There are two ways to sell engagement rings – the right way and the wrong way.
This comprehensive guide is designed to lay out all your options so when the time comes to sell your ring, you’re not left playing silly ‘sell engagement ring’ games and you’re armed with all the information and facts you’ll need to make an informed decision about what you want to do and how you want to do it.
ENGAGEMENT RINGS – A SHORT HISTORY
Using a ring to signify a bond between two people can be traced back to the ancient Egyptians. The Greeks followed suit using leather, hemp, ivory or bone but it wasn’t until the early Roman period that metal rings started to be used and it was only in exceptional circumstances that precious metals such as gold or silver were used – to prove a man trusted his wife with his valuable property.
It took another 1,500 years for the first well documented case of a diamond engagement ring – given by Archduke Maximillian of Austria to Mary of Burgundy in 1477.
In the UK and North America, engagement rings are traditionally worn on the left-hand ring finger since it was commonly believed that this particular finger contained the ‘vena amoris’, literally ‘vein of love’ – a vein that ran directly from the finger to the heart. Unfortunately for the romantics among us, this is an urban myth – all fingers have a similar vein structure!
ENGAGEMENT RING FACTS
- The average spend on engagement rings in the UK is around £2,000
- White gold accounts for around 50% of engagement ring sales
- Platinum has a 30% share with yellow gold third at 20%
WHY DO YOU WANT TO SELL YOUR ENGAGEMENT RING?
Before we share with you your choices on how to sell engagement rings, it’s important to understand the reasons why you want to sell it.
Whether your reasons are driven by emotion or practicality, ultimately you are entering into a financial transaction where the simplest rules of economics apply – you want to sell your ring for the highest price and the buyer wants to purchase for the lowest price.
Essentially what we’re saying is take your time, don’t rush into a decision you may well regret and thoroughly research the engagement ring market before you make a decision.
Finances – Selling an engagement ring can be a fast and easy way of releasing funds to pay down debt or for unforeseen emergencies. If you’re looking to release funds quickly, there are places both online and on the High Street that offer quick quotes and cash payments but you will have to accept less than the ring’s true market value.
Sentiment – According to Marilyn Monroe in Gentlemen Prefer Blondes, ‘diamonds are a girl’s best friend’, however that isn’t always the case. It’s possible you don’t like the style of your engagement ring or it doesn’t suit your individual personality.
Fashion – Gold, silver or platinum jewellery goes in and out of fashion just as clothes and shoes do. What was ‘in vogue’ when you got married may now be outdated and you may be looking to sell your engagement ring for a more fashionable model.
Emotion – Unfortunately, one of the most often quoted reasons for the selling engagement rings is the breakdown of a relationship where neither party wants to keep the ring as a reminder.
Inheritance – Engagement rings are one of the most common items passed down through generations and rare, vintage and antique engagement rings, or rings with unusual mounts or diamonds can fetch very high sums.
HOW TO SELL AN ENGAGEMENT RING
Selling a diamond engagement ring has both benefits and pitfalls and it isn’t simply a case of advertising it for sale and then waiting for a buyer as you would with, say, a mobile phone. An iPhone 4 is the same as all the other iPhone 4s. It has the same spec, it looks the same and it does the same things.
Engagement rings are as different and as unique as your fingerprints. No two diamonds are exactly the same. There are differences in clarity, weight and colour as well as size, shape, mounting and style.
Preparation
Thoroughly research the market. As with all commodities, diamond, gold and platinum prices are subject to market fluctuations and while waiting a few months won’t necessarily double the price of your ring, it could mean extra money in your pocket.
If you’re unsure, have the ring valued by a trustworthy, professional jeweller. This has the added benefit of offering the buyer an independent, third-party valuation.
Make sure your engagement ring is spotlessly clean and free of scratches.
Where possible, have all the necessary paperwork, certificates and receipts to hand. The buyer of your ring will need them to verify condition and/or value.
If you opt for an online sale, take high quality photographs from all angles with good enough magnification to show the ring’s detail.
Selling Engagement Rings at Auction
Most of us know how the auction process works but basically, your ring is sold to the highest bidder after an auction process.
As the auctioneer calls ‘SOLD’, the sale is final. The benefit is that you have achieved your goal however there is no comeback if you’re unhappy with the end result.
If you have a value for your ring in mind, you can set a reserve price below which the ring won’t sell but you risk not selling it if the reserve is not met.
There are fees associated with buying and selling at auction. Make sure you know your potential liability before you enter into the sale process.
Selling Engagement Rings on the Internet
The advent of the internet has opened up the market for selling engagement rings to a much wider audience.
Trustworthy, secure and free websites such as 62days.com offer you innovative and easy ways to sell your engagement ring.
With 62days, quotes are free, collection is free and you have peace of mind knowing that you have the backing of TRUSTe, the web’s leading online privacy provider.
You also get a 62 day cooling off period.
Just upload a photo of your ring and we’ll send you a free, no-obligation appraisal which you can accept or decline as you wish.
Since 62days is an online business, low overheads mean we can offer you excellent prices for your engagement ring and other valuables.
We only use secure, trusted payment methods including PayPal, Google Checkout, Neteller, Moneybookers and directly into your bank account.
Your items are collected and delivered by FedEx and are insured while in transit.
Keep in mind when assessing your options to sell online that peer-to-peer sales through online auction sites or similar services can sometimes feel like you’re playing ‘sell engagement ring’ poker and can sometimes involve risk – one general rule of thumb you may wish to consider is that you never invite a stranger to your home and always keep in mind other security issues surrounding payment, delivery and communication.
Other Ways to Sell Engagement Rings
Antique Dealers – If you are selling antique engagement rings or selling vintage engagement rings, a specialist dealer will give you a valuation and could either buy it themselves, or put you in touch with their contacts that have a genuine interest in the type of ring you are selling. It’s worth noting that this kind of service may well incur higher fees which can eat into your potential profits.
Pawnbrokers – Pawnbrokers will offer you money for your engagement ring using a time-limited loan agreement (usually 6-12 months) with the ring acting as collateral against the loan. If you don’t collect the ring within the specified time, it becomes the property of the pawnbroker. If you want your ring back, you have to repay the capital outlay, plus a traditionally high rate of interest for each month the pawnbroker has it.
WHAT TO DO NOW
Once you’ve made up your mind on the course of action you’d like to pursue, you can start the sale process.
If you’d like to see how much you could sell your engagement ring for with an expert quotation from 62days, simply upload your item now for a quick, free online appraisal.