Selling Your Wedding Ring After Divorce
Selling your wedding ring after a divorce can be overwhelming. For some, letting go of the ring symbolizes a fresh start.
Others may find they have a difficult time parting with their wedding or engagement ring.
No matter what feelings are attached to the thought of selling your wedding ring, just know that those feelings are completely normal.
Because we buy and sell engagement rings, we have witnessed many scenarios. If you’re considering selling your wedding ring, we would like to offer some advice to help bring some clarity to the process.
When Should I Sell My Wedding Ring?
There is no right or wrong time to sell a wedding ring after a divorce. The most important thing is that you are ready.
Don’t let friends or family push you into selling your engagement ring if you’re still on the fence, or if emotionally you’re just not prepared.
We have met clients that have chosen to keep the ring for a few years until they come across it when cleaning and realize that it is just collecting dust.
Usually by that point the emotions associated with it have dissolved to a point where they are comfortable with selling.
Oftentimes, divorce comes along with fees and debt, in which case selling the ring right away can help alleviate that debt.
However, don’t feel pressured to rush and sell your engagement ring to the very first buyer who makes an offer, especially if you want to get the most money you can.
If debt is not a concern but want to sell your ring quickly and be done with it, then you should still collect multiple offers before deciding to sell.
There is no reason why you shouldn’t get top dollar for your old wedding ring.
What is My Wedding Ring Worth?
Before selling any jewelry piece you should get a verbal appraisal from a reputable jeweler.
They should be able to provide an estimated value for what the piece should sell for.
Always make sure that you ask questions! It also doesn’t hurt to get a second or third opinion just in case.
Bring these items (if you have them) to your appraisal:
- Diamond Certifications (GIA Certificate, EGL, etc.)
- Previous Appraisals (Insurance appraisals, liquidation appraisals, etc.)
*Note on Appraisals: If you have an insurance appraisal, keep in mind that the value on this appraisal is not what your ring will sell for. This document is only so your insurance company can determine what a full retail replacement value would be if the ring were to be lost or stolen. True secondary value when selling to a dealer will be much lower than that. However, your insurance appraisal may include details that can be helpful in determining what the liquidation value should be during your evaluation.
While having an insurance appraisal written comes with a cost, there should be no charge for a verbal appraisal from a dealer. A reputable dealer will provide verbal appraisals and estimates at no charge.
After you have your wedding ring evaluated you will know what stone and cut you have along with the total carat weight, precious metal type, and any unique details that can affect overall value.
Have them walk you through the evaluation process so you have a full understanding of everything, and to make sure that they are being transparent with their verbal appraisal.
Where Can I Sell My Wedding Ring?
Above anything else, make sure you are comfortable with whoever you’re selling your wedding ring to.
There may be many options for selling your jewelry, but not all of them are necessarily the best ones.
Pawn Shops
Pawn shops are usually the first thing to come to mind because it’s a place to get quick cash. However, pawn shops are not professionally trained to evaluate the value of diamonds and gemstones. They may not accurately assess the true value of your wedding ring, so chances are you won’t get the best offer either.
Jewelry Auction
Many people opt to sell their jewelry via online auctions. This can be relatively hassle-free for the most part because the auctioneer does most of the work. Auctions may be time-consuming, though, and they can’t guarantee the best price for your ring.
There can also be fees that cut into what you actually take home. There are some auctions that have low reserves, or even no reserve, but this means that the seller cannot reject the bid, even if a buyer bids at a low price.
If the bidding starts low and then you don’t get a lot of bids, you could potentially walk away with a much lower amount than anticipated.
Selling Your Wedding Ring on eBay
The large audience is one notable benefit of selling your ring on eBay. However, the lack of physical presence can work against you.
With a high dollar item like an engagement ring, it’s tough to convey its beauty through a picture.
If you’re asking for a large amount then these online buyers may pass right by it and the ring could sit unsold for a very long time, or it might not sell at all.
Online Ads (Craigslist, Facebook Marketplace, Offer Up, etc.)
This is the riskiest way to sell your wedding ring because of the lack of security, but sometimes it can be fruitful if you’re willing to weed through the low-ball offers and find a sincere buyer.
If you choose to sell your wedding ring to a private buyer, please make sure to do it safely. Always meet the buyer in a public place (a bank or high security jewelry store is ideal), and never ever under any circumstance trust anyone from out of state who asks you to ship your wedding ring to them.
Online Jewelry Buyers
There are many online companies that ask you to ship your wedding or engagement ring to them for evaluation so they can make you an offer. Oftentimes, these offers are not as high as they would be if you were to be face-to-face with a reputable dealer.
If you are not happy with the offer, then most of these online buyers require you to pay to ship the ring back.
Physically shipping a piece of jewelry is never recommended because if anything happens to it, or if the company isn’t reputable, then you could end up losing your wedding ring to a scam.
Professional Jewelry Buyer
Professional jewelry buyers, or reputable jewelry stores, have the proper training to know your wedding ring’s value and worth. Make sure you call ahead because not all jewelry stores are certified to buy jewelry.
Keep in mind that reputable jewelry buyers are insured and bonded, meaning they must follow protocols for a safe and secure buying process.
Jewelry stores also have a true outlet for your pieces, either because they resell them as estate pieces or deconstruct them and use the stones and metal to create new pieces.
Since they have a true need for your jewelry, they are more likely to offer more for your pieces than a dealer whose only interest is in refining the metal for melt value and dumping the stones for wholesale value.
Another advantage is that most jewelry stores that buy jewelry offer consignment options for salable pieces. If your wedding ring is in great shape and is a current or desirable style, then consignment can be the best option to get the most money.
This option only applies to those who do not need cash right away because payment is only received once the piece sells, so you may be waiting quite a while, but the payout is usually worth the wait!
Research Your Jewelry Buyer’s Reputation
Reputation is everything in this industry! If you have identified a dealer you wish to work with, be sure to check out their reviews and make sure they are BBB accredited.
A simple Google search and a little research can make a world of difference in your overall experience.
No matter what you choose to do with your wedding or engagement ring, just take your time to think about the best course of action.
At Nelson Estate Jewelers we offer free verbal appraisals and consignment options.
We have the reputation of making the fairest, market-based cash offers for your jewelry pieces. We also accept trade ins toward new pieces! If you have questions, if you’re looking for a verbal appraisal, or if you have an interest in selling your engagement ring or other jewelry pieces, give us a call at (480)459-9867 or stop by during business hours!
