MoneyMagpie

May 14

Make money selling your engagement ring

There’s no two ways about it, breakups are hard – especially if you’ve been engaged or married.

An engagement ring can be an item of great sentimental value and you may well want to hold on to it, regardless of the state of your relationship.

But some people do decide to sell on their engagement ring, either as a way of moving on or just because it’s a good way to get a bit of extra cash.

If you’re thinking about selling an engagement ring, here are the things you need to know.

 

Should I sell my engagement ring?

Honestly, this is a question only you can answer.

If you feel like the ring holds some sentimental value that you don’t want to lose then don’t sell it.

Equally, if you think one of your children might like it in the future then it would be nice to hold onto it for them.

However, if you are considering selling then you can may be able to make some good money back.

Engagement rings can keep a strong second hand value so selling it might be a way to free up some cash and put it towards something useful in your life.

 

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Where to sell?

engagement ringIf your ring is gold then you may be tempted to sell it to one of those ‘cash for gold like’ companies.

However you rarely get the best price from one of these companies (thankfully there are less of them about) so we wouldn’t recommend going with them.

You could sell the ring privately on an auction site such as eBay. The good thing about going down this route is people are paying what they think it’s worth, unlike jewelers who’ll be factoring in how much of a profit they can make from your ring.

Another plus for selling on eBay is if you have the original box for your ring, people will be willing to pay more. This isn’t something jewelers would be particularly interested in.

You can also set a reserve price so you don’t have to worry about the bids being too low. If this sounds like something you’re interested in, read our guide to selling on eBay.

If you fancy doing it the old fashioned way, however, and want to get a professional opinion then you can always try a jewelers. If you do go down this route, make sure to get a few estimates on the worth of your ring, just so you know you’re going to get a fair price.

If you’re feeling a bit more adventurous then you could always try a jewelers auction. As with an online auction, you’ll be able to set a reserve price so you won’t end up selling for a really low amount and you may get lucky and have two bidders really keen on your ring!

You’ll have to factor in the cost of the commission you’ll have to pay to the auction house, but it might well work out worthwhile for you.

 

 

Got a diamond ring?

engagement ringIf you’ve got a traditional diamond ring then you may also consider a diamond ring specialist.

For example, WP Diamonds allow people to sell their engagement rings online.

They specialise in engagement ring valuations and are able to offer free advice and answer any questions you may have.

If you sell your ring to WP Diamonds they are able to have cash in your account within 24 hours.

Of course, you might not even have broken up with your partner but instead just want to buy a larger diamond or restyle your ring – in such a case you’ll be able to sell just the diamond.

 

 

Still not sure….

If you’re still not sure about selling your ring then why not give yourself some more time to decide and try one of our many other money makers in the meantime.

Don’t rush the decision, think it over and make the right decision when you’re ready.

 

Are you thinking about selling an engagement ring? Maybe you don’t feel like you could? Let us know in the comments below.

 

 

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