Wednesday, May 18, 2022

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How To Sell Wedding Ring

Why Sell Engagement Rings Online

Worthy.com Review Tutorial: How to Sell a Diamond Engagement Ring Online

Selling your engagement ring or just selling the diamond can free up cash or possibly allow you to buy a larger diamond or restyle your engagement ring. Engagement rings can retain a strong second hand value.

  • Emotionally move on from a past relationship
  • Do something positive with the money
  • Free up finance without taking out loans which require interest payments
  • Upgrade or downgrade the ring and find another special item for your collection
  • Sell the diamond and keep the setting, this allows you to free up money and reset with a different stone
  • Selling engagement rings to WP Diamonds will ensure you get the best return on your diamond. We have a team of diamond experts who will value your diamond. We buy and sell diamonds in the international market, our size means we are able to offer an accurate valuation because we will be recycling the diamonds ourselves. There are no third parties involved which allows us to work quickly and efficiently with you.

    Other potential buyers such as pawnbrokers, local jewelers, or some online jewelry buyers may not have the necessary experience for diamond valuations. This coupled with limited market knowledge can result in low offers.

    Where To Sell Wedding Rings For The Most Money

    Finding the right buyer for your wedding ring can be tricky. With so many options when it comes to selling like a pawn shop, pawnbroker, eBay, auction houses, Offer Up, local jewelers, and more it can be overwhelming to know which one is the best option for you. Its important to be cautious when selling a valuable item such as a wedding ring, while there are many selling outlets to consider, not all will provide the same value. For more insight on how to determine whether or not a selling outlet is right for you check out our blog post: Where should I sell my jewelry?

    At Diamond Buyers, weve simplified the selling process of selling a wedding ring whether or not you are local or out of state. Our staff consists of highly trained jewelers and GIA gemologists who have extensive knowledge evaluating diamond jewelry and will walk you through the entire process to ensure you are confident with selling your ring.

    There are two ways to sell your wedding ring with Diamond Buyers:

    How Much Is An Engagement Ring Setting Worth

    The gold or platinum setting of an engagement ring is typically worth its weight in scrap metal costs. Any side stones, unless they are more than .3 or .4 carats, are called melee diamonds, and may be worth a few hundred dollars if they are high quality.

    Except in rare cases when side stones are large or high quality, or the ring is by a name-brand jewelry designer jewelry and diamond buyers will remove the center stone to repurpose, and melt down the ring setting for scrap.

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    How Much Can You Sell An Engagement Ring For

    A 1-carat diamond and gold engagement ring will fetch resale prices ranging from $1,000 to $5,000, depending on the cut, quality and setting. Platinum setting and large side stones can mean higher prices, as can name brands like Tiffany or Cartier.

    Your diamond engagement ring is worth the current market rate for the diamond and metal.

    At Worthy, a 0.92 CT emerald-cut solitaire ring, H, VVS2 in a platinum setting sold for $1,380, while a 1.55 CT round solitaire ring, J, SI2 in a gold setting sold for $4,003. A 2.24 carat princess-cut solitaire diamond ring, J, I1, sold for $4,348.

    Selling Your Diamond To A Local Jewelry Store Or Antique Shop

    How to sell an engagement ring in 2021 for cash

    Many local jewelry stores dont buy second hand jewelry because they would rather focus on selling new jewelry the profit margins are better and its less work for them.

    If you can find a local jeweler who will buy your ring, they will normally sell it to a dealer who then will sell it to a wholesaler.

    Each of these people will be looking to make some profit on their sale, which means that the initial offer that the jeweler will make you is likely to be low.

    We offered our ring to 10 local jewelers across the US, and two were interested. The highest price we were offered was: $1,500 $2,000:

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    How Much Do Used Engagement Rings Sell For

    The average new engagement ring costs $5,500. This is based on the retail price of diamond rings. You shouldnt expect to charge as much for a second-hand item.

    But selling your wedding ring for even a fraction of this average price could result in a healthy boost for your finances.

    Of course, the exact amount you can expect depends on the type of ring you have. Once again, a proper appraisal will provide the information you need to set a fair price and insist on your best offer.

    Typically, you might be able to sell your wedding ring for 30 to 50 percent of its original price. This is slightly disappointing to realize but bear in mind that theres one main reason why people choose to buy a ring secondhand: to get a significant discount compared to a new ring.

    So, you cant expect to reach anywhere near the price of an equivalent ring thats brand new, no matter how good a condition the ring may be in. Plus, if youre selling to a broker or retailer hoping to sell the ring to another diamond buyer, theyll expect to make a significant profit themselves by buying low and selling high.

    Return Windows And Upgrade Policies

    One major advantage for these online vendors are their policies. Both James Allen and Blue Nile offer full refunds for 30 days. They also offer a lifetime upgrade policy.

    Buying online obviously makes selling a diamond much easier. Your cost basis is lower and the retailers give you options for returning and upgrading .

    Upgrading your diamond through a typical retailer usually does not give you the value you would expect. We dig into that a bit more in our trade-in article.

    Also Check: Who Can Officiate A Wedding

    What You Could With An Engagement Ring After Divorce If You Dont Want To Sell

    If the rings sitting in a drawer, the back of the closet, or a jewelry box, collecting dust and spreading bad energy, what can you do with them? Two ideas:

    • Repurpose the diamond into another piece of jewelry like a necklace pendant or right-hand ring. But, lets get real: Its still the same gemstone, with the same memories.
    • Keep it to give to your children

    These divorced women created their own meaningful ceremonies with their engagement rings:

    Monique: Climbed a mountain and threw it off the summit.

    Sarah: Put it in the collection plate at church.

    Melanie: Sold my diamond ring. Bought an entrance to a marathon, new running shoes, got my hair cut and colored, bought my kids a toy, and paid my attorney of the money I owed. It was tough, but Im glad its not there burning a hole in my soul.

    Misty: Sold it to buy gas to leave his sorry a$$!

    Precious: Flushed it. It was cheap just like our marriage.

    Joan: Since mine is 3.5 carats I still wear the fucking thing

    Eve: I left it on the dresser for him along with a note that said it was as worthless as his vows to me.

    Shonda: Bought hardwood floors for the house. Wed fought bitterly over that while we were married. I enjoyed my new floors for three years before selling the house. The realtor estimates the floors added $25,000 value. Win!

    Shanna: Wrapped it up in a bunch of scrunchies, and threw it into the middle of a river.

    More about my own experience selling my diamond and gold engagement ring:

    Better Value = Money Saved

    How To Sell Engagement Rings Online In 5 Secure Steps

    What if you bought the same stone online? Well, as we explain here, that means you received far better value buying that diamond in the first place. This will help you mitigate your losses.

    Take these diamonds for example. Here is a beautiful diamond from James Allen for $5,500 and a fantastic alternative from Blue Nile for $5,581. Both of these diamonds are phenomenal choices that would have cost you about $6,500 in a local store.

    We reached out to some of our contacts and the best offer for those two diamonds were $3,600 and $3,900 respectively.

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    Do I Get More Cash For Pawning Or Selling My Ring

    If you pawn your ring, you might end up getting a better cash offer for it. This is because the pawn shop considers pawn transactions less risky than ones in which they buy an item outright.

    The pawn shop needs to resell an item if you sell it to them. And because they arenât making any money in interest and fees from you when you sell it, itâs a bit riskier for them than if you had pawned the ring.

    However, if the market price of gold, platinum, silver is at a low point when you pawn it, at least youâll be able to get the ring back and sell it when the metal is being traded at a higher price down the road.

    Selling Second Hand Engagement Rings

    There are a few options open to you regarding where to sell your ring. The first option is to sell it to a jewellers.If your diamond matches the below criteria, you should get a nicer price: If your diamond has been certified by one of the 3 reputable bodies GIA, HRD or IGI. The colour of the diamond ideally should be F or better. In terms of clarity, it is best if it is at least eye-clean . For a round cut diamond, best if the cut grade was excellent or very good If fluorescence grade to be nil or slight. If centre diamond of 0.50ct or lager. In order to get a quote, the best option is to send spec of the ring to a jeweller.

    Obviously diamonds not matching the above still have a value but may be trickier to sell.

    We would also recommend shopping around. Auctions are also an option but due to their unpredictability you may not get nearly as good of a price as you had hoped for. The reality of the market is that many high street jewellers add a high margin to their rings so investigating all possible options is key. You also would have paid VAT at 21% on top of the price this would not be reclaimable if selling.Roughly, the cost you could expect to receive would be:Price you paid less vat less jewellers margin less cost of setting plus scrap value of the metal.This is usually close to the wholesale price of the diamond.

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    Should I Sell My Wedding Ring After Divorce

    A diamond is forever until it isnt. Hanging onto your wedding jewelry doesnt have to be forever either

    Whether you are recently divorced, or going through the process right now, your engagement and wedding rings are often the last tangible assets of your marriage.

    What to do with them? Even if your marriage ended amicably, holding on to an engagement ring or wedding ring after divorce is a little like holding onto the past.

    Sometimes it can be tempting to keep your engagement and wedding ring, and tuck it away in a jewelry box, wait until you are over the divorce before wearing them again, or hold onto it for your children for sentimental reasons.

    We very often place immense sentimental value on wedding jewelry, even after the marriage has ended. We understand, it can be hard to let go. Another is to redesign the ring and repurpose your wedding jewelry into something different, something that tells the world youre free! A new design for a new life.

    One of the strongest statements you can make about moving on though is actually letting go of the symbols of your marriage. Selling an engagement ring could be the emotional break you have been looking for, with the added benefit of having a cash boost just when you might need it most.

    Do Wedding Rings Keep Their Value

    How to sell an engagement ring in 2021

    If you do decide to go the route of making some extra pocket money off of your jewelry, be aware that its unlikely youll be able to sell your rings for the same amount you or your partner paid for them.

    The original retail price included the profit margin the jeweler or boutique needed in order to make a living. By selling the ring back to them youre filling the role of wholesaler and can expect to make, at best, wholesale prices.

    If your ring is particularly unusual or attached to a luxury brand name you may be able to sell it as a complete piece. Most of the time it will be valued based on a breakdown of its individual parts:

    • The scrap value of the metal to be melted down and turned into something new, and
    • The diamonds or other stones after theyve been removed

    Jewelers are particularly interested in large center stones of exceptional quality over 1ct. A stone of .97 carats will be indistinguishable from a 1ct to the naked eye but is worth significantly less. Fantastic for you when youre buying your new ring, a bit more problematic when youre trying to sell it.

    A quick note on TCW : many beautiful diamond engagement rings are made up of several glittering stones, then sold by TCW. This means that a ring with a .82ct center stone surrounded by a circle of smaller diamonds that add up to .21cts has a TCW of 1.03cts. When reselling it, be mindful of the fact that jewelers will be looking at their value as smaller individual pieces rather than one large piece.

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    Not Just Our Secret Test

    I should mention here that at some point we have given all three of these companies an opportunity to work with our readers . The number of satisfied sellers who worked with Abe Mor was exponentially higher than it was for Worthy or White Pine. The difference was so pronounced that we dont bother recommending either Worthy or White Pine anymore.

    As this article hammers home, many people are in for a rude awakening when they try to sell their diamond. As this test showed, the offers we received were 78%, 73% and 59% BELOW what we paid for.

    Please keep in mind that this test was done with a Tiffany & Co ring. Tiffany has an incredibly high markup for their rings. A ring like that in white gold from Blue Nile would cost about $1,350. A diamond ring like that would get you a better return. For example, Abe Mor said they would buy that one for about $800. That would mean a net loss of only 39%.

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