Diamond Articles

How to safely sell an engagement ring

October 11, 2017 - Diamond Articles
IMAGE
Engagement rings are symbolic of the promise of marriage and there are many reasons why you might be looking to sell your engagement ring, especially if your engagement ring is from a relationship that has since ended. One of the main reasons as to why people sell their engagement ring is because their wedding has been called off. Another reason is if the marriage ended in divorce. Depending on the circumstances, some may choose to hold onto their engagement ring, whereas others may opt to sell it.

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?

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.

how to safely sell an engagement ring

 

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.


What To Do Next

Related Articles
IMAGE

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...


IMAGE

Engagement rings are symbols of love, fidelity, and mostly, a promise to marry your partner. However, it’s not a promise to keep the same engagement ring forever. Engagement rings are also a reflection of you...


IMAGE

Breakups are difficult, no matter what the situation is. Whether your divorce was a mutual decision or initiated by your partner, trying to move on after divorce is equally challenging. There will not only be ...



We guarantee the safety, security, and privacy of your valuables

We're Proudly Accredited By

Better Business Bureau Logo
  • NPA Logo
  • JVC Logo
  • Better Business Bureau Logo
  • Jewelers Board of Trade Logo
  • BJA Logo
NEED HELP? TEXT US.