People in love share so many gifts and moments. Almost every relationship or marriage leaves one with a list of valuables you could exchange for money. One such valuables is your engagement ring. Since you no longer use it and may never want to, why not dispose of it for half the receipt price or more?
You could be laughing all the way to the bank a few hours or days after presenting your engagement ring for sale in the following places.
1. Trusted Online Diamond Buyers
Trust has to be the most misused word online, especially by valuables buyers. So when deciding where to sell engagement ring online, emphasize finding a trusted diamond buyer. Selling the ring to a specialized diamond buyer is worth the hassle. Expert gemologists analyze your ring and price it fairly, considering the market value. GIA-certified gemologists have a better understanding of the four C’s and diamond prices.
A reputable diamond buyer can give you cash in exchange for the ring or have you wait until they sell the ring. Research the buyer before entering into a business partnership with them. Check their estate jewelry prices and the consumer reputations to know if you can trust them.
2. Next-Door Jeweler
You may have never had a constructive discussion with the next-door jeweler. But their services come in handy when you have a piece of jewelry needing disposal. Just walk into the nearest local jeweler and have them assess the ring and make an offer. They have cash and will pay you immediately if you accept their offer.
This option has to be the quickest way to dispose of your engagement ring for money. But remember, jewelers are in the business to make profits. The first quote you get may not be the best deal. Aim at better offers by comparing quotes from several local jewelers.
3. Online Marketplaces
Marketplaces are the prevailing game-changer in the world of selling and buying. Approximately 47% of all online purchases occur in online marketplaces. You can alternate between being a buyer and seller, depending on occasion and needs. When selling an engagement ring, find a trustworthy marketplace and create a seller account.
You can work with universal marketplaces or settle for platforms specially made for selling valuables and estate jewelry. Ensure the marketplace of choice gives you access to many potential buyers. Unfortunately, these marketplaces could be criminal hideouts. So, do a background check on every buyer. Only deal with those rated as trusted customers from sellers in the same product category.
4. Your Network
Avoid the hassles of finding a buyer in online marketplaces or giving out your engagement ring for peanuts to pawnbrokers by giving your network a call. The people in your circle, including friends, family members, business associates, and workmates, could be in dire need of the ring you so much want to dispose of.
Give them a chat or call, and ask them to inquire from their friends and family. This method has to be the most hassle-free and relaxing way to dispose of your estate jewelry for money. You have better bargaining power and can get a better deal from the engagement ring sale.
5. Consignment Stores
Stores in your town or city that sell second-hand items could come in handy when selling your engagement ring. You leave the ring with the store owner under a signed agreement on the amount to get after the sale. After selling the ring, the owner calls you to pick up your money or wires it to your bank account.
The problem with selling your estate ring this way is the small amount you get. You will receive about 20 to 30 percent of the sale amount. That means you only get around 10% of the original ring price. Besides, it takes longer for the ring to sell, approximately 30 to 60 days.
6. Auctioneers
Auctioneers are the last highly recommended destination for fast engagement ring sales. You can auction your engagement ring through brick-and-mortar auction houses or online auctioneers. This approach works best for sellers with precious or rare rings that collectors will find worth.
Selling a ring this way is risky and unreliable. Buyers can bid too low for the ring, especially if it has no standout features. Besides, buyers might only show interest in your ring if it matches their tastes, having you wait several months.
7. Pawnbrokers Can Help
The last person you think of when in a financial mess is a pawnbroker. The trouble they put you through is not worth the value you get. However, if the urgency to dispose of your engagement ring exceeds the objective to get a fair price, you could try pawnbrokers.
A pawnbroker may lack the knowledge of valuables and their worthiness. They will merely assess the ring physically and give an estimated price quote. If you accept it, they will offer a loan percentage of the ring value. You can pay the loan back with interest or give up the ring as payment for the loan.
Wrapping Up
Online and offline places that facilitate the sale of engagement rings have their strengths and weaknesses. The ideal destination depends on your key objectives and what you intend to achieve. If you want a fast sale and would never mind the price, consider pawnbrokers and local jewelers. If you expect a good deal from the sale, go for diamond buyers and online marketplaces. People with high-value and rare gems could score better deals from auctioneers, too.
