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Selling an engagement ring is relatively common. Whether you’re upgrading your bling, calling off the wedding or getting divorced, you might be ready to find a new owner for that sparkler.
But how do you go about selling a piece of fine jewellery like an engagement ring?
Get Prepared
A good sale begins with preparation. What can you do to set yourself up for success?
Gather your Documents
When you originally purchased the engagement ring, you received several documents from the seller. If you don’t have these items anymore, you can still sell the jewellery piece, but buyers will have more confidence in the ring if you can show them proof of its authenticity and quality. The following papers can help.
Original Receipt
An original receipt can be a powerful selling tool, especially if you bought the sparkler from a well-known, much-loved jeweller like Tiffany’s.
Diamond Certificate
Most ring shoppers can’t tell the difference between a VVS2 rock and a VVS1 without taking a peek at the diamond’s laboratory certificate. But differences in clarity (and other factors) affect the value of precious stones.
Your diamond certification papers will prove the gemstone’s value to potential buyers and give them all the information they could want, from the stone’s carat weight and colour rating to details about its cut.
Valuations
If you’ve received any valuations of the ring since your original purchase, collect these documents as well. Jewellery values fluctuate, and buyers will be interested to see how much the piece costs to replace.
At JewelCover, we provide valuations to our customers each year upon their policy renewal, so they always know they have adequate cover. These valuations, created by jewellery experts, provide relevant snapshots of your ring’s worth over time.
Find out what it’s worth
If you don’t know what your ring is worth, you should find out so you can set a reasonable price. Your favourite jeweller can often provide this service. Also, if you know details about the ring, such as the makeup of its precious metals and gemstones, you can shop around online and find out how much similar rings are going for.
Keep in mind that used rings generally sell for substantially less than brand new, out-of-the-showcase jewellery. But there are plenty of websites that sell pre-owned pieces.
Explore your Sales Options
With your documents assembled, you’re ready to decide on a method for selling your engagement ring.
We all shop online these days, so there are plenty of buyers scouring the internet for the world’s most perfect engagement ring. Before you list your ring on a website, read the terms of service carefully and understand the process for shipping or delivering the ring. Also, work out payment details ahead of time.
To sell your ring online, you’ll need to take crisp, clear pictures of your sparkler. Use these handy tips for flattering pics:
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Use natural daylight or a small, halogen light with a diffuser
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Build a lightbox or shoot the photos outside
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Choose a background the provides contrast
You might also consider creating a short video for your listing that displays the ring from various angles.
Independent Jewellers
Many independent jewellers offer a selection of pre-owned jewellery in addition to their brand new pieces. Some store owners might offer to buy your ring from you on the spot, making your sales job extremely easy. Others may take the item on consignment. If they sell it for you on consignment, you’ll have to pay a commission, but you won’t have to handle any details.
Friends
One of the easiest ways to sell an engagement ring is to spread the word that you have one for sale. You never know which of your contacts or associates is in the market for a sparkler. Often, people end up selling jewellery to friends of friends; word-of-mouth marketing is powerful.
Auction
Although an auction house can take as much as a 20 per cent commission, this selling method is worth looking into. Most auction houses provide a free appraisal, but it’s wise to get a second opinion. They will probably also offer professional services like photography and insurance.
Pawnbroker
You might not receive the best price from a pawnbroker, but it can be a good option if speed is your top priority. And you never know; your ring might be just the type that has been selling well lately. You can always walk away if you don’t like the offer. Just make sure you have a good idea of the ring’s worth before you start negotiating.
Consider Insurance
Parting ways with an engagement ring can be an emotional process, even if you’re just upgrading your bling. The new owner will need to start an insurance policy of their own, even if you’ve had it insured up until the sale. To learn more, ring us at 1300 522 808. We’re here to help!
