Sometimes things just don’t work out. Nothing ventured, nothing gained, right? No sense hanging onto an engagement ring that is a token of memories you’d rather forget. Better to get as much as you can for it and use that money on something that will make you happy. But what’s the best way to do that?
Whatever your reason is for selling your engagement ring, you might as well get as much money for it as you can. With engagement rings coming in many different shapes and sizes, along with a possible variation in gemstones and the amount of those included in the ring, it can be very hard to determine a value for your engagement ring. However you decide to sell it, you’ll want to get it appraised by a knowledgeable jeweler. And in the end, we’ve found that online diamond buyers tend to offer more money on pieces due to their volume and ability to hold diamonds for longer.
There are plenty of ways to sell a diamond though! Here are a few:
| Company | Insurance | BBB Rating | Guarantee | Year In Business | Instant Quote | Shipping Method | |
|---|---|---|---|---|---|---|---|
| #1 |  | $5,000 | A+ | 30 Days | 11 Years | Yes | FedEx |
| #2 |  | Actual Value | A+ | None | 4 Years | No | FedEx |
Sell Engagement Ring To A Pawnshop
When most people think about selling their engagement ring, they often think about going down to the local pawnshop to see what they will be offered. While this is not a bad idea if you are just looking for an estimate, pawnshops will not be the best place to sell an engagement ring. As I said above, these things are hard to value, and with pawnshops working with a variety of items, it is probable that they do not have someone qualified to value your engagement ring. This will lead to an even lower valuation than the already low valuation pawnshops are known to give.
Sure, you’ll be rid of your jewelry, but you’ll be walking out with a lot less than you probably would have received if you’d taken a little more care in selling.
online marketplaces
There are plenty of person-to-person (P2P) marketplaces that allow you to sell values, including diamonds and engagement rings. If you have an appraisal, know the purchase price (and have a receipt), and most importantly a GIA certificate, you can buy and sell rings with a level of certainty.
Marketplaces exist specifically for this, such as Worthy. Then there are local Facebook groups or Craigslist. But whenever you’re dealing with local sellers, there carries a certain amount of risk. When you’re dealing with expensive items, that risk is heightened. Can you tell the difference between a $200 diamond and a $20,000 diamond? If not, you might not want to buy and sell your engagement ring on the street.
If you go this route, it’s a good idea to pay a local jeweler to help facilitate the transaction. Allow them to inspect the stone and make sure everyone is happy with what they’re getting. Still, this takes a lot of knowledge and confidence, so it’s probably not worth it.
Best Place To Sell An Engagement Ring
Your best option when selling engagement rings is to sell to an online diamond buyer. They employ expert diamond graders that will be able to know just how much your engagement ring is worth. Accurate valuations reduces spread in prices and low-balling.
With both the stones and the band, your engagement ring will have value in both its diamond and precious metal content. Online diamond buyers can assess your engagement ring and look at the current market value of the precious metals to determine a fair price that you both will be satisfied with. Not only do they offer more money than pawnshops, the process is also much more convenient. As we have begun to shop online for things more and more over the recent years, we have also begun to see new services pop up online and see success because of the amount of people they can provide a great service to through the Internet.
Not only have online diamond buyers made the process safe and secure, as well as scaled so they can provide better prices, but they also have a further reach than your local pawn shop or jeweler. They’ve got to make a lot of money on each transaction, whereas online buyers can hold jewels longer if advantageous, while doing a higher volume at lower costs, and thus offer much more favorable prices.
Why Online Diamond Buyers Pay More
Online diamond buyers are able to offer more money for your engagement rings than pawnshops and jewelers can. Pawnshops carry a wide variety of items and staff multiple employees in a brick and mortar location. By having so many different items in one place, they cannot focus just on jewelry and diamonds. Rarely are they experts. They haven’t invested in the proper tools, resources, and training so that their staffs can accurately value jewelry. The online business model provides efficiency gains, while also avoiding the burden of running a retail store. That advantage is passed off to the customers with diamonds to sell in the form of higher payouts.
As you may have noticed from our website, we’ve reviewed 5 of the top diamond buyers on the web. We confidently recommend our top 2 buyers as great companies to work with. The best way to sell your engagement rings online is to use one of our top ranked online buyers. Not only will you get more money, but you’ll work with individuals who will educate you about your diamonds and how they are priced, offering you fast and easy payment after coming to an agreement.
To compare our buyers and start selling, view our diamond buyer company rankings now.
