Diamond Articles

Who Buys Engagement Rings?

December 12, 2019 - Diamond Articles
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You may be wondering: who buys engagement rings? This could be for many reasons. Maybe you’ve upgraded to a different ring or the relationship that the ring represents is over. Maybe you inherited the ring or want the money for something else.

Whatever your reason, you’ll need to find out who buys engagement rings, what you can expect from those buyers, and who’s likely to give you the best price.

As you set out to sell your engagement ring, you’ll encounter a range of buyers. From certified specialists to amateurs with more enthusiasm than expertise. The basic categories of who buys engagement rings:

Private Buyers

Today, thanks to online auction platforms like eBay, Etsy, and Craigslist, there are more amateur buyers than ever before. There are also more scammers. (Remember that most online platforms are only as trustworthy as the people using them.)

For any listing, you’ll first create an ad for your ring then wait for a buyer to express interest. Most amateurs are looking for a deal, so expect hagglers. (And don’t forget that many online platforms charge a listing fee and/or percentage your profits.)

Pawnshops

While they’re a quick and convenient option, pawnbrokers are notorious for making low offers, especially on engagement rings. So, despite the ease of walking out with cash, they are never the place to get the best price.

Local Jewelers and Consignment Shops

Certain jewelers and resale shops allow you to place an engagement ring on consignment—meaning that the store attempts to sell the ring on your behalf or at a pre-agreed price.

The drawback is that consigning jewelry comes with no guarantee that your ring will sell, and that you have no control over how much time the process will take (which may be days, weeks, or months). Here, again, the store makes its money by either a flat fee, a percentage of your profit, or both.

Specialist Engagement Ring Buyers

Specialist buyers, like WP Diamonds, employ trained and certified gemologists who know how to recognize the value of a ring. They will assess the diamond and price the ring correctly.

As professional diamond buyers, we provide a free, streamlined selling process that can take as little as 24 hours. We buy your engagement ring directly, no fees or commissions deducted. Sell your luxury jewelry and watches for cash or store credit, with a 10 percent increase when you opt for store credit. You can feel confident in our trust guarantee, A+ BBB rating and hundreds of positive customer reviews.

We offer two convenient selling methods:

Sell Online: We will provide you with a free, fully insured, overnight, and trackable shipping label to send your engagement ring to our office. When your ring arrives, it will be opened on camera and promptly evaluated by our luxury jewelry team.

Your client manager will contact you with our final offer and explanation of how we came to that price. You can then accept payment by wire or check. If you refuse our offer, you can always request to have your jewelry returned to you the next business day—for free.

Sell In Person: Appointments are avaailableat our offices in New York, the UK and Hong Kong. These are available weekday from 9 a.m. to 5 p.m. Appointments are typically 30 minutes long, during which you will meet with a member of our evaluation team who will assess and price your jewelry. Your appointment is free and there is no obligation to sell.

When you sell to the experts at WP Diamonds, you can rest assured that you are getting the highest offers. For example: For engagement rings from elite names like Tiffany, Cartier and Harry Winston, many jewelry buyers will offer only the value of the stone. They will often try to pay only for the scrap value of the setting. Whereas we value the integrity of the entire piece.

Click the button below to see how much you can make when you sell your engagement ring.

WHAT’S MY ENGAGEMENT RING WORTH?

There are many factors that affect the value of an engagement ring. From the size of the stone to the name of the jeweler who sold it to you. To receive the most accurate price quote, look for any paperwork that came with the ring, and gather as much of the following information as possible:

The Four Cs: Most of a diamond ring’s value comes from its largest stone. This is evaluated according to the Gemological Institute of America’s globally accepted diamond standards, commonly known as “the Four Cs”:

  • Carat: The weight of your diamond, frequently abbreviated to ct. Not to be confused with karat, which measures the purity of gold.
  • Cut: On a scale of Excellent to Poor, Indicates how well your diamond was cut. This applies chiefly to round diamonds because fancy diamond cuts, such as pears and ovals, do not have official cut grades.
  • Color: Grades the appearance of white diamonds from D (colorless) to Z (faint yellow). Fancy colored diamonds, such as blue or yellow diamonds, are graded from Fancy Light to Fancy Vivid depending on the stone’s color intensity.
  • Clarity: Details how many and what type of internal and external flaws are present in your diamond, This ranges from FL (flawless) to I3 (visibly flawed).

engagement ring buyers

  • Setting: Although it’s not as important as the main stone, the setting will add value to your offer. How much it adds depends on how it’s made—and where you bought it.
  • Metal: Engagement rings are most often platinum or gold, which is weighed in grams. For engagement rings, most gold will be 18 karat or 14 karat, a measure of its purity.
  • Additional Stones: An elaborate setting may add to the overall carat weight of your ring without greatly increasing its value. Much depends on the size of the additional stones and how they’re used.
  • The designer: If you engagement ring is from a big-name jeweler, like Cartier or Tiffany, it will have more value. Especially if you’ve kept the paperwork that proves its authenticity.

Ready to find out how much you can get? Click the button below to receive your bespoke engagement ring price quote.

HOW DO I GET THE BEST PRICE FOR MY ENGAGEMENT RING?

Here are more ways to maximize your offer:

Original box and papers: Engagement rings from stores like Tiffany & Co. will have been sold with a presentation box and paperwork. If you kept these in good condition, this will increase its value.

Diamond Certificates: The engagement ring may have a certificate from a diamond grading lab. This details the diamonds’s characteristics. The Gemological Institute of America (GIA) is considered the most accurate.

Sell to diamond experts: By selling to experts, such as WP Diamonds, you ensure that you are working with trained gemologists. Our team are always motivated to give you the best prices and a safe, easy transaction. Click the button below to get your price quote from the experts today.


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