A Guide to Selling a “Used” Engagement Ring

Posted June 4, 2020 by in Lifestyle
engagement ring in rose

Not many people get to think about selling their engagement ring! And while it’s not something you may have given a lot of thought in the past, the reality is that it happens.

Relationships sometimes come to a disappointing end, the ring finger changes size, and tastes change—these are things that happen more often than you may have imagined. 

In the event they do happen, it’s always a good idea to know of the options available to you. It never hurts to learn of ways you can use to get some money back from your “used” engagement ring. This Ringspo selling a ring guide is a good starting point:

selling a diamond ring

Before Selling the Engagement Ring 

Before you can kick start the selling process, begin by examining what you have, and the kind of temptations it may have when dealing with potential buyers. 

Remain Realistic 

For a seller, the first thing you need to do is to remain realistic through the entire process. By now you probably know the personal nature of an engagement ring. As such, what you like, may not be what someone else will go for. 

However, this isn’t meant to mean you are stuck. Rather, keep in mind that the resale value of your ring is going to be less, compared to that of any other kind of generic jewelry. To determine the resale potential, begin by asking yourself questions such as:

  • Has the ring undergone any kind of customization?
  • What’s its current condition?
  • If damaged or scraped, can you have it repaired? 

Pro Tip: Before you get it valued, try to have it cleaned. A thorough cleaning helps in making a “used” engagement ring salable. Cleaning it will also help to return its shine. Make sure it’s sparkling before you start showing it to customers or taking any photos. 

Do Your Research 

It’s always tempting to get online and post the ring for sale, more so when you are in a rush to sell it, or when you think it’s in top condition. On the other hand, gathering information beforehand may potentially assist you in getting more money during the sale. Besides, a little research may also help you sell it faster, by helping you confirm you aren’t overcharging clients. 

You can determine a possible resale value by:

  • Checking firsthand listings
  • Browsing the internet in search of secondhand ring prices

Pro Tip: Try to trace the original proof of purchase. The document may come in handy if you had bought the ring from a renowned jeweler. If this isn’t available, get your hands on a grading certificate. The grading certificate will enable potential buyers to know just how precious the stones are. 

Where to Sell

Don’t limit yourself to a single avenue as there are lots of places to offload an engagement ring. When you post the listing in more than one avenue, make sure to take down all the other listings when the ring is sold, to ensure you won’t have to continue fielding calls from buyers. Recommended places to sell the ring include:

  • Online marketplaces
  • Reputable jewelers
  • Pawnshops
  • Auction sites, e.g., eBay 

Pro Tip: When selling directly to consumers, protect yourself and your interests by obtaining the money beforehand. Also, ensure you keep the postage as proof. For face to face meetings, always settle for a public space. 

The hard truth in life is that not all engagements end up at the altar or in a happily ever after situation. So much can happen in the period after saying “YES” to when you are supposed to say “I DO!” If you find yourself dealing with a change in circumstances, you don’t have to continue holding on to the ring. You have options at your disposal! Try to explore them