There are many reasons why you might be doing research on how to sell an engagement ring.
Whether it's for yourself or on behalf of someone close to you, this guide will help you sell engagement rings for the best price.
How To Sell Engagement Rings For The Best Price?
Sell engagement rings for the best price, quickly and easily with myGemma. With an A+ BBB-rated business, we offer free advice and answer any questions you may have about selling diamond rings to us.
How To Sell Engagement Rings Online?
Selling an engagement ring online may feel daunting, but is in fact simple. It can take as little as 24 hours from start to finish, with no fees or costs involved. Simply complete our online form and our experts will be in touch with a price quote.
We can then schedule an in person appointment or provide free, fully insured shipping to send your items in for a final price. Your ring is fully insured and the process is free of charge with no obligation to sell.
The reality is that selling to an online company will typically allow you to get the best price for your engagement ring. This is because online diamond buyers do not have the same overhead costs as a retail store. This means that they can pass more money on to you, the seller.
How Much Is My Engagement Ring Worth?
Engagement rings are surprisingly complex items to value. Diamonds have over 20 main factors that govern their value. At myGemma, our world-class diamond grading experts have superior industry connections.
We will return the most competitive offer possible in the context of the market and, of course, take into account precious metals and side stones.
The bulk value comes from the main diamond. How much the diamond is worth is largely dependent on the following:
- The 4 Cs: Color grade, clarity grade, cut and carat weight are the basic ingredients of determining value.
- Is the diamond certified? Some certificates are more reliable than others and will affect your initial estimate. If your stone is GIA (Gemological Institute of America) certified and has an Excellent Cut Grade your stone is likely to fetch a premium.
- The condition of the diamond: Are there any chips or abrasions? If so the price will be affected.
- The diamond ring buyer: Your return % of the retail price will depend on the diamond buyer you select and what kind of deal you got when it was purchased.
- Market conditions: Some diamond shapes are more fashionable than others. Are the proportions of your stone desirable in the market?
Where To Sell Engagement Rings For The Best Price?
When you are ready to sell the ring and put the past firmly behind you, the next step is finding the right buyer. Selecting the best buyer for your engagement ring is important.
It will enable you to achieve the price you want and to sell in a safe and secure manner. The highest estimates do not always guarantee the best final returns as some organizations will use estimates for marketing purposes only.
| Pros | Cons | |
|---|---|---|
| Online Diamond Buyers, such as myGemma | Very fast and and strong prices | You must do your research to find a trustworthy online diamond buyer |
| Auction House | Very expensive diamonds achieve great results | Variable prices mean uncertain returns and selling can take a long time |
| Consignment | Results can be impressive if give long enough | Expect your ring to take a long time to sell |
| Private Buyer | Returns can be high | Finding someone can take a long time and there are risks selling face to face |
| Local Retailer or Pawn Shops | Local means sellers often trust retailer | Retailers only buy particular types of rings. Pawnbrokers typically make low offers due to high overhead costs. |
About myGemma
With myGemma, sell diamond engagement rings from anywhere in the US and the rest of the world:
- Online: We provide free, fully insured shipping for you sell your diamond engagement ring online
- In Person: Sell engagement rings at one of our offices in the US or UK
We have taken a traditional business model and made the process fast, simple and secure. We are fundamentally different to auctions: we buy your jewelry directly. Our entire process can take as little as 24 hours. There are no fees or commissions deducted from your final offer.
What Types Of Engagement Rings You Can Sell
At myGemma, we specialize in buying:
- Engagement rings with at least one diamond of 0.5ct +
- Designer engagement rings and designer wedding rings (Tiffany, Cartier, Harry Winston etc)
- GIA certified fancy colored diamonds
We do not purchase:
- Rough diamonds
- Black diamonds
- Brown diamonds
- Cubic zirconia
- Lab grown diamonds
If you have a certificate from the GIA, IGI, or EGL USA, for example, the initial estimate you are given is going to be very close to the final offer made. Labs are independent and are experts at grading diamonds. The GIA, for example, is an industry leading Gemological Laboratory. Send us the information from your certificate to get an accurate initial valuation.
| Where is The Value | Considerations | |
|---|---|---|
| Round Cut | A GIA certified stone with an Excellent cut grade then it could carry up to a 30% premium. | Round diamonds will retain more value than fancy shaped diamonds. |
| Princess Cut | Diamonds with a VS or SI clarity grade are doing especially well | Princess Cut Diamond Engagement Rings –are the second most popular shaped diamond |
| Other Fancy Shapes | Ovals and Pear shaped diamonds are currently producing good returns. | Fancy shapes are less traded and less popular so are less value than the same weight round stone |
| Trilogy | The center diamond is usually slightly larger than the two side stones. | Each stone should be valued for its own attributes to maximize price. |
| Shoulder Set | The center stone should hold the majority of the value and a certificate generally only covers this diamond. | The smaller diamonds also hold some value and they should be included in the final offer. |
How To Find The Right Engagement Ring Buyer
Once you decide to sell the ring, finding the right buyer for your engagement ring should not turn into an ordeal. By following some simple advice you can shortcut the normal pain points and conduct a successful sale, netting you the most amount of money possible.
- Online reviews: Research their reputation both online and offline if necessary, look at Trustpilot, Yelp, Google + reviews
- Accreditations: Choose a buyer with a Better Business Bureau Rating and look at their history on the BBB website
- Honest Price Quotes: Look out for the price range a buyer will give you, for example a range of $2000-$4000 for a GIA certified stone is too wide
- Analyze Their Communications: Are they readily available over the phone? It is important to work with a buyer that is responsive, answering your calls and emails quickly. Be sure to check that their emails are professional, courteous and informative.
- Physical Location: Does the buyer have a physical location? If you can set up an appointment in addition to selling online you can be more assured.
- Free Service: A serious buyer should be willing to provide free insurance and free shipping. If a company is asking you to cover the costs, this is a clear red flag and you should think twice before proceeding.
Why Sell Engagement Rings Online
Selling your engagement ring or just selling the diamond (and keeping the setting) can free up cash or possibly allow you to buy a larger diamond or re-style your engagement ring. Engagement rings can retain a strong second-hand value.
- Emotionally move on from a past relationship
- Do something positive with the money
- Free up finance without taking out loans which require interest payments
- Upgrade or downgrade the ring and find another special item for your collection
- Sell the diamond and keep the setting, this allows you to free up money and reset with a different stone
Selling engagement rings to myGemma will ensure you get the best return on your diamond. We have a team of diamond experts who will value your diamond.
We buy and sell diamonds in the international market, our size means we are able to offer an accurate valuation because we will be recycling the diamonds ourselves. There are no third parties involved which allows us to work quickly and efficiently with you.
Other potential buyers such as pawnbrokers, local jewelers, or some online jewelry buyers may not have the necessary experience for diamond valuations. This coupled with limited market knowledge can result in low offers.
Please note that for loose diamonds or non-branded engagement rings, myGemma only buys GIA diamond rings of 0.5ct or above. We also do not buy colored diamonds less than 0.5ct, lab grown or rough diamonds, moissanite or cubic zirconia.
