Whatever the circumstance, selling your wedding ring can be a difficult decision. To make matters worse, the process itself can feel confusing or overwhelming: Are you getting the best price? Who do you sell to? What are your options?
Here are some things to consider when it comes to selling your wedding ring:
Obtain an Appraisal
Before you begin considering options for selling your ring, it’s a good idea to visit a jewelry appraiser.
Select an appraiser who does not buy or sell diamonds or other jewelry. It works to ensure you receive a fair appraisal from the individual that focuses on the current trends in the industry and not just on personal gain for being in a position to resell your ring. You may want to receive two or three more appraisals so you have a good idea of the true financial value in your ring.
Setting a Price
With the appraisal information in your hand, go online to research wedding rings that exhibit similar characteristics to your ring. See what the average selling price is for those rings and use that information as a baseline in determining where your price point should start. Do a price comparison of similar rings that are brand new and those that are available for resale. Compile all of your research and find a price that sits somewhere in the middle of all that information.
Keep in mind someone will likely buy your wedding ring for one of two reasons: It will be a good deal for their situation. It may also be something that will produce a nice profit when the buyer sells it to another consumer.
Prepare Your Emotions
Selling your wedding ring will likely not be an easy task, from an emotional standpoint. If that chapter of your life is over, you may feel ready to move on; however, letting go of a symbolic piece of jewelry may pose to be more difficult than expected.
Unfortunately, the sentimental value you have in that ring will not affect the sales price. Take the memories with you, understand that it’s time to move on and let the ring go.
Your peace of mind is worth more than holding onto that ring.
Identify Sales Options
You have several different options available when it comes time to sell your wedding ring. You can sell the ring to a jewelry buyer or another jewelry industry outlet or you can sell it to the general public.
You can start by checking with the original store to see if the return policy is still in effect. If it is, you may be able to return the ring after paying a small restocking fee. A jewelry consignment store is an option, although it may take a long period of time for the ring to sell.
Some consider selling the ring online through a reputable ecommerce site, such as Ebay. Individuals there are looking for a quality wedding ring yet are unable to pay the prices that jewelry stores place on that type of ring. When selling to the general public, always keep your personal safety in mind by avoiding sites such as Craigslist, where it is impossible to screen potential buyer candidates first. While selling online is indeed an option, you will generally not receive the amount you were hoping for.
Your Best Option
A jewelry buyer will be your best option if you are looking to sell the ring as quickly as possible for a fair price. The buyer is already familiar with the latest trends in the jewelry industry and will give you the top price for the diamond grade and gold or silver band quality based on that information. If that individual also sells jewelry, you have the potential to become a new customer. That fact can play a role in the price offer you receive.
Selling your wedding ring often comes with an emotional price tag of memories, even when the relationship ends badly. It is, however, the first step in making a new life for yourself and entertaining the possibilities of what the next chapter in your life may hold.