If you’re one of the estimated 1.7 million Americans who gets divorced every year, you’ll probably decide to sell your engagement ring. The fastest, most convenient, and safest way to sell an engagement ring after a divorce is to choose a professional online jewelry buyer like Gemesti. They’ll give you the best possible market price and you’ll be treated sensitively and discreetly in the process.
There are other ways to sell diamond engagement and wedding rings. We’ll also take a look at some of these options, explore the different pros and cons, and see why the old-fashioned sales options are no longer the first choice for independent sellers.
Getting divorced and moving on
Even an amicable divorce can result in a difficult adjustment process. If things get bitter, and you’re dealing with a betrayal, facing recriminations, fighting for child custody or financial assets, life can quickly become seriously stressful. Once the divorce is finalized and you’ve moved on physically, your next priority will be to move on financially and emotionally.
Selling an unwanted engagement ring or a wedding isn’t just a pragmatic financial decision, it’s a vital step towards getting rid of emotional baggage and steering your life in a healthier direction. Your engagement ring symbolized a bond between you and your ex. Selling that ring breaks the bond on an emotional level, and makes a powerful statement about your new status.
Is it wrong to sell an engagement ring after a divorce?
There’s absolutely nothing wrong with selling an unwanted engagement ring, but don’t worry if you’re one of the women who feel uncomfortable about the idea. If you have an underlying reluctance to finally let go of your marriage, you’ll find that selling your ring helps you to move on. It’s also a big mistake to worry about what other people may think. There is nothing money-grabbing, cold-hearted, or cynical about turning an unwanted ring into much-needed cash. This misconception stems in part from an old social convention that if a woman broke off an engagement, she was obligated to return the ring to her former fiance.
The wider traditional convention regarding rings is that after the marriage ceremony, they become the sole property of the bride. This may be a cultural leftover from the old-fashioned practice of conferring a bride price, ensuring that the newlywed wife entered the marriage with some form of independent assets (or compensating her family for the loss of a worker).
Modern engagement rings are a romantic gift, offered as a symbol of love and commitment and nothing more. If the relationship has completely broken down, the ring is no longer a welcome adornment. It’s your personal right to sell an unwanted wedding or engagement ring – and it is a sensible thing to do. It’s a natural part of moving on and embracing a new life as a single person, or committing to a new relationship.
3 reasons not to keep an unwanted engagement ring
- A diamond engagement ring is a valuable asset. If you keep it, you will need to arrange insurance and secure domestic storage.
- If you continue to wear your ring, you’re basically telling the world that you’re still in a relationship. Do you really plan to wear your ring on a date?
- If you hoard your diamond engagement ring, you’re holding on to a souvenir of a failed marriage. This is not psychologically healthy and you definitely need to move on!
How to sell an engagement ring safely
If you want to sell an engagement ring after a divorce (and earn top dollar) there is a simple and convenient solution. You can even handle the entire transaction with your cell phone!
Companies like Gemesti are transforming the second-hand jewelry market. They’ve abandoned the traditional buyer/seller relationship and offer themselves as a reliable service provider to clients. They understand that women (and a surprising number of men) who are selling engagement and wedding rings expect 5 clear guarantees:
- A fair market price for any item of diamond jewelry
- A fast and convenient service where sales take as little as 48 hours
- Complete security and discretion, with full shipping insurance
- The assistance and services of a client account manager
- The right to withdraw from the sale with no questions asked
These core guarantees cover every aspect of a fair and successful sale. The concept of working with a professional service provider, who handles every aspect of the transaction, is hugely popular with American women. They love the transparency of the sales process, the complete control they have over every stage of the sale, and the fact that there’s no need to haggle face to face with a jeweler or pawnbroker. Online diamond buying services like Gemesti are professionals who treat clients with a high level of respect.
How to sell a diamond engagement ring online
If you’re ready to sell your diamond engagement ring, you could have money in the bank within 48 hours. All you need is a little bit of personal organization and a few minutes of free time to get started. We’ll start by explaining the basic process and provide a simple checklist for a fast and smooth sale.
Gemesti is a professional online jewelry buying service that covers the entire continental USA. You can visit their website and complete a simple online form that provides them with a basic description of your diamond jewelry (engagement and wedding rings, necklaces, bracelets, earrings, etc.) this usually takes about 5 minutes.
They’ll get back to you with a provisional offer, based on your self-assessment of the value of your diamond ring. If you like the offer (and it’s important to remember that it’s just an initial offer) Gemesti will pay for FedEx to ship your jewelry to the prestigious EGL USA gemological laboratory. One of their professional gemologists will carry out an independent appraisal and determine the exact market value of your ring.
- Either print a FedEx scannable label or receive a shipping code to your phone
- Arrange for a FedEx courier to collect your ring, or take it to your local FedEx office
- You have free overnight shipping with up to $100 K insurance
- Your package is trackable. When the gemologist opens the package to examine the ring, the whole process will be filmed for additional security.
As soon as Gemesti has the gemologist’s report – usually within a few hours – they’ll decide whether to make you a formal offer. Very occasionally, Gemesti will decline to buy a ring and will immediately return it to the client free of charge. This can happen if the diamond turns out to be fake, but it is very rare. Most clients receive a final offer (based on the ring’s market value) and over 80% of them will accept it.
If you’re happy with the final offer, it’s a simple case of uploading a signed sales agreement. Your money will be wire transferred to your account the same day. If everything goes smoothly – and it usually does – you can get paid within 48 hours of completing the online form.
If you’re not happy with the final offer, you are under no obligation to sell. The ring remains your property and Gemesti will return it with no questions asked. It will be sent straight back to you via a secure courier.
If you want to sell an engagement ring after a divorce, you can simplify the whole process by getting organized beforehand. Use the checklist below to ensure a fast and hassle-free online sale.
- Be sure that the diamond ring is your legal property
You need to be absolutely clear that the ring is your sole property before you sell it. Ideally, the divorce settlement will make this absolutely clear. If not, try to get a written disclaimer from your ex. A verbal agreement isn’t enough – unless you have it clearly on tape. If you have any doubt at all, speak to a lawyer before you sell.
- Prepare to complete the online self-assessment form
The more information you can provide when you fill out the online form, the more accurate your initial offer from gemesti will be. Aim to prepare in advance:
- Clear digital photos of the ring and it’s diamond center stone
- A scan of a GIA, AGS or similar certificate (if you have one)
- A scan of store receipts or an insurance appraisal
- Try to be clear about the carat weight and cut of your diamond e.g. 1.5 carat round cut, 2.0 carat cushion cut or 1.8 carat princess cut. It will also help if you know the type of precious metal and it’s kt purity e.g. 18 kt yellow gold. Any other info about the color and clarity will also help.
|If you don’t have any of this info, don’t worry. Your client account manager will guide you through the sales process and the independent gemologist will provide a detailed report. Being prepared in advance simply means that you’ll get an initial offer that’s much closer to the actual market value of your ring.|
- Coordinate with FedEx
If you need money urgently, you can save time by planning in advance how to schedule the FedEx shipment. Either the courier can come to your home or workplace, or you can take the ring to a FedEx drop off point. You can save a day by meeting the cut off time for secure overnight delivery.
- Have you bank details ready
Gemesti will transfer your money to your account as soon as you complete the final sales agreement. Be sure which account you want to use and have the relevant details – account name, number and branch – to hand.
Are there other ways to sell a diamond engagement ring?
You can sell a diamond engagement ring to a local jeweller, pawnbroker, or independently on sites like eBay. If you’re not in a hurry to sell, an eBay listing can potentially bring the highest price. The disadvantage is that you’ll have to take full responsibility for secure shipping and possible returns. There is also a clear danger from online fraudsters. One common scam is to buy the ring and then insist on returning it. The returned ring will consist of your original precious metal setting (which you’ll instinctively recognize as your own) with a fake diamond attached to it. The fake will be outwardly identical to the original diamond, unless you examine it closely, you won’t notice the difference.
A local jeweler is very unlikely to cheat you, but will try to offer you 60% or less of the original retail price. You may be able to bargain and push the offer up to 70% of the original retail price – but that will be your best offer. It’s not even the case that the jeweler is greedy or miserly, they have high business overheads (rent and upkeep, business rates, salaries, insurance and security etc.) and need to make a minimum profit on each transaction. Even if you visit every jewelry store in town, you’re unlikely to get a substantially better offer.
Pawnbrokers should simply be avoided. Their business model is built on offering the lowest possible price to sellers who have no other alternatives. Very few pawnbrokers are trained jewelers or gemologists. They have a ’street eye’ for the approximate value of any item of jewelry and will try to pay bottom dollar for it. They will expect to quickly resell it at a higher price – perhaps even to a jewelry store a few blocks away.
|Important Advice on Personal Security|
We do not recommend that you sell diamond jewelry in any way that brings you face to face with potential buyers (unless of course you visit a jewelry store during working hours). There is a real danger that you will be targeted by fraudsters or thieves. Even if you can ensure your physical safety at a meeting, would you recognize forged banknotes if you were paid in cash? Could you detect a sophisticated distraction or switch fraud, or could you guarantee that you weren’t followed home and targeted later?
Even selling online can bring similar dangers. It’s often frighteningly easy to discover the personal details of a seller, and from there, their home address. Identifying victims in this way is a classic burglary technique.
Diamond jewelry is a high value portable asset that is easily concealed and disposed of. Thieves love diamonds and will go to great lengths to find victims to target.
Personal safety should be your first consideration when you decide to sell a diamond engagement ring – particularly if you are newly divorced and living alone.
How can Gemesti offer top market prices?
Gemesti is a streamlined online business with far fewer overheads than a jewelry store in your local mall or a big city diamond district. They work nationally and have direct access to the international diamond market for resales. Put simply; it’s cheaper for Gemesti to do business and they can afford to pay more for second hand diamond jewelry. By aiming to pay more than other buyers, Gemesti can attract good, reliable sellers and build their business reputation with every satisfied customer.
COVID-19 and the global diamond market
If you’re recently divorced and planning to sell a diamond engagement ring, you may be worried that the global COVID-19 pandemic has affected the second hand diamond market. The lockdowns certainly did have a negative effect on the market, but there is good news. The $64 billion diamond jewelry retail market has proved far more resilient than other luxury goods markets. Overall revenues decreased by 15% in 2020, but there is already a recovery and a new mood of confidence in the diamond market.
The bottom line is that despite the lockdowns – or perhaps even because of them – people are still getting engaged and planning weddings. There is a clear demand for second hand diamonds and you can expect to make a quick sale on a 1 carat diamond ring or above. Smaller diamonds are also moving, but the prices are slightly lower. Although sales slowed in 2020 and the first quarter of 2021, there are no fundamental problems. Crucially, consumers continue to place a high value on diamond engagement rings and consider them an essential part of a romantic commitment.
If you’re thinking about selling your diamond engagement ring, there is nothing to be gained by waiting to see if the 2021 market further improves. You’re unlikely to get a significantly higher price later this year or in 2022. The summer wedding season is in full swing, and jewelers are already looking ahead to the holiday season. The bottom line is that when you sell online to a professional buyer like Gemesti, you’ll have an initial price estimate within hours (subject to the accuracy of the information you provide on the self-assessment form). You’ll also get a firm offer, based on a gemologist’s appraisal, usually within 24 hours. The COVID-19 situation will have very little bearing on the final price you receive for your diamond engagement ring.