5 Steps to Unlocking Value: Selling Your Engagement Ring
Many reasons can push you to sell your highly-prized engagement ring. It can be a failed relationship, divorce, or an upgrade. Whichever the reason, profitability laws require you to extract the most value from the sale. Providence demands appraising the ring value and researching market prices.
An antique ring will have lost a monumental chunk of its market value. But it can still catch you a viable amount. High-value natural stone rings will not score the exact amount you paid initially. However, you can sell yours for up to 50% of the original price.
Making the Most Selling Your Engagement Ring
There is no one-size-fits-all approach to selling an engagement ring. You can sell online or in your local pawn store. The amount you receive depends on what the buyer willingly pays for the ring. The following steps can help you to sell your engagement ring at a favorable price.
1. Get Documentations Ready
You can sell your engagement ring without mandatory paperwork. However, it will not be a walkover, and the amount received will be lower. Missing documents raise many questions and can throw prospects off. Proper documentation confirms the authenticity and quality of jewelry.
When dusting off your engagement ring ready for sale, gather the necessary certifications. These include original sales receipts, authenticity documents, and appraisal certificates. You might face challenges sourcing certifications for antique jewelry. Having all certifications makes selling engagement ring easier and can speed up the sale process.
2. Formal Ring Appraisal
A formal appraisal gives near-perfect value to the jewelry. The in-person inspection of a ring requires a keen eye for details and proper knowledge of jewelry materials and their value. A qualified appraiser offers documentation after the appraisal. You can add it to your list of certificates to bargain for a better deal.
Professional ring appraisal comes at a price, usually between $50 and $200. The appraisal takes up to a week, depending on the type and number of rings you need appraising.
3. Get a Market Valuation
A diamond ring’s market valuation considers the four Cs and the brand name. The first C stands for carats, the weight of the ring. A ring with more carats will get you a higher resale price. The color of the ring affects its resale value as well. A white diamond ring will attract more coins than a yellow one. A ring’s clarity affects its immaculacy and resale value. You can score a better deal for a well-cut, sparkly, and blemish-free ring than you would for a dull and poorly cut one.
Apart from the four Cs, a ring value depends on the metal. The most valuable of all engagement ring metals is platinum, followed by white gold and yellow gold. The side stones bump up the price of an engagement ring. You can get more money from a diamond ring with traces of other high-quality stones.
4. Take Clear and Impressive Photos
Pictures speak a thousand words and can compel buyers to buy your engagement ring. Take immaculate-clear photos to create an appealing first impression. You might want a professional to clean the ring before the photo shoot. Avoid distraction-filled backgrounds like patterned or colored surfaces.
When taking the photo, focus on the ring and use the zoom feature to get a more detailed photo. Natural light is better than artificial, as it brightens up the jewelry. However, fluorescent and direct sunlight could make it appear yellow. Shoot from multiple angles to give buyers enough data to gauge the features and quality of the ring.
5. Compare Quotes
There are many places to sell your ring and score the best deals. From consignment stores and pawnbrokers to online marketplaces and local brokers, you have many options to exploit. You do not have to limit yourself to online sales or local stores. You can also visit diamond exchanges for quotes. The more quotes you get, the better. With more options, you can choose the best price and earn more from the sale.
Realize that pledging your sale to one price quote reduces the odds of getting the most value from the ring resale. Explore many online marketplaces and engage your local brokers. Sometimes, the highest price offered at one dealership is below the best. Try to negotiate and secure better deals.
Wrapping Up
You do not have a final say on how much you get from selling an engagement ring. However, you can maximize the amount you get to a certain extent. You only need to plan your sale and prepare to make it successful. Get the ring cleaned and appraised by a professional.
A market valuation tells you the worthiness of the ring and gives you better negotiation power. Take the ring to multiple buyers and compare the quotes they give you to choose the best. Having the suited certificates makes you appear more genuine and can even guarantee a quick sale. Finally, look for trustworthy marketplaces and local jewelry brokers to avoid getting duped.