Inform anybody, “I wish to promote my engagement ring,” and also you’ll most certainly obtain some gasps. Engagement rings are all the time loaded with memories, whether or not the connection has labored out or not.
Sooner or later, you stated the massive, fats “Sure” when your different half popped the query. So, why would you promote your engagement ring?
Causes to promote my engagement ring
Maybe you’re getting divorced or have referred to as time in your engagement earlier than the massive day? And for many who are fortunately married, perhaps you’ve financed a ring upgrade to a glitzier mannequin?
Or, if occasions are dangerous, you would possibly simply wish to money in your prized possession to maintain a roof over your head. And there’s no disgrace in that, regardless that it’s a clanger of a call.
Regardless of the motive, when you’re positive you are able to half methods, you will wish to get a wonderful worth on your gem. This information will be sure to do!
If I promote my engagement ring, what can I do with the cash?
If you happen to’d wish to promote your engagement ring, listed below are some methods to make use of the proceeds of the sale.
Create an emergency financial savings pot
An emergency savings account is essential. Everybody ought to attempt to hold no less than three months’ wage squirreled away to cowl surprising prices. For instance, if the water heater breaks down or your automobile wants new tires.
If you happen to’re the kind of one that blows their spare money on nights out or weekends away, then promoting your engagement ring may very well be a method to lastly get that pot of cash together.
Pay an surprising invoice
In keeping with Bankrate, roughly solely 4 in 10 Americans have sufficient financial savings to pay for an surprising expense of $1,000.
So, what do you have to do should you get a shock invoice for $2,000 to repair your roof? If in case you have an engagement ring knocking round, promoting it may very well be a method to pay that invoice with out moving into debt.
Save for a downpayment
The typical downpayment for a home within the US is 6% of a borrower’s loan value – not a small quantity by any means!
If you happen to’re struggling together with your financial goal of getting a downpayment together, or should you’re almost there and wish a bit of extra, an engagement ring sale may swing the distinction.
Make investments the money
Think about investment opportunities should you’re not in an enormous rush to spend the money. You could possibly use the cash to put money into shares and shares or purchase a rental property. This may very well be an effective way to atone for your retirement savings.
How can I get the very best worth once I promote my engagement ring?
There isn’t any single “worth” on your engagement ring. You may obtain as a lot as somebody is prepared to pay for it. However you may guarantee the percentages (and, extra importantly, the worth) are in your favor by going by these steps.
Collect related ring documentation
Step one is gathering all of your engagement ring documentation. This might embrace a certificates of authenticity, an appraisal, and even the unique gross sales receipt.
If your ring is vintage or antique, you may not have any of these items, but it surely’s nonetheless necessary to know what you’ve gotten. The extra provenance you may supply a purchaser, the extra they will be prepared to pay – it is that easy.
Get a proper appraisal
A proper appraisal offers you an correct worth on your engagement ring, which you need to use as a baseline when promoting. Simply bear in mind an appraisal will price cash – count on to pay round $50 to $100.
However that is usually a smart investment, as you will obtain one other piece of documentation to current to potential consumers.
Obtain a market valuation
The ballpark valuation of your ring will depend on the 4 Cs, which stand for readability, reduce, coloration and carat. It’s additionally price realizing that the model identify could make a distinction.
For instance, a Tiffany & Co. ring will sometimes be price greater than an unknown model.
Carat
Carat refers back to the diamond’s weight with a single carat equal to 200 milligrams. Measurements are correct to the hundredth decimal place.
Coloration
The colour of a diamond is judged on a scale from D (no hue) to Z (a yellow-hued diamond). A high-quality white diamond will command a better worth than a decrease high quality, extra yellowy one.
Typically it comes right down to a purchaser’s choice, with some preferring a hotter jewel, particularly if this implies they’ll afford a bigger one!
Readability
Readability is judged on some extent scale from FL (flawless) to I3 (included, which means there are noticeable blemishes seen to the bare eye).
Reduce
The reduce of the diamond consists of the peak, depth, angles, and different components. A well-cut diamond will likely be brilliant and sparkly, whereas a poorly reduce one would possibly seem uninteresting.
Metallic and facet stones
Wanting past the Cs, the steel of your ring additionally influences worth. Platinum is essentially the most priceless, adopted by white gold, then yellow gold.
Aspect stones can even add to the worth of your ring. In case your diamond is accompanied by sapphires, for instance, it will bump up the worth.
Take high-quality pictures to promote your engagement ring
Earlier than taking any pictures, get your ring professionally cleaned so as to add that sparkle and guarantee it seems to be priceless and interesting. As soon as you have accomplished that, you are able to start taking photos.
A busy or patterned background will distract from the ring itself. So, select a easy background like a white sheet of paper or a plain wall.
And ensure the ring is the one factor in focus. If you happen to’re utilizing a telephone digital camera, get near the ring and use the zoom characteristic.
Use pure mild the place attainable, making the diamond seem brighter. However if you cannot take pictures exterior, then use indoor lighting – simply keep away from direct daylight or fluorescent mild as this may make the diamond seem yellow.
Lastly, take a wide range of pictures from totally different angles. This can give potential consumers a terrific concept of what the ring seems to be like and assist them to understand its options.
The place can I promote my engagement ring?
So, you have accomplished all of the prep work, know the way a lot your ring is price, and also you’re in the perfect place to get the perfect worth. You would possibly ask your self questions like “the place can I promote my diamond ring” and “how can I be sure I do not get scammed?”
Let’s break down your choices for promoting your engagement ring to a good purchaser.
1. On-line marketplaces
If you happen to promote different second-hand items on-line, then marketplaces like eBay could appear the plain place to promote your jewels. An alternative choice is to attempt a platform like, I Do Now I Don’t, which is devoted to promoting engagement rings.
In each instances, you’ll set your asking worth and attain a broad viewers of potential consumers.
The draw back of utilizing an internet market is that you will must care for transport the ring to the customer, which may very well be difficult (and costly) in the event that they stay distant.
One other potential problem is that you could be not get as a lot cash on your ring as you’ll by promoting to knowledgeable purchaser or jeweler. That is as a result of consumers on these platforms will likely be on the lookout for a cut price, so they may lowball you on worth.
2. Native jewelers
Making an attempt to reply, “the place can I promote my engagement ring in a rush?” One choice is to take your ring to a neighborhood jeweler and ask for his or her opinion on its worth. If you happen to’re proud of their supply, you may promote it to them on the spot.
That is up there with the quickest and best methods to eliminate your ring, but it surely in all probability will not web you the perfect deal both.
The principle benefit of promoting to a jeweler is that it is handy – you may stroll in, get a valuation, and stroll out with fast cash (or a verify) in hand. However as a result of they’re companies, jewelers will wish to make a revenue in your ring, so they don’t seem to be possible to present you prime greenback.
3. Pawnbrokers
Pawnbrokers are one other poor selection should you’re on the lookout for an honest worth on your engagement ring. However they may very well be price contemplating should you want entry to quick money.
Once you take your ring to a pawnbroker, they will assess it and provide you with a mortgage primarily based on a proportion of its worth. You may repay the mortgage (plus curiosity) later to get your ring again or hand it over to the pawnbroker as fee and stroll away.
4. Consignment outlets
Consignment outlets may very well be a terrific choice should you’re not in a rush to promote your ring and wish to get as a lot cash as attainable.
With this feature, you will take your ring to a consignment store, and so they’ll put it on show, sometimes for round 30 to 60 days. In the event that they handle to promote it, you will get a reduce of the earnings (often 20-30% or extra).
The principle benefit of utilizing a consignment store is {that a} skilled will care for the sale for you. But it surely may take some time to promote, and also you may not get the overall worth of your ring if it goes off the market.
5. Auctions
One other method to promote your engagement ring is to public sale it off on-line or by a conventional public sale home. This feature may work nicely when you’ve got a uncommon or priceless ring, as you would possibly be capable to get more cash by promoting it to collectors.
The draw back of auctions is that they are often dangerous. There isn’t any assure that your ring will promote, and also you may not get the worth you are hoping for. Nevertheless, you may put a reserve worth on how low the bidding can go.
6. Diamond exchanges
If you happen to’ve been questioning, “the place can I promote my diamond ring?” for some time, then a diamond trade may very well be an choice.
Diamond exchanges are companies that purchase diamonds from folks and then resell them to jewelers and different consumers. They sometimes have a community of diamond consumers they work with, to allow them to get you an inexpensive worth on your ring.
The principle benefit of utilizing a diamond trade is that you’ll promote your ring shortly and simply with out worrying about transport it or haggling over worth. However the trade will take a reduce of the sale as they’ve overheads to pay.
7. The place can I promote my engagement ring privately?
Finding a personal purchaser on your ring requires lots of legwork in your half, however there is not any one to take a reduce out of the sale charge – it is all yours. Analysis rigorously to discover a purchaser prepared to pay a good worth on your ring, which could take a while.
For instance, you would possibly promote your jewellery on the market in wedding ceremony boards or on social media. Concentrate on scammers who would possibly capitalize in your desperation to promote.
How can I keep away from scammers once I promote my engagement ring on-line?
Sadly, getting ripped off is widespread within the on-line jewellery business. However do not be deterred should you’re decided to promote your engagement ring. Keep away from scammers in these methods:
Depend on that unbiased valuation
When you’ve gotten an excellent concept of what your ring is price, you are unlikely to simply accept wildly lower than it is price. At all times guarantee your valuation is performed by a real skilled, so you aren’t getting conned out of your cash.
Insure your ring
If you happen to plan to ship your ring within the submit, ensure it’s adequately insured. That manner, you will be lined if it goes lacking or is broken in transit.
Your private home contents insurance coverage might cowl your ring, however all the time verify the phrases and situations earlier than sending it out into the world.
Don’t half together with your ring with out fee
This one needs to be apparent, however do not give your ring to anybody with out receiving fee first. If you are going to meet somebody in individual to promote your ring, be sure to meet in a protected, public place.
And should you’re promoting on-line, solely use a good platform that gives escrow companies. This implies the customer will solely get the ring as soon as they’ve paid you, and you will not have to fret about scams.
Promote your engagement ring with confidence
Hopefully, you will now not be asking your self, “the place can I promote my diamond ring?” after studying this text. At all times be 100% positive that promoting your engagement ring is the correct step for you – as soon as you have parted methods, there is not any going again.
But when that is the correct transfer, do your analysis, and you will be nicely positioned to get an enviable worth on your ring. Good luck!
For extra ways to earn money, see our different Intelligent Woman Finance articles and free courses!
