Diamond Articles

Where can I sell my engagement ring for cash?

October 6, 2017 - Diamond Articles
how to sell engagement ring for cash
When a marriage is over or you need to raise funds quickly, selling the engagement ring can make financial and/or emotional sense. But where to start? You will want to make sure that you are selling safely and for the best price. You will likely also want to ensure that this does not become a long, drawn-out process.

 

There are four ways to sell an engagement ring for cash:

  1. Online to a trusted diamond buyer
  2. Auction
  3. Craigslist
  4. Pawnshop

 

Lets look at each of these options in a bit more detail.

1. ONLINE TO A TRUSTED DIAMOND BUYER

One of the quickest ways to sell engagement rings for cash is through an online diamond buying company. Besides speed of sale, one of the advantages of working with a specialist diamond buyer is that you will be working with qualified gemologists that have the knowhow to accurately assess and price your engagement ring. Diamond pricing is complex and nuanced, so working with GIA trained gemologists who understand more than just the 4 C’s of diamond grading will help you reach a higher price.

Of course when working with an online diamond buyer, it is important to thoroughly research the company. Check their BBB rating and online reviews from previous customers. Look at how long they have been in business for and whether there are any costs involved. You need to be able to trust the company that you work with.

options for selling engagement ring for cash

At WP Diamonds, we are the leading online engagement ring buyers. Our team of GIA trained gemologists are expert diamond graders that have the industry knowledge necessary when it comes to pricing your diamond. We have an A+ rating with the Better Business Bureau and hundreds of online customer reviews for you to read. Our service is entirely free of charge; we offer online price quotes and the choice of an appointment or our free and fully insured overnight mail-in service for a final price. Headquartered in NYC, all jewelry is opened on camera for your protection. There is no obligation to sell and if you don’t like our final price, we return the ring to you free of charge. We pride ourselves on providing a quick, discreet and safe way to sell engagement rings online for cash that can take as little as 24 hours. Any questions? Give us a call on 646 758 0270 or email support@wpdiamonds.com.

 

2. AUCTION

The auction route is a great choice for extremely rare diamonds and if you have the luxury of time. One of the benefits of selling at auction is that you will be able to work with diamond experts who can help you price you ring and set a reasonable reserve price, but ultimately you will be dependent on who turns up at the day of the auction as to whether or not you have any bids. The auction house will be responsible for promoting the event, so do make sure to carefully vet which house you chose to work with. Find a reputable auction house that you believe will be able to successfully attract the right audience to bid on your engagement ring.

Auction houses often focus on rare and one-of-a-kind pieces that will attract a large crowd. However the majority of diamonds do not fit this description and will likely not perform well at auction. The reason for this is because most diamonds, contrary to popular belief, are not investment pieces.

Auctions are held infrequently, therefore it is important to be prepared for the process to take some time. Each auction house is different, so do your research and find out how frequently they are scheduled. And finally, the auction house will of course charge a percentage of the final sale price. So be sure to be clear on exactly what that will be before agreeing to this selling method.

realities of selling engagement rings online

3. CRAIGSLIST

Selling engagement rings online to non-specialist buyers has its good and bad points. On the one hand, it is a convenient way to sell and these may be platforms that you have used in the past and are familiar with. On the other hand, it is important to always take precautions when transacting with people over the Internet that are not part of a large and reputable diamond buying company.

While you have the ability to set the price, there is no guarantee that it will sell and if it does it can take a long time. This may not be the best option if you are looking to sell your engagement ring quickly. You will also likely have to deal with a high number of lowball offers and scam inquiries.

Finally, always exercise caution when meeting with potential buyers on Craigslist. Make sure to notify a friend or family member as to where you are meeting and at what time, meet in a public place and be sure never to give out personal or financial information.

 

4. PAWNSHOPS

Pawnshops are a great and local resource for selling a vast array of items, but there are some drawbacks when it comes to selling engagement rings at a pawnshop. While you certainly can get paid quickly and in cash, you are probably better off working with a specialist in the industry that has greater distribution channels and thus can offer more.

You also have the option of pawning your engagement ring, but you must be able to meet the repayments. It can be an expensive way to borrow and if you default on your loan you will not be able to recuperate the ring.

 

Which engagement ring selling option is best for you?

The important thing is to choose the option that best suits your needs. Once you have made the decision to sell your engagement ring for cash, review these four options carefully and chose the one that is most aligned with your goals.


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