There are a lot of reasons you might want to sell a wedding ring. Whatever they are, you want to make sure you get the best price and have a good experience. Prepare your ring for sale by getting an appraisal and having your ring cleaned. You can sell your ring online, but make sure you find a reputable seller. You can also trade in your ring if it’s a diamond ring. It’s a great way to get a new piece of jewelry.
EditPreparing Your Ring for Sale
- Get a formal appraisal from a qualified appraiser. Before you sell your wedding ring, you need to know what it’s worth, especially if it has diamonds. Take your ring to a qualified appraiser and ask for an appraisal of the ring.
- Look for an appraiser that doesn’t sell rings. They’re more likely to give you an objective assessment since they’re not also trying to make a profit off of you.
- You can find a qualified appraiser using professional appraiser websites like the American Society of Appraisers.
- The price of an appraisal will vary – make sure you ask appraisers their prices before you agree to the appraisal. It can be tempting to go with the lowest cost, but you should also consider any reviews of the appraiser that you can find online.
- Have your ring evaluated by a diamond buyer or pawn broker. If you don’t want to pay for a formal appraisal, you can take your ring to a diamond buyer or pawn broker for an estimate. You should visit more than one store for your appraisal. It gives you a range of values and a better idea of what your ring might be worth.
- Have your ring professionally cleaned. A sparkling, shiny ring is more likely to sell than one that’s dull. Most jewelry stores will clean rings, even if they weren’t bought there, although you might have to pay a small fee. Get your ring cleaned and then store it in a ring box.
- Prepare yourself emotionally to sell your ring. If you’ve gone through a painful divorce, you might be tempted to sell your ring right away. Give yourself some time to really think about what selling it might mean and whether you might regret it in the future.
- For example, if you have children, you might want to give them your ring one day. If you sell it, you won’t be able to do that.
- You might also be selling your ring because although you’re happily married, you’re in a terrible financial situation. Talk about your decision to sell with your spouse.
- If you’re selling a deceased relative’s ring, discuss that decision with other family members. For example, if you’re selling your mother’s ring, discuss that decision with your siblings.
- If you’re not sure that you want to sell yet, but you don’t want your ring around, ask a trusted friend or family member to hold onto it for you.
EditSelling Your Ring Online
- Look for a reputable seller. If you’re going to sell your ring online, make sure you do so through a reputable online seller. eBay is a good option, as is the website I Do Now I Don’t. Read reviews from sellers who have used the websites you’re looking at and make sure the overall experience is a good one.
- Set up an account. For websites like eBay, you’ll need an account to sell your jewelry. When you’re setting up your account, you’ll need to choose a username and how you’ll accept payment.
- Set a realistic price. Once you’ve had your ring evaluated, you’ll need to decide how much you want to sell it for. Start with the price point that your appraiser gives you. You can do additional research online to see how much similar rings sold for. You can also check retail stores for the price of new rings similar to your ring. Keep in mind you’ll need to discount the price because your ring is used.
- When you’re discounting your ring, you’ll need to take into account how old it is. Ask your appraiser what a fair discount is based on the age of your ring.
- Describe your ring as specifically as possible. People who use websites like eBay will begin their search with specific phrases. They might be looking for a ring in a specific size, with a specific size stone, or a specific metal. The more detail you can put in your ring description, the better.
- For example, listing your ring as “Women’s wedding ring, size 8” won’t get you as many hits as “diamond and sapphire wedding ring in white gold, size 8, great condition.”
- Post pictures of your ring. People want to see what they’re buying before they spend money on it. Set up your ring somewhere with good lighting – the shinier your ring looks, the better. You should also take pictures from a few different angles – the top, the bottom, and the sides. If you only have one picture, some buyers might think you’re hiding imperfections.
- Use shipment tracking and insurance when you ship your ring. You can ship your ring from the post office or from specialty shipping stores like Fed Ex. When you take your ring in to ship it, ask for a tracking number and delivery confirmation. You should also ask for insurance coverage – the person helping you will ask how much coverage you’d like. Ask for the amount you sold the ring for.
EditTrading in Your Diamond Wedding Ring
- Find a store that accepts trade-ins. Many chain jewelry stores, like Kay Jewelers or Helzberg Diamonds, will allow you to trade in your diamond ring for new jewelry. Check the chain stores in your area, and ask which locations allow trade-ins.
- Take your ring in for evaluation. One of the in-store experts will examine your ring for any damage. They’ll also evaluate the quality and size of the diamond or diamonds on your ring. Once they’ve evaluated it, they’ll tell you what the trade-in value is.
- If you’ve purchased the ring from the same store where you’re trading it in, you’ll get the full original purchase price of the ring.
- Choose the diamond jewelry you want to trade for. Once you know what your trade-in value is, you can select which piece (or pieces) you’d like to trade your ring for. You might be able to do a straight trade, or you might be able to use the trade-in value as a credit toward a more expensive piece.
- Upgrade to more expensive jewelry. If you’re looking to upgrade your ring, rather than just trade it in, you may have to pay some money. How much you have to pay out of pocket will vary depending on the store and their policies.
- For example, at Kay Jewelers, the purchase price of your upgrade has to be at least twice the price of the original purchase price of the ring you’re trading in.
EditSelling Your Ring In Person
- Have your ring appraised. The best way to avoid being cheated when you sell your ring in person is to know what you have before you sell. Have your ring appraised by a professional appraiser. Keep in mind that you’ll get less than the full value of your ring, since whoever you sell to will ask for a commission or look for a profit.
- Look for nearby consignment shops that sell jewelry. A consignment shop will display your ring for sale, but you retain ownership of it until it actually sells. Once it sells, the shop will keep 40 to 60 percent of the sale price as commission, and you get the rest. Check in your area to see if there are consignment shops that sell jewelry.
- As you’re researching shops, ask their specific policies. They might give you cash for the sale, or they might only offer store credit. They may also mark down the price of your ring if it doesn’t sell in a certain amount of time
- Check reviews for diamond dealers if you’re selling a diamond ring. A diamond dealer will sell your rings to the public (rather than to stores like an industry dealer would), which means you might get a higher price. The dealer will take a 25 to 40 percent commission for selling your ring.
- Look up any diamond dealer you’re interested in on the Better Business Bureau website. You’ll see what sort of rating they get and if they can be trusted. Don’t leave your ring with someone you can’t trust!
- Take your ring in to a consignment shop or diamond dealer to sell. Once you’ve gathered information about a consignment shop or diamond dealer, decide where you’d like to sell. Take into account how much you’ll get for the ring, the reputation of the seller, and your general gut feeling. Sell where you feel most comfortable!
- If you can, avoid selling your ring at “We Buy Gold” stores. They are far less likely to offer you what the ring is worth.