Why sell your ring after a divorce? As a professional diamond buyer, I’ve seen and heard it all. Most of time, I see women who want fresh beginnings, need help paying for their divorce or debt, or just don’t need any more items collecting dust in their jewelry
It’s natural to want to get rid of your wedding or engagement ring after a marriage dissolves, but don’t be in a rush to sell it off to any old buyer. To get top dollar for your wedding or engagement ring, follow these three steps.
Step 1: Be Sure You’re Ready
When I meet a client who is a divorcee, I always make sure they’re truly ready to let go of their ring. Sometimes people are being pushed into it by friends or family members. Don’t sell your ring if you’re not ready to. It’s okay to wait a year or two to sell. In fact, you have the rest of your life to make that decision!
Another common mistake when selling jewelry is selling in a hurry. Take a deep breath, calm your emotions, and don’t feel like you have to accept the first offer that comes up. Shop around and make sure you’re comfortable with whoever you’re selling to. Ask questions. Ensure they’re being transparent, and have them walk you through the process.
Step 2: Know Your Ring’s Worth
Before selling any piece of jewelry, your first step should always be to get it appraised by an independent third party, i.e., someone other than who sold it to you. You can take your ring to any certified jewelry appraiser to get a qualified appraisal. Better yet, we recommend taking your ring to several appraisers to get an accurate assessment. This will give you a good idea of how much your ring is worth today, and how much it can sell for.
Here’s what you’ll need to take to your appraisal:
- Any ring documents (like a GIA certificate)
- Previous appraisals
- Insurance policy
- Bill of sale
After your appraisal, you’ll know what kind of stone/cut you have, the total carat weight, precious metal, ring style, and any unique features that could make it more valuable. These are the selling points that will get you the best offer for your ring.
Step 3: Research Your Selling Options
There are a lot of options when it comes to selling jewelry, but not all of them are good ones.
A lot of people consider pawn shops first because they know they’ll get fast cash. Here’s why that’s not the best idea: pawn shops aren’t trained in diamond and precious stone value. They won’t be able to assess the true value of your ring, so they won’t be able to give you the best offer. Plus, it’s their job to acquire your items in a way that assures a profit for them. Pawn shops need to acquire items at a cost low enough to still make a profit from their own low resale prices.
Online auctions are popular for selling jewelry. Auctions are relatively hassle-free because the auctioneer will do the work by selling the item on your behalf. But auctions may be time-consuming. And just like pawn shops, they can’t guarantee they’ll get the best offer for your ring. Several auctions have low reserve or even no reserve. This means that if a buyer bids at a low price, the seller cannot reject the bid. If the auctioneer starts bidding low, and you don’t get a lot of bids, you’ll get the short end of the stick. At the end of the day, you could walk away with a very disappointing amount.
One benefit of selling on eBay is the large buying audience. One downside, however, is the lack of physical presence. A picture of a ring certainly doesn’t do it justice and isn’t enough to rationalize a high price tag. If you price your ring higher than what these buyers are accustomed to, it may not sell at all.
Online Ads (Craigslist, Facebook, etc.)
Let’s state the obvious here — no one wants to meet the Craigslist Killer. There’s a huge risk when it comes to selling valuables to strangers through classified ads. Safety first!
Professional Diamond Buyer
This is your best bet when it comes to selling your jewelry, for several reasons. First, professional jewelry buyers are trained in jewelry value and worth. Not all jewelry stores are certified to buy jewelry, so look for places with credentials. GIA Graduate Gemologists have the most prestigious credentials in the industry, as well as extensive knowledge of stones and diamonds. These are the people that will be able to pick up on the valuable characteristics of your ring and offer you the best deal.
Also, most reputable jewelry buyers are insured and bonded, with a safe and secure buying process. Perhaps best of all, when selling to a professional buyer, you will usually get a cash offer within just a few days.
When it comes down to it, selling your ring after a divorce can be a freeing process. By following the three simple steps above, you’ll be able to begin the new phase of your life with some closure, peace of mind, and even with some extra cash in your pocket!
About the author: Danny Shaftel is GIA-trained Owner and Manager of Diamond Buyers, headquartered in Houston, Texas. As an expert in diamonds and colored stones, Danny helps clients through diamond and gemstone assessment and buying per market values. For more resources and tips on selling jewelry, visit www.diamondbuyers.com.