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4 Ways to Sell Your Engagement Ring – Explained

by | May 2, 2018 | blog, diamond buying and selling, Diamond Education, M.I. Trading tips, Selling Diamonds, tips

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Home » 4 Ways to Sell Your Engagement Ring – Explained

Are you divorced or in the process of getting a divorce and want to sell engagement ring for money?

No doubt, divorces are shattering, both emotionally and financially. Oftentimes, in this hour of need, the item that comes as a savior is the engagement ring which now holds no relevance.  It can also help you meet your expenses; be it for supporting your child or enrolling yourself in education.

But if you don’t know much about it; selling an engagement ring can be a big headache.

Here’s a guide to help you out in parting with your stone! We outline 4 ways to sell your diamond ring and their pros and cons.

Trustworthy Diamond Buyer

A reliable diamond buyer is a professional who has a good reputation and much experience in the industry of diamonds and jewelry. They know well about the industry and the market, and the chances of faulty evaluation of your diamonds are small.

Pros:

  • Your engagement ring would be evaluated by the professionals having ample of experience and relevant qualifications. The experts who are GIA trained or having good BBB ranking are usually available at your service.
  • The reputed and trustworthy buyers can bring out the best offers that are competitive enough in the market as they have vast connections to help you out.
  • The whole process is fast, and you get the cash instantly if some urgent need is to be met.
  • They are qualified to tackle all your queries regarding the sale and purchase of the diamonds and jewelry. They would make you aware of everything before the final deal takes place.

Cons:

  • The safety is a significant concern. The deal should be finalized in the safe and legitimate environment such as the professional office of the diamond buyer.
  • The online buying offered by some diamond buyers is not as reliable than an in-person meeting to sell your diamonds.

Consignment

Searching for the related shop or the gallery and just negotiating to a price to sell engagement ring seems an easy job. The owner would keep the ring with himself until someone buys it from him. Once it is sold, you would get your money, and he would keep his prior-decided commission.

Pros:

  • There is no need of worrying about searching for the buyer. Once the consignment deal has been finalized, the shopkeeper would take care of everything else.

Cons:

  • The urgent money needs are hardly tackled as it is a time-consuming process.
  • The consignment rate is high as the shop-owner has to take care of his expenses as well. With a physical shop there is high overhead.
  • Leaving the diamond with an unknown person may not always be reliable or safe.
  • As the ring is an engagement ring and would have a stigma attached to it of a broken marriage, selling it won’t be easy. Thereby, increasing the wait for the money even more.

The scammers and con artists in the online world are abundant and difficult to recognize.

Online or Through Classified Ads

The online platforms or the classified ads can be used to advertise for your diamonds that you would like to sell. Any person or company interested can contact you, and the deal can be finalized.

Pros:

  • You don’t need to leave your home or office. The deal can be finalized as per your convenience.
  • High prices can be incurred as the agreement would be transparent enough, and the rates from different buyers can be compared easily.
  • It is one of the quickest ways to meet the urgent money requirements.

Cons:

  • The risk of meeting an unknown person when he/she knows that you’ll be carrying diamonds with you. So, the safety issues are a very big concern.
  • The scammers and con artists in the online world are abundant and difficult to recognize.
  • Some of the online buyers won’t be interested in buying a ring of a broken marriage.

Pawnshop

Pawnshops offer secured loans by keeping the items of personal property as collateral with themselves. This option can be used in the financial emergencies when you need the money urgently and can’t wait to get the best possible price to sell an engagement ring.

Pros:

  • A localized option for the financial emergencies.
  • You can get back your ring on repayment of the loan.

Cons:

  • The prices are lower than what you can get otherwise.
  • The specialist who can let you know about the exact value and related information about your diamonds won’t be available.
  • The expenses might rise, and the non-payment of the loan would cause you to lose the ring forever.

The best option for you depends upon your requirements. With the pros and cons listed for all the possible ring selling methods, now you can evaluate what works the best for you.

If you have decided to sell your engagement ring through a local diamond buyer, our reliable and qualified gemologist would be happy to buy your valuable at the best prices. And, if you just need a consultation, Moran is also an experienced and professional consultant, available for your questions.

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