As the old saying goes, diamonds are a girl’s best friend. Sometimes you’re in need of a little extra money so that diamond has got to find a new home. However, reselling diamonds are a lot like BMW’s-no resell value and all flash. Learn where to sell your old engagement ring.
It is common knowledge that after you purchase gemstones from a jeweler, they lose half of their value as soon as they leave the store. So when expecting to sell just know that half-price is max price. Here are a few tips that will hopefully aid you when selling your engagement ring.
Everything You Should Consider When Selling Your Old Engagement Ring
Before choosing to sell your engagement ring, ask yourself why you’re doing so. Are you getting rid it due to a break-up? Are you in charge of handling a relatives estate or planning a family vacation? Does the ring still hold sentimental value or was it randomly discovered? Maybe you’re just upgrading.
Your reasons to sell your engagement ring will determine what route you’re wanting to take. If your possession of the ring is painful, you’re probably more interested in the quickest route. In this case, a pawn shop will do just fine. If you’re wanting more, check multiple stores and compare prices. Figuring out where to sell your old engagement ring just requires a little research.
Get An Estimate
If it’s possible, you should find out what the ring was initially bought for. You should also find out the details of the ring if possible. Knowing the karat of the gold or metal, the carat of the diamond, and details about the stone like weight, cut, and clarity. Any information allows the buyer to get a good idea, before testing, of what they’re looking for to correspond with your information.
Any buyer runs the risk of purchasing your diamond. In order to stay in business, they need to make money. If you know the price of the diamond, use this information to estimate the offer you will receive. Remember, the value is cut in half after you leave the store. Buyers usually offer lower than half, so be prepared.
Certification On Your Gemstones
Pets with pedigree go for more money, so do certified stones. Some retailers won’t even look at your ring if you didn’t come with papers. If you’re looking for the best way to sell your engagement ring, papers are important. Certification documents show ownership, authenticity, and designated value of your ring.
Certifying your engagement ring costs money. Family rings might have the documents up in the attic. But likely your fiancé didn’t include the receipt during the proposal, so go together or ask for it. If you are split up then your best bet might be paying for an evaluation from an assessor or gemological lab.
GIA, EGL, AGS, And IGI
These acronyms are the best way to sell an engagement ring. Let’s uncover what they actually mean and the purpose they serve.
- GIA: Gemological Institute of America
- EGL: European Gemological Laboratories
- AGS: American Gem Society
- IGI: International Gemological Institute
Certifying your ring proves ownership and quality of your ring. Otherwise, the cut, color, clarity, and carats are only guesses. This proves to be an issue when trying to sell an engagement ring without these details. Certification serves as a guide to successfully assess the value of the stone.
If you have a certificate that is more than 10 years old, it’s best to get a new one. Any ring worth more than $1,000 should have a certificate, if not it’s not worth big bucks. More importantly, you should get an appraisal by an original lab. A ‘lab-certified appraiser’ is usually a dealer that took a quick training course. They are not a reliable source.
The Difference Between Insurance Appraisal And Selling Price
The value of your ring is always higher when used for insurance purposes. It is important not to confuse the two. Let’s set up an example. If your ring was appraised for $20,000 then expect to get $5,000 to $6,000 when you resell it. This is a big difference but a good price when considering your ring loses much of its value after you purchase it.
Best Way To Sell Your Engagement Ring
Checking multiple stores and locations for prices is the best way to sell your engagement ring. Pawn shops offer quick cash but be sure sure to visit more than one shop to compare prices. A good question to ask is how long the offer is valid for. That way you have time to process the offer and check for other ones. Always be cautious because you don’t want someone shady following you. Remember you have valuable items on you such as earrings or necklace that you’re curious to learn more about.
Head back to the store you bought the ring from. After the ring leaves, the value is cut in half so, you won’t be shocked when they offer you very little. On the hand if you’re looking to get another one they will offer you an upgrade at a discount. You won’t be making a profit, but you’ll get a better value.
Where To Sell Your Old Engagement Ring
Consider selling to The Gold and Silver Exchange, it’s a quick and painless way to get rid of that ring. Luckily, we will take a look at any other jewelry you acquired from your previous relationship. Most of our competitors sell the gold they’ve accumulated to us. Skip the middle man and head straight to The Gold and Silver Exchange. You will be greeted by professionals and watch as we test and value your ring. Giving you the best price for your valuables. We use current gold prices so, you’ll be sure to get the top most money possible. You will never have to ask ‘where to sell an old engagement ring’ again.
We use state of the art equipment to accurately test your ring. All tests are done in your presence.
We use the current spot price of gold. The diamonds are tested and you are offered a value based on the cut, color, carat, and clarity.
Not at The Gold and Silver Exchange.
““Paul is absolutely wonderful! Great experience, easy and fair!! Would definitely recommend this place for selling and buying.”STEPHANIE MERVAU ROELOFS