Diamond shape, also known as cut, has a huge impact on the appearance and worth of a diamond. From the ever-popular round diamonds to fancy shapes like pear and heart, diamond shapes and preferences have evolv...
How Much Can I Sell My Engagement Ring For?September 26, 2017 - Diamond Articles
Click on any of the engagement ring selling questions below to find out more:
- How much can I sell my engagement ring for?
- How are rings priced?
- Why is there a difference in retail and resale values?
- Does where I sell my engagement ring affect the price?
How Much Can I Sell My Engagement Ring For?
Engagement rings typically sell second-hand for 30%-50% of the original retail price. To get the best price for your diamond ring, it pays to sell to the experts. WP Diamonds’ team of GIA trained gemologists buy engagement rings of all shapes and qualities with at least one stone of 0.50ct+. Our service is free of charge with no hidden fees or commissions deducted. The entire selling process can take as little as 24 hours from filling out the form to receiving payment.
How to sell your engagement ring:
1. Fill out the online form
2. Receive a price quote for your engagement ring
3. Schedule an appointment OR send your ring in (we provide free and fully insured Priority Overnight Fedex shipping labels)
4. Receive a final price and get paid or your ring is returned free of charge.
How are Engagement Rings Priced?
As you prepare to sell an engagement ring, it’s helpful to have a general understanding of how rings are priced. There are a number of factors that impact the value of a piece. They include:
- Type and quality of the center stone
- The availability of a certificate for diamond rings
- Type of metal in the band
- Age of the ring
- Where the ring was purchased
- How much was paid for it
- Where the ring is sold
For rings that have one primary stone, much of the value is tied to that stone. The type of gem (diamond, ruby, emerald, etc.), its size, how it is cut, and its quality are all pieces of information that will help you start to determine the value of the ring.
There are defined standards that are used when assessing a diamond. They are known as the 4 Cs:
- Carat weight
- Color grade
- Cut grade
- Clarity grade
Based on these characteristics, a diamond expert can determine an accurate value for the stone, which can then be used in calculating the overall value of the ring. If the diamond has been certified by the Gemological Institute of America (GIA), these details will be indicated on the certificate.
Engagement rings with GIA certified diamonds generally command a higher price, as the buyer is assured of the quality of the stone(s). There are other diamond grading laboratories, but their findings generally don’t instill the kind of a confidence that a GIA inspection does. If you do not have a certificate, your local jeweler will likely be willing to take a quick look at the ring and give an opinion of the 4 C’s of any diamonds.
One of the reasons it can be challenging to determine the precise value of an engagement ring is that the price of the gold, silver, or platinum that its band is made of fluctuates daily. However, if you know the composition of the material, that figure can be helpful. For example, with gold, karat weight is the percentage of pure gold present. The higher the number, the higher the purity. And, of course, the more pure gold is, the more valuable it is. Do keep in mind however that the value of the metal will be minimal in comparison to the value of any gemstones.
Rings created by a well-known designer like Tiffany or Cartier are likely to sell faster and for more money than others. You can maximize the impact on price of a designer name if you have the ring’s original box and paperwork.
Rings that are between 20 and 100 years old are considered “vintage,” and that designation will have a positive impact on price. Those older than 100 years are “antique” and, here again, that label will make the piece more valuable.
While the factors above all influence the resale price of an engagement ring, in general you can expect to get 20-45% of the original retail price. If you sell your ring to a jeweler, this number will be affected by their markup. Larger stores will likely have a higher markup than your local independent jeweler.
Why is there a Difference between Retail and Resale Value?
In general, the reason your engagement ring is worth less in a resale transaction is the idea of “markup” noted above. Jewelers have high markups in order to cover expenses such as overhead, marketing, rent etc. Meaning that when it comes to the resale of your ring, you will not recoup what you originally paid. It is also important to understand that diamonds are not investments, contrary to popular belief, therefore they will not increase in value. Much like a car, when a diamond is purchased it will decrease in value.
Another factor in the difference between retail and resale prices is the ring’s history. How was it treated? Is there any hidden damage that will have to be repaired? These kinds of unknowns cause jewelers to pay less for a ring in order to protect themselves from loss.
Does Where I Sell My Ring Affect the Price?
Where you sell your engagement ring can have a big impact on the price. Some of the options and their advantages/disadvantages include:
- Websites like Craigslist or eBay: They are easy to use, but dealing with potential buyers is time consuming. And, there are the risks of being approached by people looking to take advantage of you. There is also guarantee that your ring will sell.
- Local jeweler: This can be a good option if you know the jeweler. However, because they likely sell to a local (and therefore smaller) market, they may not have a need for your piece.
- Pawn broker: Pawn shops are convenient, but they may not have the expertise to understand the value of your ring and make you a good offer.
- Auction house: An auction format can help you get a higher price for your ring, especially if it is vintage or antique. But, auction houses charge fees that take a bite out of your profit.
- WP Diamonds: As experts in jewelry valuation, we can give you an accurate assessment of your ring’s value and make a competitive offer. We offer appointments at our offices in New York, Los Angeles, Dallas, London, and Birmingham (UK). We can also provide you with a price estimate based on your description and photos, or a final price through our free and fully insured mail-in service.