GON Reader Question
"Can you direct me to any reputable place to sell my wedding ring? I have been divorced for 9 years and have not sold it as I am worried about being taken advantage of. I have some other valuable jewelry I would like to turn into cash, but just don't know where to go to get an honest price. Thank you!"
-- Carol
Response from Maria Gracia
Hi Carol,
Thank you for your question. Here's what I suggest:
1. Find out the resale value on your
ring. Bring the ring to a professional appraiser and ask them what the resale value would be. Resale value is generally based on the current retail value and then discounted to sell the item.
Then, bring your ring to at least one other professional appraiser and ask them the same.
2. Don't expect your resale value to be anywhere near what the
original price was. Generally the most you'll get is 20% to 50% of what was paid when the ring was first purchased.
3. Then you're ready to sell. Diamond dealers
will sell your ring to the public. Because they do this, rather than selling to stores, you may get a higher price.
Some trusted local jewelry stores will purchase your ring from you. Know,
however, that local stores have overhead costs like rent, staff, etc. They may end up taking a higher commission because of this.
Same with pawn shops. You'll usually get immediate cash,
but you'll typically get a lot less than if you sold to a reputable jewelry store.
You can attempt to sell the ring yourself, on a site like eBay. You only send the ring out once you get
paid. If you're going to go this route, definitely get a professional appraisal first so you can post this document, along with the photo(s) and description of your ring/other jewelry.
There are also online web sites who may buy your ring, and other jewelry, like Circa. You essentially tell them about your ring (shape of diamond, number of carats, if your ring was previously appraised, etc.). You then receive a quote.
If that quote is acceptable to you, you can mail your ring to them. Then you'll get a check or bank transfer as payment.
I know it can be scary to sell something that's valuable. That being said, having that ring (and other jewelry) sitting in your drawer is not bringing you in a dime; so keep that in mind.
Just take it one step at a time and you'll be able to sell your ring and have some extra money in your bank account. Selling it is also a good way to have closure from that previous relationship...sometimes challenging to do when the ring from said relationship is still sitting in your nightstand.
