Nobody wants to see a marriage end in divorce or an engagement end in a separation but these situations do occur. Even if another engagement occurs in the future, the same ring is not used and most people will try to sell the engagement ring for a decent sum of money. If you are not educated on the process of selling diamond jewelry then you might not get what your ring is worth, so its important to consider a few factors before selling an engagement ring:
Know What You Have
There are many different types of engagement rings that can be purchased and you might not even know what you have. The karat of the gold that is around the diamond matters and then there is the quality and clarity of the diamond. With larger diamonds, you may think you are going to get a great price because of the size when in actuality, the larger diamond may not be very clear or of a high quality. If you know ahead of time what kind of engagement ring you are trying to sell, you can make sure that you are getting offered a fair price rather than having someone try to purchase your ring at a steal even though you deserve much higher.
Be Realistic with Your Pricing
Keep in mind that this is not a brand new ring straight from the jewelers. Whether you went ahead and proposed with the ring or not, it left the store and has been in your possession since then. You shouldn’t expect to get the same amount of money that you originally paid for the ring. Even if the price of gold has gone up since then, you’re bound to take a hit on the return price. Because of this, don’t hold on to the ring until you find someone to purchase it at the original price. The best way to set an asking price is to look around on the internet and see what other similar rings are selling for.
Consider Your Options
Think about where you want to sell your ring and where you will get the best price point. You could attempt to sell the ring privately but this can often be a difficult market unless you know a person personally that is looking to buy. Pawn shops usually purchase rings at a lower price so they can then mark it up and resell. You can also try visiting the jeweler you originally purchased the ring from to see if they will give a certain amount back for returning the ring. There are also online options that not only allow you to set your price but protect you as the selling. Ebay and other auction sites are options that you can think about but be prepared to pay a fee to these sites just for using their services.
Sure, diamond engagement rings are beautiful and while you might be tempted to keep your investment around, it will be worth more to you if you sell it and move on as long as you are emotionally ready to do so. Depending on the quality and size of the diamond ring you have to sell, you could wisely use that money for something like a down payment on a home. It can be overwhelming to take on the process of selling an engagement ring but if you know your stuff, the process is much simpler.
To learn more about selling an engagement ring, talk to the gold experts at Pinto Gold!