4

I bought the ring fifteen years ago for ~$3,600 and we broke up several months later. I never took the time to research how to sell a ring. I realize I will likely not get the full amount back. Also, the ring and diamonds have no documentation, registration, or insurance.

Asking a pawn shop to make an offer feels foolish. A jeweler sounds better but they must still make a profit. Online jewelry sites (like Worthy or CashForDiamonds) likely have huge markups. I am unsure if it is worth it to have a ring of this value appraised. I am unsure if buyers online (like eBay) will risk buying a ring without documentation. I do not understand all the factors here.

How do I sell this ring and get the most money for it?

5
  • I would guess that serious jewelers deal with purchasing jewelry on a regular basis. Ask them to tell you what documentation you'd need, on the item or to prove your own identity? Of course you aren't likely to get back what you paid for it, but a pawn shop is going to offer you less since they tend to assume you wouldn't be coming to them if you had other options; their business is (nominally) making loans against physical property rather than buying.
    – keshlam
    Nov 5, 2023 at 19:36
  • 3
    For starters do you even know the clarity or the carats of the diamonds, which will greatly affect the value and price for the ring? For that would will need a jeweler to appraise it.
    – Damila
    Nov 6, 2023 at 3:23
  • 2
    Do you know where you bought it and are they still around? They might just recognize the ring and model and/or might have a record of you.
    – Solarflare
    Nov 6, 2023 at 9:35
  • facebook marketplace, or similar. No reseller will offer 100% value. They need to turn a profit. I'd just list it for $3600, see what happens. I don't think people care so much about "documents" for mid-value gems. If this were over $10K, sure, but at $3.5K, nah.
    – user26460
    Nov 6, 2023 at 21:49
  • Some of us are more paranoid about possibly stolen goods than others. Or mis-described goods. But, yeah, if you can find a direct buyer they may be willing to pay more than the merchant who needs to make a profit on reselling it at that price
    – keshlam
    Nov 7, 2023 at 15:17

2 Answers 2

6

If you were trying to sell a car you would check used car price websites to get a guesstimate. You would then have to take the car to places that buy cars and have them make you an offer. If you like the offer. accept it. If you don't, move to the next place.

With a car you can determine make, model, and year easily. With a piece of jewelry not so much, if you don't have the original paperwork.

You can ask your insurance company how they determine the value of the item. You can also take the item to a jeweler, and get an estimate.

A jeweler sounds better but they must still make a profit.

Yes they will give you less money then they can sell it for, but that was also true in the car example.

I am unsure if it is worth it to have a ring of this value appraised.

It doesn't take long to get an estimate from a local store.

Visit a few places and make a decision.

1
  • 2
    With diamonds you will be lucky to get back more then half of what you paid
    – horseyride
    Nov 6, 2023 at 18:12
4

For full disclosure, often times a jeweler will allow you to return the item in such cases. Even if they give store credit in exchange you can get yourself a nice watch or gifts for family. Not after 15 years though.

The good news is that generally speaking precious metals and diamonds rise in price overtime so a good place to start is to understand what the retail price of a similar ring will cost you these days. Go shopping and see how much a similar ring will cost you.

Then go from there. I'd price it around 50% of what a retail ring will cost you and find a site in your location that specializes in selling used engagement rings. Some retailers (like Kay jewlers) will sell used engagement rings and that might be the simplest way to get rid of this. You won't get as much money but the hassle will be a lot less.

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .