Selling the engagement ring can be a great way to move on from divorce, not only emotionally but also financially. It allows you to let go of the past and raise money that can be put towards financing your divorce or simply treating yourself. But where to sell it and how much is your engagement ring worth?
How engagement rings are priced
While an engagement ring buyer will also factor in for the cost of the metal and any side stones, the bulk of the value of your engagement ring is going to come from the largest stone on the ring. And the value of a diamond is dependent on 4 main factors, called the 4 C’s:
the weight of the diamond measured in carats
white diamonds color grades range from D (colorless) to Z (light yellow)
this refers to any flaws or blemishes in the diamond and ranges from IF-I3
how well cut and proportioned the stone is. This is only applicable to round diamonds.
This information is typically available on any diamond certificate (GIA, IGI EGL etc.) or paperwork (jewelers or insurance appraisal).
How much will I get for my engagement ring?
Typically you can expect to receive 20%-45% of what was paid at retail. Due to high markups at the retail level, diamonds do not increase in value over time.
However, it is important to note that smaller, local jewelers tend to have lower markups than larger retail jewelry stores. And the lower the markup, the more you will receive when it comes to selling your ring. Additionally, designer jewelry holds its value well, especially if you still have the original box and papers that it came with at the time of purpose.
Where to sell an engagement ring for the best price
While you can sell your engagement ring to a local jeweler on consignment or pawnbroker, you will likely undersell the piece. Pawnbrokers are not diamond specialists and consignment can take months or even years with no guarantee of sale.
Online diamond buyers are a great option for getting the best price and quick payment. There are however a few do’s and don’ts when it comes to selling diamonds and jewelry online:
Do make sure to work with an A+ BBB rated diamond buyer
Do work with a company that has a credible number of online reviews from previous customers
Do work with a company that guarantees quick payment
Do your research and find a company with GIA trained gemologists
Do not work with a company that will charge you for their service
How to sell an engagement ring
Online diamond buyer
specializes in buying engagement rings for cash but also offers an upgrade program should you wish to upgrade your ring to something new. Their process is discreet, quick and free of charge. The 4-step process outlined below can take as little as 48 hours:
- Fill out the online form with the information on your engagement ring.
- A representative will be in touch shortly with a price quote.
- Schedule an appointment or send in your ring in for a final price (free shipping and insurance is provided).
- Receive a final price. Accept the offer and receive the full amount via wire or check. Refuse the offer and it is returned to you insured and free of charge.