Diamond engagement rings are often associated with hope and joy--but sometimes engagements are called off, marriages fail, and plans must be made to sell the ring. Selling a pre-owned diamond engagement ring can be an emotionally draining process, and you want to make sure you aren't taken advantage of (financially and otherwise) during this vulnerable time. When looking for a buyer, be sure to first consult a reputable business or jeweler. Have you considered?
- First of all, is the ring yours to sell? The old custom was for the woman to return it to the man, but in today's society, this isn't always the norm. (And men sometimes do not want the ring back after it is offered.)
- Additionally, consider the laws in your state regarding property before making the decision to sell a ring. Some states (like Tennessee) have laws that state that engagement rings must be returned to the purchaser if the marriage does not take place. Other states (New York, North Carolina, etc.) require that whoever broke the engagement must return the jewelry. Make sure you are familiar with the laws in your state before looking to sell a piece of bridal jewelry.
- Also make sure you are emotionally prepared to part with your ring. Many women wait until their divorce papers are filed before attempting to sell their bridal jewelry, in case of a reconciliation.
- If a union that has produced children is ending, some families save diamond jewelry to be passed on to children in the future. Has this option been considered and discussed with the rest of the family?
- It will likely be difficult to sell the ring yourself after a broken engagement--people are remarkably superstitious about pre-owned engagement rings, even in modern times.
- The diamond is the most valuable part of the ring. If you have any certification papers about its worth and weight, be sure to have them on hand as you look for a buyer.
- When showing the ring to a potential buyer, make sure it is looking its best. Have a jeweler clean it, first--and while you're there, ask for an appraisal.
- You may fetch a higher price if you sell this engagement ring with its corresponding wedding band.
- The most realistic price you can expect for this ring is, at best, one-third of the price you paid for it.