Everything You Need to Know About Selling Your Engagement Ring!
You probably would never intend to take off your engagement ring but it happens more often than you intend. It’s mainly because tastes change, relationships sometimes end, or maybe the size of the ring finger change. And, when these changes happen, you should know the best options for getting some money from your engagement ring.
So, are you thinking to sell your engagement ring or wedding band? While selling your engagement ring can be the hardest part of your life as it is filled with emotions and memories, finding the best place to sell an engagement ring is even harder! But before you look for how or where to sell your engagement ring, take a look at the ways to measure the worth of your engagement ring.
What is the Resale Value of My Engagement Ring?
The most important thing to remember while selling your engagement ring is that you should always focus on minimizing your loss. It’s common that gemstones tend to lose their value as soon as they leave the jewelry store. Thus, while selling your engagement ring, it’s very rare to recoup the same amount you spent on it when it was new.
That said, the resale value of your engagement ring completely depends on the jewelry price itself. Usually, the resale value for diamond jewelry is somewhere between 20% to 60% of its original sale value. As no two diamonds, potential buyers, or vendors are the same, there’s no streamlined formula to measure the exact resale value of your item.
But the factors that can determine the worth of your engagement ring are as follows:
- Item Quality – The best way to get a higher value for your diamond ring is to have a quality item. The more the item’s purchase value or diamond quality, the higher your ring’s resale value will be.
- Place you bought it – If your diamond ring was purchased from a local jewelry store, you are more likely to have paid a significantly higher amount than the value of the item. It’s because the retailer had to cover their overhead and labor costs. Thus, selling your ring to a retailer may give you less profit.
- Brand – You can get a higher resale value for your engagement ring if your item’s brand makes a difference to your buyer. While some brands fetch a premium price in the selling, others charge a very high markup on their rings, and often that markup does not reflect in the offer price when you are trying to sell your diamond ring.
- Diamond Itself – The quoted worth of a diamond item largely depends on the 4C’s of the diamond. Color, carat, clarity, and cut, where each of these features impact the resale value of the diamond at the time of selling.
Places to Sell an Engagement Ring
There are a lot of places for selling a diamond ring, so don’t restrict yourself to one. If you are wondering where to sell my engagement ring in Aventura?, here are some of the common places to consider.
- Pawn Shops: Now that you know that the resale value of a diamond item is always less than the buying price, don’t be shocked when you walk into a pawn shop. Although pawnshops will often give you quick cash, they will not be able to give you any certification or receipts. It’s better to take your ring through as many pawnshops as you can, comparing their prices.
- Jewelry Stores: As jewelers are always well-versed in jewelry and run outlets to re-sell expensive pieces, you might likely consider a jewelry store as the best place to sell an engagement ring. However, many jewelers tend to avoid buying pre-owned diamonds. An experienced buyer might buy your engagement ring, but at a lesser price than they would from their manufacturer.
- Private Buyer: While some people prefer selling their diamond rings to pawn shops or retailers, others approach selling a diamond ring to a private buyer. And, this helps in getting a better price! But this also involves time and safety risks. You might likely lose your ring due to a lack of proper vetting or precautions. So, if you chose this option, be careful while selling your ring. You should always have a face-to-face meeting with the potential buyer in a safe and public place.
- Online Company: Selling an engagement ring to an online company that specializes in buying diamond jewelry is usually considered to be the last option. This is mainly due to a lack of information about the existence of this option. An online store is the best place to sell an engagement ring as it can benefit you in many ways. One of the best advantages of selling diamond jewelry online is that you get a chance to work with educated and knowledgeable professionals who have expertise in buying fine jewelry. Moreover, you will be able to offer a highly competitive price for the jewelry that you are intended to sell.
How to Get Your Ring Sold Online?
Got your diamond ring ready for sale but no one is showing any interest? We understand that this might make you feel disheartened. And thus, we have come up with some troubleshooting tips that you should try before giving up.
- Clear Listing – While selling a diamond ring online, you should always be careful about the listing. You should always upload clear images of the jewelry and also mention as much information as possible. Also, state clearly how you will mail the ring to the buyer along with the paperwork.
- Highlight the Positives – You should always focus on highlighting the things that can encourage people to buy your ring. Make sure to provide vital information, especially if you have a uniquely designed ring. This information may include valuations and grading certificates.
To conclude, selling a diamond ring can involve a lot of emotions, but finding the best place to sell a diamond ring can be easier than you expect! Looking to sell my engagement ring in Aventura? Let us know your thoughts in the comment section below.