Have you decided to sell your engagement ring but aren’t sure how to start? Looking for the best place to sell a diamond ring? Engagement rings can cost thousands of dollars, but finding the right buyer and g...
Who Buys Engagement Rings? Top 4 Ring BuyersDecember 12, 2019 - Diamond Articles
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 are as follows:
- Private buyers
- Local jewelers and consignment shops
- Specialist engagement ring buyers: WP Diamonds
Who buys engagement rings?
|Jewelry Buyer||How long it takes||Prices||How safe is it||Selling experience||Free of charge?|
|Private buyers||Weeks – Years. No guarantee of a sale||Varies||Varies – beware of scams||Not luxury||Fees deducted|
|Pawnshops||As little as 24 hours||Poor||Safe||Not luxury||Interest rate charged if pawning the ring|
|Local jewelers||Weeks – Years. No guarantee of a sale||Poor||Very safe||Professional||Fees deducted|
|WP Diamonds||As little as 24 hours||Strong||Very safe||Luxury, discreet and professional||Yes|
1. 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.)
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.
3. 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, the store makes its money by either charging a flat fee, a percentage of your profit, or both.
4. Specialist Engagement Ring Buyers: WP Diamonds
Specialist buyers, like WP Diamonds, employ trained and certified gemologists who know how to accurately value a diamond ring. They will assess what the diamond is worth and what the ring as a whole is worth, as well as any wedding rings.
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, handbags 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+ Better Business Bureau rating and over a thousand 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 available at our offices in New York, the UK, Tokyo 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 piece of jewelry. Your appointment is free and there is no obligation to sell.
The advantage of selling to WP Diamonds
Our service is not only free of charge, but there is never any obligation to sell. While selling at auction houses or through online listing platforms can take months or even years, our service is designed to take as little as 24 hours from start to finish. This is because we buy your engagement ring directly, with no middle-man involved.
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.
What’s my engagement ring worth?
There are many factors that affect the value of an engagement ring and subsequently how much you will receive when selling.
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, center 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. The bigger the carat weight, the more expensive the stone. For example: a 0.5 carat diamond is worth significantly less than a 1.5 carat diamond.
- 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).
Although it’s not as important as the main stone, the setting will add value to your offer. How much it adds depends on what metal was used and if it is a designer brand.
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.
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.
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.
How to get the best price when selling an 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.