There are many reasons you may be keen to sell your engagement ring. Perhaps you're no longer in a relationship and don't need the ring anymore. You may have inherited a ring from a family member but didn't need it. Or, you're simply looking for a way to liquidate your assets and obtain hard cash.
In any scenario, it's essential to understand how to sell an engagement ring. You want cash for the ring - and you want to get the best price possible. This guide will explain everything you need to know about the selling process; by the end, you'll know how to sell your ring, what influences its value, and so much more.
An Overview Of The Engagement Ring Selling Process
Generally, selling an engagement ring is similar to selling anything else you own:
Find a reputable buyer
Ensure your ring is in the best condition possible
Negotiate the sale
Pocket some cash
That's all there is to the process. The good news is that we've taken care of step one for you. At American Gold & Diamond Buyers, we're happy to take old engagement rings. We offer fair and competitive prices, ensuring you get the most money from this sale. Later in this guide, we'll provide a detailed rundown on how to sell to us.
Factors That Affect An Engagement Ring's Value
Before you sell your engagement ring, be aware of what can influence its value. Some of these factors are out of your control, such as the 4 C's:
Effectively, the 4C's to determine a diamond's quality. This plays a huge role in determining how valuable your ring is. Unfortunately, there's nothing you can do to influence this - but it's worth researching other diamond rings to see what ones of similar quality are worth.
The good news is that you can retain a reasonable price for your engagement ring by ensuring you have the following:
Proof of purchase
Both of these documents are critical. Proof of purchase shows the buyer that your ring is legitimate by detailing the exact specifications and name. The grading certificate is arguably more important as it proves the quality of the diamond. This gives buyers more confidence that you're selling a proper diamond ring, not some knockoff. These documents are necessary for you to expect a much lower asking price for the ring.
Another factor that may influence the price in a positive/negative way is the condition of your engagement ring. Try selling an engagement ring that's in terrible shape. It looks tarnished and weathered. You won't get a good price for it compared to a ring that looks brand new. So, before you sell, clean your engagement ring and get it in the best possible condition.
Overall, a ring with high diamond quality, supporting documents, and great maintenance will get the most money from a sale.
Tips For Preparing An Engagement Ring For Sale
We've already touched upon some tips to prepare your engagement ring. To start:
Research to see if you can find similar rings for sale.
Remember, you should look for second-hand engagement rings.
Refrain from comparing your ring to a brand-new one, as yours will be worth slightly less.
See the general price range for rings similar to yours so you know roughly how much you deserve to get.
Secondly, gather all of the key supporting documents mentioned earlier. It's so important to have proof of purchase and a grading certificate. If you inherited the ring, try to find or ask someone for these documents.
Here's a pro tip: if you need help finding the grading certificate, pay to have your ring graded. It is well worth the investment as this will help you get more money from the sale.
After this, you must get your ring in the best condition possible. Again, this might involve paying for professional cleaning/restoration services, but it's worth it in the long run. Now, all that's left to do is find a buyer for the ring!
Common Mistakes When Selling An Engagement Ring
There are some common mistakes you must avoid when going through the selling process:
Accepting the First Offer Without Negotiating
This mistake is an easy way to ensure you get the worst price for your ring! Always negotiate, as buyers will likely lowball you at the start.
Selling to a "Seller"
Never sell your engagement ring to a "seller." They are only interested in purchasing your ring to sell it for a profit. Expect them to make unfair offers as they know your ring is valuable and want to cash in. Sell to a "buyer" instead (like us), as buyers want to make quality purchases.
Not Conducting Research
This refers to researching your ring and the buyer. Do a quick background check on the buyer to see if they're legit. You'll be amazed how many people get conned when selling engagement rings.
Opting for an Auction Site
Never sell your engagement ring on an auction site. Places like eBay offer fast and convenient ways of selling your belongings. You rarely get the most value from them, especially for high-value items like rings. This is a huge asset that can rake in thousands of dollars. Please don't leave it up to chance by using auctions.
Best Tactics For Negotiating Engagement Ring Prices
We mentioned negotiations a moment ago when discussing the common mistakes you can't afford to make. Unfortunately, too many people don't know how to negotiate when selling an engagement ring. As such, they accept the first offer and get ripped off.
The first negotiation strategy is to always say no to the first offer. Buyers will always test the waters with a cheeky initial offer. This is the lowest they think they can get away with. They're hoping you say yes as you want a quick sale or you don't understand the actual value of your ring. Instead, it would be best if you said no. Don't be worried about offending them; they expect you to reject it. You immediately avoid selling your ring for way less than it's worth.
Another crucial tactic is always to be aware of how much your ring is worth. We cannot stress how important research is to the whole selling process. It's been mentioned multiple times, and for good reasons. Knowing your worth allows you to negotiate freely. You understand what your ring is worth and won't accept anything less than the market value.
Considering that, it's wise to hit the buyer with a high-end offer. After rejecting their initial one, suggest a price higher than the highest for similar rings on the market. Going higher puts you in a commanding position. If they accept it, you're on to a winner. But, if they reject - which they will - it gives you more wiggle room. You can suggest lower offers still at the higher end of the scale for rings like yours. It makes the buyer think they're getting a deal and that you're settling for less than you want to sell the ring for. They're paying a premium price, and you're more than happy!
How To Sell An Engagement Ring To American Gold & Diamond Buyers
If you want to sell your engagement ring for an excellent price, you're in the right place. American Gold & Diamond Buyers are happy to take old engagement rings off your hands.
Selling to us is highly straightforward; follow these steps:
Head to this page and fill in the form to get your offer
Be sure to clearly state what you're saying and describe the item in detail
Mention the quality and grading of the ring to get a more accurate offer
Upload high-quality photos showing your ring in the best light
Please wait for us to contact you with an initial offer
After this, one of our experts will appraise your ring to be sure it lives up to your description. You can either visit us or send out the ring in the mail. We study it and return to you with the fairest offer possible, ensuring you get much cash.
Sell Your Engagement Ring For Cash Today
On that note, you've reached the end of our guide. Selling an engagement ring is easy, especially when choosing American Gold & Diamond Buyers. Still, you must pay attention to the tips in this guide to learn how to get the most money from the sale. Provide supporting documents to make your ring more legitimate and ensure it's in the best condition. Conduct lots of research to understand how much the ring is worth to avoid selling it for too little.
If you need help selling your engagement ring - or would like to talk to us about our buying process - please don't hesitate to contact us today.