How To Sell An Engagement Ring In 2023: Get Money Fast

With the right knowledge and approach, selling your ring can be a liberating and lucrative experience.

And with the help of this guide, you can ensure that you’re making an informed and confident decision every step of the way selling your jewelry.

From determining their value to navigating the various selling platforms and finding the right buyer, we’ll cover everything you need to know how to sell an engagement ring successfully.

Quick Picks

Before we get into the hows and wheres of selling your engagement ring, here are the best places you could sell jewelry online:

Overall Best Site – Worthy
Easiest Selling Site – eBay
Site With Fair Payouts – Cash4DiamondsUSA

How To Sell An Engagement Ring

Parting with your jewelry can be a rollercoaster of emotions, often symbolizing a significant chapter in your life.

Sometimes letting go can be the start of a new adventure, a way to meet financial needs, or even an opportunity to treat yourself to an upgraded piece of sparkle.

Let’s look at some steps to take to sell your ring:

1. Decide To Say Goodbye

The first part of selling your stuff is being okay parting with your stuff. It can be hard to say goodbye to your engagement ring, but it’s a necessary step.

There are plenty of reasons to sell engagement rings:

A broken relationship: Letting go of the past to welcome new beginnings.
Financial needs: Fund essential expenses like home renovations or your child’s education.
Upgrading your jewelry: Sell diamonds from the old setting and celebrate your relationship’s journey with a larger diamond piece with a center diamond.
Decluttering: Simplify your life by parting with items that no longer hold meaning, fit you, or is your style now.
Inheritance: Sell a ring passed down from a family member that doesn’t suit your style or taste.

Whatever your reason, be emotionally ready to part with your engagement ring.

Once you’re prepared to say goodbye, you can begin turning your engagement ring into cash with confidence and a clear head.

2. Collect Any Paperwork

Before selling your engagement ring, you’ll want to gather all paperwork related to your precious piece.

The right documentation can significantly impact the resale value of your ring and help you get the most money for your jewelry.

Here’s what you’ll want to have handy so you can get a decent price for your ring:

Original receipts
Diamond certificates
Appraisal reports
Warranty or insurance papers

3. Get A Formal Appraisal

A formal appraisal can give you the confidence to negotiate the best price for your diamond engagement ring.

When dealing with potential buyers, such as auction houses, pawn shops, online marketplace buyers, or online jewelry buyers, you must have realistic expectations for your ring.

An appraisal determines your engagement ring’s current market value, so you clearly understand its worth before selling it. 

Here’s how to go about it:

Find a reputable appraiser: Choose a professional or a local jeweler with a good reputation and expertise. Ask for recommendations or check Better Business Bureau ratings and online reviews.
Schedule an appointment: This meeting will allow the appraiser to examine your ring’s center stone, precious metal, side stones, and overall condition.
Understand the appraisal report: After the assessment, the appraiser will provide a detailed report about your engagement ring’s estimated market value or the replacement value.

4. Check The Online Market

Understanding the market trends for diamond engagement rings is crucial to know how well your ring will sell.

Look up recent sales of comparable diamond rings and note their prices, diamond carat weight, other precious metals, metal type, and ring settings.

Look at how your engagement ring measures up against other engagement rings that have recently sold.

Be objective, and note any features that make your ring stand out or affect its resale value.

Based on your research and the appraisal report, determine a fair price for your engagement ring.

Remember that the retail value of your diamond ring might not always translate to the same resale value, so be prepared to barter a bit with lowballers.

5. Pick A Selling Platform/Business

Choosing the right platform or business to sell your engagement ring online is crucial for getting the best price and having a seamless experience.

Here are some popular options to consider when deciding where to sell your engagement ring:

Local Jeweler: Selling to a local jeweler or diamond exchange is convenient. They often have experience buying and selling diamond rings. Visit a few jewelers in your area to compare offers and negotiate the best price.
Pawn shop: If you want to sell your engagement or wedding ring quickly, a pawn shop is a viable choice. They may offer a lower price but can provide fast cash. Visit just a couple few shops to get multiple offers and pick the one that works best for you.
Online jewelry and diamond buyers: Selling your diamond engagement ring online to a diamond specialist can be hassle-free.
Online marketplace: On sites like eBay and Facebook Marketplace, you can sell engagement rings online directly to potential buyers.

Remember that you’ll need to handle selling your engagement ring, including negotiating with buyers and arranging to ship your diamond ring.

11 Best Places To Sell An Engagement Ring

We know that finding the best place to sell your engagement ring can make all the difference in getting the most money for your precious piece.

To help you make an informed decision, we’ve compiled a list of the top 11 places to sell your diamond engagement ring:

1. Worthy

With the Worthy team of expert gemologists and professional jewelry buyers, you can be sure you are getting the highest reserve price possible for your piece at auction.

You give them information on your ring, they give your estimates for bids you’d get on it, and if you like the estimation, they send you a shipping label for the ring.

Once the ring is there, they clean it up, give it a throughout the inspection and detailed report, and put it up for auction.

They do charge a commission for selling your ring, but it’s more likely to get top dollar at Worthy auctions.

2. eBay

eBay is a popular online platform where you can sell your ring directly to a buyer.

You take pictures, provide information, and list it for sale. You can set it up for auction or a direct buy option.

You control the sales price to get top dollar and reach a wide audience by listing your diamond ring and other jewelry on eBay.

However, keep in mind that selling on eBay can take time, as you’ll need to manage the listing, negotiate with buyers, and arrange to ship.

3. Cash4DiamondsUSA

Cash4DiamondsUSA is an online diamond buyer that offers a fast and hassle-free process for selling your ring. 

Simply request a free appraisal kit, and once they evaluate your ring, they’ll make you an offer. 

If you accept, you’ll receive payment quickly, making it a convenient option for people needing immediate cash for their diamond, gold, gemstone, or silver jewelry.

If you don’t accept the offer, your ring gets returned to you.

4. WP Diamond

If you’re looking for a straightforward and hassle-free way to sell your diamond ring, WP Diamond could be the perfect solution.

The process is simple and easy to follow. You receive a free initial valuation of your ring and then ship it to WP Diamond using their fully insured shipping service.

Once they receive your ring, their team of experts will assess the value of your diamond and provide you with a competitive offer.

If you accept the offer, you’ll receive a payment within 24 hours.

5. Craiglist

Craigslist is a local classifieds website where you can list your ring for sale and connect directly with interested buyers in your area. 

It’s similar to eBay, where you take pictures and list them, and once again, you may have to wait for sales and turn down so low offers before you get a good one.

You can also meet up in person locally to avoid any shipping costs, which is a great way to save when selling online.

6. CIRCA

CIRCA Jewels is a luxury buyer with locations around the world. They specialize in purchasing high-end diamond jewelry, including engagement rings. 

When you sell your ring to CIRCA, you can expect a professional evaluation, a competitive offer, and immediate payment.

Visit one of their locations or submit your information about your engagement ring online to get started.

7. Facebook Marketplace

Facebook Marketplace is a convenient online platform that allows you to sell your ring to buyers in your local area. 

As long as you have a Facebook account, you can make as many listings as you want, post stuff for sale in groups, and more for free.

It doesn’t cost anything to use Facebook as a selling site!

Plus, just like Craigslist, you can meet in person to avoid shipping costs and pocket more profit.

8. Louped

I Do, Now I Don’t has now been rebranded to Louped. It’s an online marketplace designed to buy and sell pre-owned engagement rings and other fine jewelry. 

The platform connects buyers and sellers, allowing you to negotiate directly and potentially get a higher price for your ring.

They also provide a secure escrow service, ensuring a safe and transparent transaction for both parties.

The commission fee is between 10% and 20%, which is on par with other jewelry-selling sites.

9. ABE MOR

Abe Mor is a family-owned diamond buyer with over five decades of experience in the industry.

They specialize in purchasing diamond engagement rings and other fine jewelry, offering a fast and secure process. 

Request a free estimate online, and if you accept their offer, they’ll provide insured shipping and quick payment.

10. Local Jewelers

Selling your ring to a local jeweler is a convenient option, as they often have experience buying and selling diamond engagement rings.

Visit several jewelers in your area to compare offers and negotiate the best possible price for your ring.

11. Pawn Shops

Pawn shops can be a viable choice if you want to sell an engagement ring quickly and get paid same day.

While a pawn shop may not offer the highest price, they can provide fast cash in exchange for your jewelry.

Visit multiple shops to get various offers before deciding on the best option and selling your ring in person.

FAQS

Are used engagement rings worth anything?

Yes, used engagement rings are definitely worth something!

If you have old rings hanging around, including an old diamond engagement ring, you could be letting money sit around.

Sites like Worthy makes jewelry easy to sell, but you’ll want to know what your pieces are worth before selling.

The value of an old engagement ring depends on various factors:

Carat weight
Clarity grade
Color
Cut/design
Precious metal used

Will people buy my engagement ring after a breakup?

Absolutely! People will buy your ring after a breakup.

There’s a growing market for pre-owned engagement rings and diamond jewelry.

A diamond buyer is often attracted to used diamond prices compared to new engagement rings.

They understand that the circumstances of a previous owner don’t affect the quality or beauty of the ring.

What is the best place to sell my engagement ring?

The best place to sell your ring depends on your unique needs and priorities.

Some sellers prefer the convenience of online platforms, while others feel more comfortable dealing with local businesses or individuals.

We prefer Worthy because they will estimate your ring’s worth and pay for them to be shipped for auction.

They’ll clean your pieces, give another estimate with a detailed report, and then put it up for auction.

The fees are between 10% – 18%, which isn’t too bad. If your ring is worth $500, they only get $90 for all their work.

How much can I get for my engagement ring?

The truth is the price you’ll get when you sell a ring will likely be far less than its original purchase price. Most people can expect to receive between 20 to 50 percent of the original cost.

While it might be disappointing to hear that your ring won’t fetch a higher price, it’s important to remember that secondhand buyers are usually looking for a good deal.

They know they can save more money just by purchasing a ring that’s been previously owned.

Another important factor to consider is that jewelers who buy engagement rings from individuals will also be looking to make a profit.

They’ll purchase the ring at a lower price and then turn around and sell it to another buyer for a higher amount.

Final Thoughts

Selling an engagement ring can be a tough decision, but it can also be an opportunity to let go of the past and turn it into cash for your future.

By following the tips we shared in this post, such as gathering important paperwork, getting a formal appraisal, and choosing the best platform to sell your ring, you can maximize your chances of getting the most money possible for your precious piece.

Whether you prefer the convenience of online marketplaces or the personal touch of local stores, there are plenty of options to consider.

Worthy may be the best place to sell your ring quickly and with little to no effort, but why not play the field a bit?

Check out other sites to see how you can make money fast and get the best offer for your ring.

By taking the time to research and compare offers, you can ensure you’re making an informed decision and feel confident in the outcome.