Selling Your Wedding Ring: Is It Possible And Ethical?

Selling a wedding ring can be a challenging and emotional process, especially after a divorce. There are several options for selling a wedding ring, including selling it to a jeweller, on an online auction website, or to an online expert diamond buyer. It's important to do your research and be aware of the potential challenges and scams when selling diamond jewellery.

Where to sell your wedding ring

Selling a wedding ring can be a difficult and emotional decision. There are many reasons why someone might want to sell their wedding ring, and it can be a confusing process if you've never sold jewellery before. There are a few options for where to sell your wedding ring, each with their own pros and cons.

Pawn Shop

Pawn shops are a quick and easy way to sell your wedding ring, but they will not offer you the highest price. Pawn shops are likely to pay pennies on the dollar and are not always reputable. However, if you need immediate cash, this could be a good option.

Local Jeweller

Selling your wedding ring to a local jeweller is a safe and trustworthy option. They will be able to appraise your ring and give you a good price for it. However, you may need to shop around to find a jeweller willing to make a good offer, and the process could take some time.

Online

Selling your wedding ring online is a great way to reach a larger pool of buyers and potentially get a higher price. There are a few different ways to sell your ring online, such as through an online auction platform or a specialist online buyer.

Auction

Selling your wedding ring through an online auction platform like Worthy can be a great way to get multiple offers and ensure you receive the true market value for your ring. Worthy has a network of pre-vetted jewellery buyers and provides prepaid, fully insured shipping. However, the process can take a few weeks or even months.

Specialist Online Buyer

Selling your wedding ring to a specialist online buyer like Diamond Buyers is a safe and secure option. They have extensive knowledge of evaluating diamond jewellery and will provide you with a fair price. They also offer a free preliminary offer and the option to sell your ring in person if you are local to their showroom.

Other Options

There are a few other options for selling your wedding ring, such as eBay, auction houses, or Facebook Marketplace. However, these options may not be as trustworthy or safe as the others mentioned above.

It is important to do your research and be cautious when selling a valuable item like a wedding ring. Consider the condition of your ring, its resale value, and how quickly you need the money when deciding where to sell it.

How much can you expect to get for your ring?

The amount of money you can expect to receive for your ring will depend on several factors, including the type of ring, its condition, and where you sell it.

Type of Ring

The type of metal and gemstones used in the ring will impact its value. Yellow gold, white gold, and platinum are the three most popular types of metal for wedding rings. Platinum is the most expensive option, followed by 18-karat gold, then 14-karat gold. Natural diamonds are the most common stones used in engagement rings, followed by lab-grown diamonds and coloured gemstones. A colorless, flawless diamond will be one of the most expensive options.

Condition of the Ring

The overall condition of the ring will also affect its resale value. Rings that are old, damaged, or missing stones will likely be sold for less than a ring that is in good condition.

Where You Sell It

You can sell your ring to a jeweller, a pawn shop, or directly to a consumer online. Selling to a jeweller or pawn shop may be quicker, but you will likely receive a lower price. Selling online may take longer but could result in a higher resale value.

On average, engagement rings are sold for between 40% and 75% of their original value. A 1-carat diamond and gold engagement ring can range from $1,000 to $5,000, depending on the cut, quality, and setting. Wedding rings are typically less expensive than engagement rings, with an average cost of $550 for men and $1,100 for women.

What to do if you don't have documentation

If you don't have the original documentation for your wedding ring, don't panic. Here are some steps and tips to help you sell your ring:

• Contact a trusted expert: Reach out to reputable jewellery buyers or diamond experts, such as Divorce Your Jewellery or Diamond Buyers. These companies have experienced staff who can evaluate your ring without the original paperwork. They will consider factors such as the colour, cut, clarity, carat weight, and metal type of your ring to determine its value.
• Laboratory Report: While not necessary, it is helpful to have your diamond graded by a trusted laboratory, such as the Gemological Institute of America (GIA) or the American Gem Society (AGS). These laboratories provide reports that can assist in the evaluation process and ensure you receive a fair price.
• Third-Party Appraisal: Consider getting a jewellery appraisal, which can provide an estimated retail replacement value for insurance purposes. Although this value may be inflated, a knowledgeable appraiser can still provide an estimate of your ring's worth.
• Evaluation by a Diamond Buyer: Diamond Buyers, for example, have GIA-trained gemologists who can evaluate your wedding ring based on strict gemological standards. They will walk you through the process and provide a fair offer.
• Do Your Research: Learn as much as you can about your diamond's worth. Understand the 4Cs of diamond quality: colour, clarity, carat weight, and cut. The more you know, the better equipped you will be to negotiate a fair price.
• Comparative Research: Check online for similar engagement rings and their selling prices. This will give you a benchmark to work with, as used rings typically sell for 40% to 75% of their original value.
• Be Prepared to Negotiate: Whether you're selling to a pawn shop, jeweller, or private consumer, don't be afraid to negotiate. Suggest a higher price and be open to counteroffers.
• Consider Online Options: Online diamond buyers, such as Abe Mor, Diamonds USA, or Worthy, often provide higher offers than local jewellers or pawn shops. They may also offer fully insured shipments and faster payouts.
• Understand the Risks: Be aware that selling your wedding ring without documentation may result in lower offers. Pawn shops, in particular, tend to offer only 30% to 60% of the diamond's worth.
• Seek Multiple Offers: Don't settle for the first offer. Get at least two offers and compare them. This will give you a better understanding of your ring's value and help you get the best price.

Remember, even without the original documentation, you can still sell your wedding ring. Do your research, understand your ring's characteristics, and don't be afraid to negotiate to ensure you get a fair price.

How to sell your ring online

Selling a ring online can be a convenient and private way to get a good price for your item. Here are the steps to sell your ring online successfully:

Understand the Value of Your Ring

Before selling, it is important to understand the approximate market value of your ring. Factors that influence the value include the type of metal (e.g. gold, platinum), the karat of the metal, the presence and quality of any gemstones, the brand or designer, and the current market prices for precious metals and gemstones. If your ring is worth around $1,000 or more, consider getting a jewellery appraisal or, for diamonds, a lab report. These documents will spell out the value of your ring and can be useful during the sales process.

Choose an Online Platform

Select a reputable online buyer or auction site to sell your ring. Look for platforms with positive customer reviews and ratings from trusted sources like the Better Business Bureau. Consider using sites that offer best-price guarantees, free and insured shipping, and the option to sell directly to consumers rather than traders. Examples of reputable online buyers include CashforGoldUSA, Abe Mor, Circa, and myGemma. Louped (formerly I Do Now I Don't) is an online jewellery marketplace where you can sell directly to consumers or list your item for buyers to bid on.

Create a Listing

When creating your listing, provide clear and detailed information about your ring, including all the factors that influence its value (as mentioned above). Include multiple high-quality photos that accurately represent the item. If you have any documentation (e.g. appraisal certificates, lab reports, original receipts), be sure to mention this in your listing.

Set a Competitive Price

Do some research to set a competitive asking price for your ring. Check online for similar rings and see what prices they are listed at or have sold for. Keep in mind that your ring is not considered 'new', so you will need to mark the price down accordingly. In general, used rings sell for 30% to 50% of their original value, but this can vary depending on various factors.

Negotiate and Finalise the Sale

If you receive an offer for your ring, don't be afraid to negotiate. Politely ask the buyer to explain how they arrived at their offer, and mention any unique or valuable aspects of your ring. Do some research on current market prices, and be willing to walk away if the buyer doesn't match or come close to that price. Remember that you can always get multiple offers and choose the one that works best for you.

By following these steps, you can successfully sell your ring online and get a fair price for your item.

What to do with the money from selling your ring

Selling your wedding ring can be a difficult and emotional process. Here are some suggestions on what to do with the money from the sale:

• Pay off debts: Selling your ring can help you pay off any debts you may have accrued, giving you a fresh start.
• Invest in yourself: Consider using the money to invest in your education, business, or personal development. This could include taking a course, starting a new venture, or seeking therapy to process the emotions associated with selling the ring.
• Treat yourself: Use the money to go on a vacation, buy something special for yourself, or celebrate a milestone.
• Support family: If you have children, you could use the money to help pay for their wedding or other significant expenses. This way, the ring's value is passed on to the next generation in a meaningful way.
• Donate: Consider donating the money to a charity or cause that is important to you. This can be a way to transform the ring's emotional value into something positive and help those in need.
• Investments: While diamonds may not be the best investment, you could consider investing the money in traditional investment vehicles, such as stocks or real estate. This could help you grow the money over time.
• Practical purchases: Use the money for practical purchases that will improve your life, such as a car, home improvements, or everyday essentials.

Remember that selling a wedding ring can be an emotional decision, and it is important to take the time to think about what you want to do with the money. There is no right or wrong answer, and the best choice is the one that feels right for you.

Frequently asked questions