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How To Sell An Engagement Ring

How To Sell An Engagement Ring

How To Sell An Engagement Ring

Selling an engagement ring is a surprisingly good way to get cash in exchange for old jewelry. That said, if you’ve ever taken your ring to a jeweler to be appraised, you might have gotten inaccurate figures. For example, a jeweler who is interested in buying your ring will likely give you a very low price, as they will be required to resell at a much higher price to make a profit. On the other hand, many jeweler appraisals tend to greatly inflate the value of jewelry, giving you unrealistic expectations about what you could get if you choose to sell.

This is why selling jewelry on your own can be very confusing. If you’re just trying to sell an engagement ring for the first time, you’ve probably got a lot of questions. For instance, how much can I get for a used engagement ring? Where can I sell my engagement ring for the best price? Finally, how can I sell my ring with HYSTR?

In today’s guide, we will answer all of these questions and teach you how to sell an engagement ring for the most money possible! But first, let’s take a look at some of the important things you need to know before selling an engagement ring:

What To Know Before Selling Your Diamond Engagement Ring

In the past, selling a diamond engagement ring was notoriously difficult. You’d either have to accept extremely low offers from a jeweler or auction house, or you’d have to strike out on your own to find private buyers. Either way, it was not a fun process. Fortunately, things have improved greatly, as HYSTR makes it extremely easy to showcase your diamond engagement ring, field different offers, make a deal, and get paid.

But just because the selling process is much simpler doesn’t mean you can skip doing your homework. There are still a lot of factors you’ll want to understand and consider, including:

  • Learn the Value of Your Diamond - The value of a diamond is not a fixed number. It may be far more valuable to one person than it is to another. That said, there are some industry standards that help jewelers and private owners determine the value of a diamond engagement ring. To know the value, you’ll need to educate yourself on your diamond, and diamonds in general. This means understanding the four C’s of diamonds: carat, color, clarity, and cut. You can also get your diamond appraised by a certified appraiser or gemologist before selling, but keep in mind that appraisers tend to markup the value by as much as 100% over the retail price. 

  • Research the Market - The market for diamond engagement rings can fluctuate based on supply and demand, so it’s important to do your research and understand the current market conditions. You can check online marketplaces, jewelry stores, and auction houses to get an idea of what similar diamonds are selling for.

  • Expect Low Offers - When you sell just about anything, you’re going to get lowball offers. Diamond engagement rings are no exception. In fact, pre-owned jewelry is kind of like a used car. As soon as a new car leaves the lot with its owner, its value drops. Similarly, as soon as you take a diamond engagement ring as your own, the resale value drops. So, be ready to get low offers and negotiate for a fair price. 

  • Understand the Selling Process - The selling process can vary depending on the selling venue. This is why choosing where to sell your ring is such an important factor. For example, if you sell your ring to a jewelry store, they may offer you a price on the spot, as they can examine the ring and determine its value themselves. Alternatively, if you sell your ring online, you can often get a much higher price, but you’ll need to send your ring in for an evaluation, in which case you may incur additional shipping costs. Either way, make sure you understand the process and any upfront costs involved before you agree to sell.

  • Keep Paperwork and Certification - This cannot be overstated enough. You should always keep the paperwork for a diamond engagement ring. More specifically, if your ring came with certification, paperwork, or a grading report, keep the papers stored in a safe place. These documents can help you verify the authenticity and value of your diamond, and they may even be required by certain buyers.

  • Take Good Photos - These days, selling diamond engagement rings online is generally the easiest and most cost-effective method. However, if you take this route, you have to understand that photos of your ring will be the only thing to entice potential buyers. Low-quality photos will simply not draw in offers. So, make an effort to take the best possible photos of your diamond engagement ring. You can learn more about taking high-quality photos of your jewelry right here. 

How Much Can You Sell Your Engagement Ring For?

How much you can get for your ring is a highly variable figure. The selling price will depend on the diamond cut, color, clarity, and carat, as well as the design and color of the band. Demand for certain styles could also determine how much you can get. 

In most cases, you can expect to sell your engagement ring for less than the appraised value. An appraisal will only tell you how much your ring would be worth in the event that you lost it. For example, if you wanted to get your ring insured, you would need to get it appraised. Then, you would pay insurance premiums based on that appraisal, and if the ring were lost or stolen, you would be compensated according to your insurance agreement. Appraised values have virtually no connection to resale value.

If you bought your ring when it was new and now you want to sell it used, you can expect to get anywhere between 20% and 60% of the original purchase price. Naturally, this is a pretty big range, as it needs to account for a lot of different factors, from market conditions to diamond clarity. To get a more accurate estimate of your diamond engagement ring’s resale value, check out our pre-owned engagement ring price tool. 

Where Should You Sell Your Engagement Ring

It’s easy to get sidetracked with selling opportunities that provide a fast payment, even if you get way less than you wanted. Some common examples include jewelry stores, auction houses, and even private buyers you find on your own. Needless to say, none of these options are ideal. 

Jewelry stores will give you a fraction of what your ring is really worth, while auction houses will charge exorbitant fees with no guarantee of high bidders. And while private buyers generally pay the most, finding them on your own can be really tough. This is why a used engagement ring marketplace like Have You Seen the Ring is the best place to sell your pre-owned jewelry. 

With HYSTR, you will get the full private party retail price (minus commission), negotiated on your own terms. You also get the benefit of reaching a huge market of potential buyers across the country. You simply cannot get the same experience anywhere else. 

How To Sell Your Engagement Ring With Have You Seen The Ring

Selling on HYSTR couldn’t be easier. All you have to do is follow 5 simple steps:

  1. Create a free listing with photos of your engagement ring, descriptions of its characteristics, and documentation (if applicable)

  2. Field offers from potential buyers nationwide

  3. Come to a price agreement with a buyer

  4. Mail your ring to us to have it authenticated by an AGI gemologist

  5. Get your check for the full price (minus commissions) 

We hope you enjoyed our guide on how to sell an engagement ring! Are you currently trying to sell a used engagement ring? If so, be sure to contact HYSTR today!

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