How Do I Get The Most Money For My Engagement Ring?
There are a variety of reasons for needing to get the most money for your engagement ring or wedding ring – circumstances, priorities, relationships change, to name a few. Perhaps you have an old family heirloom you simply don’t want or need. Maybe you’re going through a divorce, or maybe she ended up saying, no. Make the most out of your situation by benefiting from your unwanted items. Here are some tips for you to get the most money for your wedding ring.
Consider how long you’ve had it and understand its worth
If your ring is relatively new, as in you received it within the last few years, then it should be worth just about what it cost at the time of purchase. The ring should still be in style, so that will help it retain its value. However, if your ring is older, then you need to take into consideration depreciation. If it’s around a decade old, then it has probably lost some value. That doesn’t mean you won’t get cash for it. It is still a valuable piece of jewelry. Let’s face it, cash is cash, right?
Now, if the engagement ring or wedding ring is over 10 years old, then it could be considered vintage. In order to determine its value, have it appraised. Take it to multiple appraisers so you can get the best idea of what it is worth. This way, you can sell it for the best value. This will give you an idea of what you can expect buyers to give you in exchange. Once you’ve had the ring appraised, you will know the 4C’s of the stone, type of precious metal, as well as any unique features.
Understand how much diamonds are worth
The “5 C’s” of diamonds play a factor in how much your ring is worth – carat, certification, clarity, color, and cut. Large, singular diamonds are worth more than several smaller diamonds that could end up being the same size. Also, if your ring was designed by a well-known designer, then that will help with the resale value.
Determine your selling point
By knowing what makes your ring unique and valuable, you can play up those features when you are ready to sell. To determine your selling point, you need to understand those features.
- Do you have a diamond, sapphire, ruby or another colored gemstone?
- What is the color, cut, clarity and carat weight of the main stone?
- What is the total carat weight of all the stones?
- What is the ring style (art deco, vintage, modern, etc.)?
- Does your ring feature any embellishments? Consider both the ring setting and the band setting.
Research your selling outlets
There are so many different options for where to sell your engagement ring. However, not all selling outlets are advantageous to you. Take a close look at the pros and cons of each of these in this ”Where Should I sell My Jewelry” article:
- Pawn shops
- Craigslist, OfferUp, LetGo
- Professional Jewelry Buyer
In short, do not feel like you must accept the first offer that comes around. Make sure you’re comfortable with whoever you’re selling to and ask questions. Be sure that they are being transparent and honest with you, and have them walk you through the process. Also, shop around and do not be afraid to get more than one appraisal done. You want to ensure that you are going to get the best possible price for your ring.
Even though there are numerous opportunities out there, the best option to sell an engagement ring would be to a reputable jewelry buyer. Unlike pawn shops, professional jewelry buyers understand the market. They have the tools and experience to accurately appraise your piece and offer the best price for it.