The best way to sell an engagement ring

Elena Dobrova/iStock/Getty Images

An engagement ring associated with a broken engagement, divorce or the death of a spouse, can bring back painful memories. However, it is undoubtedly too valuable to simply discard. While it's possible to place an ad for the ring in the newspaper or with an online service such as Craigslist or eBay, there are other, more discreet, alternative ways to sell the ring -- and you might get a higher price.

Sell your unwanted diamond ring

One way of selling a diamond is to take it to a local jeweller or to offer the ring to a reputable online vendor. With either option, the first step is to obtain an official appraisal. If your diamond has European Gemological Laboratory (EGL), American Gem Society Laboratories (AGSL) or International Gemological Institute (IGI) certification, it will often fetch a higher price than a similar diamond that does not carry certification.

When selling to an online vendor, ensure you are paid promptly if your diamond sells, or that you keep or receive your diamond back quickly if it does not sell. Get an agreement in writing before sending in your diamond. Whenever you do send the ring to the vendor, use registered post or a parcel service with a tracking number and insurance that covers the full value of your diamond. There should also be an arrangement for compensation if the diamond is lost or damaged after it reaches the online vendor.

One online alternative to selling your diamond through eBay is to use an online auction seller that operates an online auction house. The advantage of this option is that the seller will often pay you upfront, then offer the ring on his site. The disadvantage is that the seller often takes a substantial cut from the price you might otherwise receive as compensation.

Another alternative is to sell your diamond to an online merchant that buys diamonds along with gold and other fine jewellery. These vendors often make payments within days of receiving your jewellery. However, as with selling your diamond through a vendor with an eBay shop, you might sacrifice a large percentage of your diamond's actual value in exchange for upfront payment.

With other specialised online services, the seller sends a photo of the diamond, along with an appraisal and a copy of any certificates the diamond carries. The broker offers the ring for sale, either at a price set by the seller or offered by the highest bidder. Once the buyer and seller have come to an agreement, the seller forwards the ring to the broker, who holds the ring in escrow until payment is received from the buyer. The broker may also independently appraise the ring to ensure its authenticity. Once the buyer has forwarded the money for the ring, the broker releases payment, minus service fees.

Most recent