons for this, such as the markup on a diamond and setting may range and be sold at double, even triple its cost price, depending on the policy of the store. If the jeweler bought diamonds back from customers, they would have to buy them back at the wholesale price. Other reasons include:

• Wear and Tear: Most second-hand jewelry will have been worn subjecting it to wear, tear, and possible damage. This will reduce its value.
• Manufacturer’s Profit.
• Fashion Trends which are always changing.

Our website provides an outlet to sell your ring at the price it deserves. Our authentication process ensures a safe environment to buy and sell rings. Both the buyer and seller do not have to worry about scams.

What percentage of the initial price do most rings on your site sell for?

I’d say about 50 to 60 percent of the value.

What types of rings tend to sell for the best prices?

The rings that usually sell are the ones that are priced the right way and that have all the appropriate paperwork.

What can a seller do to make their ring more attractive to buyers?

I always think it's nice to put a personal touch when posting your ring. Telling your story about why you are selling your ring appeals to others. Obviously, it is also important to take good pictures of the ring at different angles and to provide the appropriate paperwork.

How would you recommend buyers protect themselves?

We manage our site meticulously in order to prevent unscrupulous auctions. I like to think our site prevents this all together. When rings are sold on our site, they are sent straight to us in order to be authenticated. This guarantees you are getting what you paid for. If the rings turns out to be a fake, the ring will be sent back to the seller and the buyer will receive their money back.

Other than a broken engagement, why might someone sell an engagement ring?

Other reasons may include divorces, widowers, and even people who are just looking to upgrade their own ring.

Thank You, Joshua Opperman!

LoveToKnow Engagement Rings would like to thank Joshua Opperman for taking the time to share his story and advice on selling an engagement ring. For more information about these online jewelry auctions, visit IDoNowIDont.com.