Every divorce is different and brings its own unique set of challenges. So whether you are in the process of getting a divorce or newly divorced, you may be wondering: what next? How do I cope and what should I...
Can I Sell My Engagement Ring?March 7, 2018 - Jewelry Articles
The bottom line is that selling your engagement ring is a perfectly valid option. As engagement rings can cost hundreds to hundreds of thousands of dollars, you want to ensure that you sell your ring to a reputable buyer who can give you the best offer.
Keep reading to learn the different reasons why people sell their rings, who you can sell to and where to get the best offer.
- Who has the rights to the engagement ring
- Is it ok to sell your engagement ring?
- Where to sell your engagement ring
- How to sell your engagement ring
Who has the rights to the engagement ring?
If you want to sell your engagement ring because your relationship with your former partner has ended, you might be wondering, “Who gets to keep the engagement ring?”
First, see if you and your ex can agree on who gets to keep the ring. If you cannot come to an agreement, you should speak with a divorce expert because the laws for who has the rights to the engagement ring is different in every state.
See our state-by-state breakdown of who gets to keep the engagement ring in a divorce or a broken engagement.
Can I sell my engagement ring?
The answer is yes. If you have decided that you are ready to sell and you are allowed to do so (by law or upon agreement with your ex-partner), then selling the ring is completely acceptable.
Some of the most common reasons to sell the engagement ring include:
- Moving on: One of the main reasons why people decide to sell their engagement ring is because their relationship has ended. Whether your wedding was been called off or your marriage ended in a divorce, the engagement ring is now simply a painful reminder of the past. By selling your engagement ring you can let go of those difficult memories and allow yourself to move on emotionally. Letting go of the engagement ring that is just gathering dust in a drawer somewhere can be cathartic and empowering. So if you don’t wear it, why not sell it?
- Finances: If you are going through a divorce or have divorced your former partner, you know just have expensive divorces are. By selling your engagement ring, you will have funds to help pay for your legal fees. By selling your engagement ring you will have funds for your new life after divorce. These funds can help provide stability while you begin this new stage of your life. However, it does not have to just be for divorce related reasons. You may simply encountered unexpected financial difficulty and need to raise funds quickly.
- Upgrade: You may be looking to upgrade your engagement ring. Maybe you are renewing your vows or your engagement ring is no longer to your taste. Selling the ring in order to buy a new engagement ring is becoming increasingly popular.
Where to sell your engagement ring
There are many places where you can sell your engagement ring, but finding the best diamond buyer is not always easy. Here are some of the most common selling options:
- Pawn Shops: Pawnshops, or even local jewelers, are a fast and local option that pays in cash. However, pawnshops do not employ gemologists who can accurately evaluate and price your engagement ring. For this reason they typically make cautious offers, meaning that you will likely be underselling.
- Online Ads: There are an endless array of websites such as Craigslist where you can put your engagement ring up for sale. You can choose how much you want your ring to sell for and who you will allow to buy it. However, pricing diamond engagement rings is very difficult for people without diamond expertise or knowledge of the secondhand jewelry market. There is also no guarantee when you ring will sell, it might take months or years if it does sell at all. This is because you are looking for someone who is looking for that exact ring, at that price and that exact ring size. You will need to be cautious of who you are selling to and be sure to never exchange any personal or financial information. If you need to meet your buyer, do so in a public place with a friend or family member.
- Auction Websites: With auction websites like eBay you might be able to get more money for your engagement ring as bidding can raise the value of your ring. However, there is no guarantee that your ring will generate any significant bidding interest or will sell. Some customers may not feel comfortable buying from someone with no selling history. Also, without industry knowledge, determining a fair price for your engagement ring is not an easy task. Similarly with online ads, you need to be warry of scammers and ensure that you do not share any personal information. You will also need to have the luxury of time, as this can be a time consuming option.
- Auction Houses: A traditional selling option with diamond and jewelry experts on staff, auction houses are able to correctly evaluate and price your engagement ring. You will need to wait for an auction to be held and the frequency will vary per auction house. It can take months or years for your engagement ring to sell, if it does sell at all. The auction house will also take a percentage of your engagement ring’s earnings. Most importantly, auction houses are best suited for extremely high-end, rare items and for people who are not in a rush to sell.
- Online Expert Diamond Buyers: When you work with online diamond and jewelry buyers, such as WP Diamonds, you will be working with industry experts who can provide you with the best price for your engagement ring. With a team of GIA (Gemological Institute of America) trained gemologists and an international presence, we are able to give you an honest and competitive offer for your engagement ring (as well as loose diamonds, designer jewelry and luxury watches). Our fast, secure and free service has earned us an A+ rating from the Better Business Bureau and hundreds of reviews from satisfied customers. You can get paid in as little as 24 hours after you fill out our simple online form.
How to sell your engagement ring with WP Diamonds
- Fill out our simple online form.
- Receive your price quote.
- Mail your pieces of jewelr to us through our free, fully insured and overnight shipping service. OR schedule an appointment at one of our modern and secure offices.
- Receive a final price.
- Accept your offer and receive payment in as little as 24 hours by check, wire or cash (cash is available for in person appointments only). Or have your engagement ring mailed back to you through our fully insured and trackable mail service for free.
Find out how much your engagement ring is worth today by clicking the button below or by getting in touch with one of our experts today at 646-758-0270.