How to Sell Your Wedding Ring for Top Dollar
Why sell your ring after a divorce? As a professional diamond buyer, I’ve heard and seen it all. Most of all, 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 box.
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. Be smart, and get the best deal for your ring. To get top dollar for your wedding or engagement ring, follow these three steps.
Step 1: 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. Take your ring to any certified jewelry appraiser to get a qualified appraisal. Better yet, we recommend taking your ring to several qualified 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, as well as any unique ring features. These will be your selling points that will get you the best offer for your ring.
Step 2: Research Your Selling Options
There are a lot of options when it comes to selling jewelry. But not all options are recommended.
1. Pawn Shop
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 rationalize their own low resell price.
Online auctions are popular for selling jewelry. Auctions are hassle-free because the auctioneer will do the work in selling the item on your behalf. But, auctions may be time-consuming. They also, just like pawn shops, won’t guarantee 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 end up getting the short end of the stick. At the end of the day, you don’t know what you’ll be walking away with.
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 end up pricing your ring too high, it may not sell.
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.
5. Professional Diamond Buyer
This is your best bet when it comes to selling your jewelry, for a few reasons. First, professional jewelry buyers are trained in jewelry value and worth. Note that not all jewelry stores are certified to buy jewelry. 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.
Most reputable jewelry buyers are insured and bonded, with a safe and secure buying process. When selling to a professional buyer, you will usually get a cash offer within just a few days.
Step 3: Sell When You’re Ready
When I meet clients who are divorcees, I always make sure they’re actually ready to sell and let go of their ring. Sometimes people are being pushed into selling 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.
Another common mistake when selling jewelry is selling in a hurry. Don’t feel like you have to accept the first offer that comes around. 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.
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 step into the new phase of your life with some closure, peace of mind, and even with some extra bucks 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.