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Gather Your Ring’s DocumentationWhen you first see your carefully chosen sparkler, you can’t imagine ever parting with it. But things change. Tastes evolve, relationships end, your ring finger changes size, and lifestyles morph.
Whether you’re moving on from a relationship or upgrading your ring for a significant anniversary, selling your ring can be an excellent move.
You’d be surprised how often people sell their engagement rings. It’s good to know you can recover some of the costs of that original bauble. Read on to get our top tips on selling your engagement ring.
Laying the Groundwork
Before you list your ring or start telling your friends it’s for sale, take stock of what you have and where you might find a potential buyer.
Give Yourself a Dose of Realism
Your rock may have been the engagement ring of your dreams, but people can have wildly different tastes. The resale of your ring will go much better when you have a realistic view of how much you can expect someone else to pay for it.
Evaluate the Ring’s Condition
Used engagement rings rarely sell for as much as brand new rings, and your ring’s condition makes a significant difference in its potential resale value.
A good cleaning and polish can improve the condition of your ring and impress would-be buyers. Start by cleaning your ring at home, and if you’re not satisfied with the results, take it to your jeweller for a professional cleaning.
Remember that precious metals wear down over time, and gemstones sustain scratches. Some metals resist daily wear-and-tear better than others. For instance, white gold is plated with rhodium, which wears off over time. A ten-year-old white gold engagement ring might start showing signs of yellowing (the yellow gold shining through from underneath the plating).
Simply put: the better your ring’s condition, the more you can ask for it.
Consider the Ring’s Customisation
A one-of-a-kind engagement ring can be tricky to sell. Unique rings don’t have the same broad market appeal as standard designs. On the other hand, an extraordinary setting will garner more attention for people who are tired of scrolling through endless solitaires and halos.
The key with a customised ring is to highlight its uniqueness. What kind of person might fall in love with your one-of-a-kind engagement ring? Figure out how to sell to her.
Researching Your Options
You probably know how much you would like to earn from the sale of your ring, but it’s essential to have a realistic idea of what to expect.
Check Current Prices
Start by finding out how much a brand new ring would cost that has similar characteristics. Be sure to compare carat size, diamond quality, setting style, and the correct precious metal. Is the style popular this year? Or is the design harder to find with today’s jewellers?
Browse the Used Market
Next, see what you find in the secondhand market. The prices and data for used engagement rings will give you a more accurate figure of what you can expect.
Gather Your Ring’s Documentation
When you initially shopped for your ring, you probably asked jewellers for diamond certification and other documents. Now you’re the seller, so you need to be prepared to answer those same kinds of questions.
Proof of Purchase
While it’s not absolutely necessary, having the original receipt for your ring can be useful, especially if you bought it from a big name jeweller.
Grading Certificate
A gemstone grading certificate from a reputable laboratory puts facts and data behind your words. Buyers will feel more comfortable purchasing an engagement ring from you if you can produce such a certificate.
If you don’t have the original paperwork, your jewellery may have a copy on hand. If not, it’s possible to obtain a new grading certificate at any time.
Insurance Paperwork
Although your jewellery insurance will not transfer to the new owner, showing proof of your coverage will testify to the diligent care you’ve provided while you’ve owned it.
Where to Sell Your Engagement Ring
Now that you’ve done your research and gathered your sparkler’s documentation, it’s time to consider where to sell the ring.
Keep in mind that you don’t have to choose just one of these options. You can list the engagement ring in several places to cast a wider net of potential buyers.
Etsy
People love to shop from home, especially in 2020. Listing your engagement ring on a large marketplace like Esty can connect you with a global market.
eBay and Auction Sites
One of the best aspects of auction sites is that bidding can push your item’s value higher than you expected. On the other hand, it might not garner the attention you’re seeking. To minimise your risk, set a reserve price. You don’t want to take chances of losing it to a singular low bidder.
Reputable Jewellers
Many reputable jewellers sell used engagements as well as brand new ones. Since they handle the work of the sale, they’ll keep a portion of the proceeds as well, so you may not earn as much as you’d like. Still, if you’re busy and don’t want to deal with the hassle, selling through a jeweller may be the way to go.
Word-of-Mouth and Community Listings
Sometimes, old-fashioned methods work best. Tell your friends, colleagues and family members that you’re planning to sell your engagement ring. Each of these people has an entire network of acquaintances, and they may know someone in the market for a ring that looks exactly like yours.
Also, if you can post notices on neighbourhood social media pages or other listings, go ahead and mention your ring.
Practical Tips for Selling Your Engagement Ring
Now we’re down to the nitty-gritty. You’ve done your background research and decided on selling methods. It’s go time.
Take High-Quality Photos
Engagement rings always look better in person than they do in photos, but that’s not an excuse for posting lacklustre pics of your sparkler. One of the biggest contributing factors to dissatisfied jewellery customers is that the actual item doesn’t reflect their expectations.
Minimise the risk by providing plenty of pictures taken from different angles in good lighting. Include a couple of pics that show how the ring looks on a finger as well.
Be Brutally Honest
Again, you want to avoid surprises, so tell potential buyers everything they need to know. It’s tempting to exaggerate an engagement ring’s advantages but resist the temptation. You don’t want your buyer to request a refund if the bauble fails to live up to expectations.
Use Registered Post
If you sell your engagement ring online, use Registered Post to protect yourself. No matter what the buyer says, insist on using proof of postage. This method covers the ring if it’s lost in transit, and it also provides evidence if the buyer claims the item didn’t arrive.
If you replace your old engagement ring with a new one, don’t forget to insure it as soon as possible. Get an online quote, or ring us at 1300 522 808. We’ll protect your precious sparkler from theft, damage and loss.
Best of luck with your sale! Your engagement ring is sure to brighten its new owner’s life.
