Sellling an Engagement Ring

Although a diamond will last forever, the man who gave it to you may not. When this happens to you, you are left wondering what you should do with the engagement ring. So, rather than taking the rock and scratching his beloved car or wearing it in front of your new man – you’ll probably be best off selling it. At the same time though, selling your diamond ring is trickier than selling other items. Here are some things to keep in mind before trying to sell it:

Tip #1: How to Sell an Engagement Ring – Know the laws in your state regarding ownership of the jewelry. Jewelry can be a sticky subject when it comes to law and the end of a relationship. So, before you sell your engagement ring you’ll need to make sure it’s yours to actually sell. The fact is that some states say the person who leaves the relationship forfeits rights to the ring, while others claim that the ring should be treated as a gift. Moreover, the laws can change if you were in fact married, as the ring can then be placed under the description of “communal property”.

Tip #2: How to Sell an Engagement Ring – Inquire with the store about their return policy. If you were only engaged for a short period of time, your jeweler may take the ring back under their return policy. However, just keep in mind that they are in the business of selling for profit. Therefore, don’t expect them to take your rock back after several months of engagement – as that most likely won’t happen! On the other hand, at times if they do agree to take pieces back, it is not for cash, but for store credit.

Tip #3: How to Sell an Engagement Ring – Begin by getting the ring appraised. To ensure you are asking a reasonable fee, you should seek the help of a professional appraiser. The best type of appraiser to use is one who’s accredited and independent. The fact is that an appraiser who works independently won’t be biased when he or she gives you an appraisal. You can use organizations like the American Society of Appraisers, as you can rest easy knowing these folks have been to appraisal and gemology school. Just try not to use an appraiser who charges by the value of your jewelry; you’ll find that such people will use bias in their appraisal.

Important aspects to know are that appraisals are based on the weight of the piece and why you want the appraisal done. For example, if you are looking for an appraisal for insurance purposes, this amount will be larger than if you are looking to sell it outright to another individual.

Tip #4: How to Sell an Engagement Ring – Sell your ring by yourself. If you try to sell your ring directly to the buyer you will cut out the middle man; thus increasing your profit. On the other hand, a retailer or other type of re-seller will have overhead expenses to add in, and will reduce the amount of profit you take home in your pocket. When looking for buyers, it’s a good idea to look on places like eBay or Craigslist classifieds. At the same time if you are looking for a quick sale, you’ll want to check out local pawn shops or jewelry stores. Aside from a fast sale though, also be prepared to gather less of a profit.

Tip #5: How to Sell an Engagement Ring – Use your own judgment. If you do try to sell your engagement ring alone, never allow the buyer to come to your home or know your address. Rather, arrange a meeting in a public place and bring a friend or loved one if you can. Use common sense and everything you’ve ever learned about safety and strangers!

In conclusion, once you sell the engagement ring, you’ll be able to move ahead with your life faster. You will no longer have a ring staring you in the face that is a symbol of a past pain. Not only will you have some money in your pocket, but you will also feel relief.

 

 

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