Jewelry Articles

Best Way to Sell an Engagement Ring

January 15, 2018 - Jewelry Articles
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Have you decided to sell your engagement ring but aren’t sure how to start? Looking for the best place to sell a diamond ring? Engagement rings can cost thousands of dollars, but finding the right buyer and getting an honest price can feel daunting. Whether you inherited the ring, have it from a previous relationship or simply do not wear it, you will want to find the best way to sell. If you are looking for the best place to sell your engagement ring, diamond ring or other pieces of jewelry, read our reviews of the most popular options.

 

What is the best place to sell a diamond ring?

 

Option 1: Pawnshops

A convenient and fast option to sell engagement rings.

Pros:

  • Selling your engagement ring to a pawnshop is a quick, easy and convenient way to get cash.
  • You will most likely have a local pawn shop that you can easily visit.

Cons:

  • Pawnshops do not employ jewelry or diamond experts. This means that their offers will typically have you underselling your ring as they do not have the necessary diamond expertise to make strong offers.
  • If you are looking for a discreet way to sell, this may not be the best option for you.

Option 2: Auction Houses

One of the most traditional methods of selling diamond jewelry.

Pros:

  • Auction houses have highly knowledgeable jewelry and diamond experts who can evaluate your engagement ring.
  • There is a wide range of auction houses to choose from.

Cons:

  • You will need to wait for an auction to be held. This can lead to long wait times, so not a strong option if you are looking to sell quickly.
  • You have no guarantee when or if your engagement ring will sell. You will need to wait for someone looking for that exact ring, in that exact size and for that price to be present at the auction and place a bid that you would be willing to accept.
  • If your engagement ring does sell, the auction house will take a percentage of your earnings. Make sure that you discuss the auction’s houses specific selling process so you are not surprised by any fees.

 

Option 3: Specialist Online Diamond Buyers

Specialized online engagement ring buyers, such as WP Diamonds, are one of the most popular and trusted options for selling engagement rings.

best way to sell an engagement ring

Pros:

  • Expertise – Expert diamond buyers staff diamond and designer jewelry experts who can best assess the secondhand value of your ring. Forbes wrote, “Resale prices for diamonds have no one objective measure, making it easy for inexperienced sellers to become confused and overwhelmed.” Our team of specialized engagement ring experts are GIA certified and have the necessary skills and understanding of the market to best price your ring. You will work with the same client manager throughout the entire selling process who can answer all of your diamond selling related questions.
  • Reputation – Ensure that you work with a company that is accredited by the Better Business Bureau and has excellent reviews form previous customers. WP Diamonds is a professional and reputable company with an A+ rating from the BBB and hundreds of positive reviews from satisfied customers.
  • Safety – As you are selling an item with great monetary and emotional value, it is important that you work with a trustworthy buyer. When you send your engagement ring to WP Diamonds, it is always insured and opened on camera. We also offer appointments where you can meet with our experts in a safe and modern environment.
  • Convenient Process – With online specialist engagement ring buyers, you have the convenience of selling from the comfort of your home or via appointment. WP Diamonds offers free online quote, and the choice of scheduling an appointment or using our free, insured overnight shipping label to send your engagement ring in for a final price.
  • Competitive Prices – Specialty engagement ring buyers have industry connections, which allow them to provide you with competitive offers. With an international presence, at WP Diamonds we possess an even greater network of connections than local buyers, ensuring that you get the best offer. And best yet, there are no fees or hidden costs.
  • Speed – The entire process can take as little as 24 hours from filling out the form to having the money in your account.
  • Free Service – With no costs, hidden fees or commissions deducted from your offer, the cash offer that you are given is exactly the amount you will receive.

Cons:

  • While you have the option of selling online or in person, in person appointment are limited to New York, London, Birmingham (UK) and Hong Kong.

 

Option 4: Online Ads

There are plenty of websites that let you easily put your engagement ring up for sale:

Pros:

  • Websites like Craigslist make easy to put your engagement ring up for sale.
  • You get to set the price for your engagement ring and select a buyer.

Cons:

  • Without specialized knowledge of engagement rings on the second hand market, it can be hard to accurately price your ring.
  • Similarly to auction houses, you have no guarantee when and if your engagement ring will sell.
  • You need to make sure that you are not interacting with any scammers. Never share any personal details or banking information with strangers. If you do need to interact in person to complete the transaction, make sure you have someone with you and that you meet in a public place during the day.
  • Some sites will take a percentage of your earnings for the engagement ring.

 

Option 5: Online Auction

Auction platforms are another convenient option for selling your engagement ring from the comfort of your home:

Pros:

  • Auction websites such as eBay are another consumer friendly platform for selling your engagement ring.
  • You get to set the price of your ring.
  • Bidding can drive up the value of your engagement ring.

Cons:

  • You cannot guarantee that your engagement ring will generate enough interest to raise its base price.
  • Just like when working with an auction house or putting up an online ad, you have no guarantee when and if your engagement ring will sell.
  • If you have no prior selling experience, customers may not feel comfortable buying your engagement ring.

 

Conclusion: What is the best way to sell a diamond ring?

Best way to sell a diamond ring: Specialist Online Diamond Ring Buyers

Safe, fast and completely free of charge, you can feel confident selling your engagement ring with WP Diamonds. Our experience as professional diamond buyers and international presence allow us to give you the most competitive prices for your engagement ring as well as loose diamonds, jewelry and luxury watches. You can trust our A+ rating from the BBB and hundreds of reviews from satisfied customers. After completing our online form you can receive payment in as little as 24 hours.

 

How to sell your diamond ring:

  1. Complete our simple online form.
  2. Receive your price quote.
  3. Mail your engagement ring to us through our free, fully insured, overnight shipping service OR schedule an appointment at one of our offices.
  4. Receive an expert valuation and final price.
  5. Accept your offer and receive payment in as little as 24 hours. Or have your engagement ring mailed back to you fully insured and for free.

 

To receive your price quote today click the button below call one of our experts today at 646-758-0270.

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Author
Bio: Written by one of our diamond, designer jewelry or luxury watch experts. With over 150 years of combined experience, our experts are able to comment on trends, share industry knowledge and provide diamond, designer jewelry and luxury watch education.

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