How to Sell an Engagement Ring

Getting engaged is often a dream come true complete with a romantic proposal and a stunning diamond engagement ring. After the giddiness wears off and reality sets it, the wedding may or may not take place. Whether the engagement failed or the original engagement ring simply didn’t suit your tastes, the time may come to sell that ring. But who knows how to sell an engagement ring? Buying it was the easy part but your local jeweler may not accept returns or pay a fair price. In order to sell a diamond engagement ring, you’ll need a clear understanding about who owns the ring. States vary as far as ownership goes, so check to find out your state’s official stance on this matter. You’ll also need a realistic understanding of the ring’s diamond value. What you or your fiancĂ© originally paid for the ring is largely irrelevant. Get your ring appraised by a certified, independent appraiser and ask for the appraisal to be based on “liquidation” value rather than insurance value. (Source: Value of Diamonds by Diamond Buyers)  Diamond value on the secondhand market is dramatically different than diamond value on the retail market and appraisals for insurance purposes are dramatically higher than what you can realistically expect when selling your engagement ring. Finally, you’ll need to locate a buyer for it. Options include selling your ring directly to another person by placing an ad (and meeting in a public place) or using an auction site such as eBay. You could also put your ring for sale on consignment or pawn it off. Another option is to sell your engagement ring to a company that specializes in buying diamonds. These companies often pay cash for diamonds and gemstones after evaluating them in person. In some cases, you may need to ship your ring to their facility before an offer can be made. In other cases, you may be able to visit the facility in person.