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How to safely sell an engagement ringOctober 11, 2017 - Diamond Articles
Reasons for selling engagement rings are predominantly either because the owner of the ring sees it as an emotional burden or simply because they could make better use of having the extra cash. In fact, according to Forbes, 37% of Millennials say that they would sell their engagement ring in order to fund their education or to put towards buying a home. However, before deciding to sell your engagement ring, make sure that you are emotionally ready, especially as this will help you be able to see its true value without the sentimental value that it holds for you.
There are a multitude of options for selling engagement rings. These include: on an auction, an online auction or online message board (i.e. Craigslist or Gumtree), to a pawnshop, or to a specialist buyer (such as WP Diamonds). But which is safest?
In this article we will review the following safety questions when its comes to selling your engagement ring:
- Is it safe to sell engagement rings online?
- Is it safer to sell engagement rings in person?
- How to safely sell an engagement ring
Is it safe to sell engagement rings online?
In a digital age, it is anticipated that the first option that comes to mind when it comes to selling anything, is to sell online. However, with a fear of online scamming, certain sellers may feel put off by a selling process that is not conducted face-to-face. Yet, selling online is actually a very safe option, so long as you work with a trustworthy buyer. In order to choose the best buyer for you, make sure you do your research before committing. Things to look out for are:
- Whether or not the business is BBB accredited and what their score is
BBB stands for Better Business Bureau and businesses are graded from A+ to F. They promote ethical business practices and provide insight as to how trustworthy a company is.
- Check online reviews on various platforms
This will help you to ensure that they are legitimate, that previous customers have had positive experiences and that they would recommend the company. However, do not be put off by the odd one off negative review, as there will always be some disgruntled customers leaving their mark online. It is more important to get a general sense of how popular the company is and whether a large majority of customers have been satisfied with the service. Also note how many reviews the company has, the more reviews you can find of the buyer, the safer you will feel with making the sale.
- You will want to be assured that your jewelry will be assessed by GIA trained gemologists
This way you know that the offer you are given is fair and based on extensive prior knowledge. The GIA is the most trusted diamond grading laboratory in the world, as such GIA trained diamond experts are the most qualified to assess the quality and value of your stone.
Tips for selling to an individual online (i.e. through Craigslist, Gumtree or eBay):
- Never meet the buyer alone, always bring a friend or family member with you
- Do not give the buyer your private or work address
- Meet in a public space, such as a café or outside a public library and always meet during daylight
- Do not share any personal or financial information with the buyer
- Have your ring evaluated beforehand so that you do not undersell
For a safer and quicker selling process, it is recommended to sell to an international specialist buyer as opposed to an individual. Specialist diamonds buyers such as WP Diamonds can offer a much more secure, professional and knowledgeable service.
Is it safer to sell engagement rings in person?
Not necessarily, although risks are generally minimal for both options, it depends on how you go about making the sale. In terms of financial safety, by selling in person you may find yourself committing to a sale too quickly due to pressure or in want of a faster process and to get your money quicker.
Pawnshops: If you decide to sell your engagement ring to a pawnshop, make sure to get multiple offers as they typically lack the large distribution channel to allow them to make the strongest offers. Find out what their interest rates are in the event that you would like to simply pawn the ring and retrieve your item once you have the available funds to do so.
Auctions: If selling at auction, you need to research the auction house thoroughly beforehand and check what fees they charge before committing. Remember that there is no guarantee that the ring will sell.
In person appointment with diamonds buyers: Make sure that the appointment will take place in a secure setting. At WP Diamonds, we offer appointments in modern and professional offices where you will meet our gemologists for a final price. Our premises are highly secure with cameras for your protection.
How to safely sell an engagement ring
Below are the steps to follow to ensure that you sell your engagement ring safely and securely:
- Work with a buyer that has an A+ BBB rating
- The buyer should have GIA trained gemologists on staff
- Read their customer reviews
- Choose a buyer that has a physical location you can visit (even if you choose to sell online)
- Do not work with a buyer that charges fees
WP Diamonds is your safest and quickest option when it comes to selling your jewelry or selling your engagement ring. Founded in 2012, we are part of a large, international A+ BBB accredited business with a great online reviews with our customers. Our building is highly secure, with cameras to track all items so you know your jewelry is in safe hands. All items are fully insured and shipped with FedEx Priority Overnight. WP Diamonds has a team of highly trained GIA gemologists who have the expertise and experience to give you the most competitive offer for your engagement ring. We do not pressure our customers to sell and provide a free and discreet service.
The first step is to fill out our simple online form today to receive your price quote. To receive a final price, we offer our customers the option of sending their rings in for or scheduling an appointment. Headquartered in NYC, we also have offices located in London (UK) and Birmingham (UK). The safety of your engagement ring is our priority and the entire process can take as little as 24 hours.