Tips to Consider When Selling Your Engagement Ring
Selling an engagement ring can be an emotionally draining experience, although we’ve found that most of our clients feel a sense of freedom once they’ve done it. If you are considering selling your engagement ring there are a few questions you should ask yourself:
- Do you have any of the original paperwork that came with your engagement ring?
If not, it’s perfectly fine. But if you have the original paperwork it can make the process of selling your engagement ring a bit faster as it can help confirm the measurements and quality of the piece your selling.
- Do you have a copy of the laboratory report for the engagement ring to sell?
If your stone happens to have a report from the GIA or another reputable lab, you’ll definitely want to bring that with you when selling your engagement ring, as it will help the buyer give you an extremely accurate valuation.
- Are you selling your engagement ring to a reputable buyer?
Make sure when deciding who you want to sell your engagement ring to that you do your research and work with someone with positive Yelp reviews who is known for buying engagement rings.
- Do you have realistic expectations as to what you might sell your engagement ring for?
Look around online and get a real sense of what the secondary market might bear for an engagement ring like the one you are looking to sell. Keep in mind when you sell an engagement ring that you aren’t going to be offered the same amount you (and/or your ex) originally paid for it. Much like buying a car, the moment you drive off the lot the retail price becomes irrelevant. And if you happen to have an insurance appraisal, those numbers are often extremely unrealistic as to what the secondary market will really bear.
- Is the engagement ring to sell still in style and able to be resold, or will a buyer for an engagement ring be purchasing it for materials?
If your engagement ring to sell is a classic design that never goes out of style, your buyer may be able to pay you a premium knowing that they’ll be able to resell it as is. But if it’s a design that isn’t currently marketable, know that your buyer is purchasing it based on the diamond(s), which will be repurposed and the gold or platinum, which will be melted. If the buyer is purchasing it for materials, know that your buyer has additional costs to assume, as a new ring will have to be built with your stones. Note that if you are selling a Tiffany engagement ring, or a ring from another reputable designer, the buyer also may pay a premium.
Equipping yourself with as much information as possible can help make the experience of selling an engagement ring a more enjoyable one. 66mint understands that deciding to sell your engagement ring is not an easy thing to do and we are happy to walk you through the process in as much detail and in as transparent a way as possible. If you are considering selling your engagement ring, please reach out to us at 415.982.4402 and we will look forward to working with you.
66mint Fine Estate Jewelry
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