The best way to sell an engagement ring on eBay is to be patient. Set a minimum sale price and don’t be tempted by lower offers. If you’re prepared to wait as long as it takes, you may make a successful sale. We’ll explain how you can increase your chances of attracting the right buyer, and how to protect yourself from fraudsters. We’ll also look at a good online alternative to eBay.
If you decide to sell an engagement ring, eBay may seem like a good way to do it. It’s likely that you already have an eBay account and are familiar with the site. eBay has an estimated 187 million users worldwide, generating 1,7 billion listings. 28% of eBay users are based in the US which potentially gives your ring massive exposure.
In practice, most people who shop on eBay are looking for small electrical goods. The second most popular category is clothing. Used jewelry and engagement rings are a niche category on eBay. The simple reality is that people who buy jewelry online use sites like James Allen, Pandora, and Tiffany. If they want second-hand jewelry, they’ll visit an offline store.
The other problem with eBay is that most jewelry listings are posted by jewelers, many offering cheap items from India and other countries. Not only will you be competing with professional sellers, but your listing may also be hidden in a mass of similar ones.
Step 1: How to Sell an Engagement Ring on eBay
The key to a successful sale on eBay is good preparation. This is especially true if you are selling jewelry. Use this checklist to improve your chances of a fast and profitable sale:
- Establish the actual market value of your engagement ring.
- Check you have any relevant certification – GIA, IGL, EGL etc.
- Get the engagement ring professionally cleaned and polished.
- Get a range of professional standard digital photos of the ring.
- Take the time to write a really good sales pitch for the listing.
- Write an equally good description that clearly details the ring.
Get your engagement ring valued
Don’t assume that you know the actual market value of your engagement ring. The best option is to find a local jeweler who performs appraisals. Some offer this as a free service, others charge around $50. If you don’t want to get a professional appraisal, you can deduct 30% from the original store price of your ring. This is an approximate, rule of thumb evaluation. You should understand that it’s only a ‘guesstimate’. You might be tempted to set a higher asking price than the actual market value of the ring. Be aware that most people who buy anything on eBay are bargain hunters. That’s particularly the case with people who shop for second-hand jewelry.
Check whether you have a GIA certificate
When you’re selling a diamond engagement ring online, buyers like to see certificates. The best certificate to show in the US is a GIA (Gemological Institute of America) certificate. It precisely describes the gradings and other qualities of your diamond and tells the buyer exactly what they’re getting. Many eBay buyers are in fact professional jewelers who are hoping to buy cheaply and make a quick profit on a later resale. They’ll be far more likely to make an offer if you have a certificate. Copies of GIA certificates are stored on accessible databases. Ideally, your diamond will be micro-engraved around the girdle with the certificate number. The number will be visible under x10 magnification, guaranteeing authenticity.
Pay for a professional clean and polish
If you are serious about selling an engagement ring on eBay, it’s worth paying a jeweler to clean and check the ring. The jeweler will use a special ultrasound machine to break up tiny particles of dirt and grease that accumulate naturally on the ring. Any flaws or scratches in the precious metal of the ring itself can be easily polished out. The jeweler can also check the prongs and the strength of the setting and confirm that the diamond has no chips or damage. You may think that this is yet another unnecessary expense, but your ring will be returned to you as if brand new. The difference will be clear when you photograph it for your eBay listing.
Take professional standard digital photos
First impressions count, especially when you are selling online. If a buyer is clicking on dozens of listings, you only have a few seconds to capture their attention. Striking digital photos that sell the ring for you are the way ahead. You need to get a portfolio of professional quality images that showcase the ring from every angle, with close-ups of the center stone and any special features. You don’t need to hire a photographer, a friend with a good quality digital camera is fine. Check out the images on James Allen and aim for a similar standard. Pay attention to the lighting and the background. Don’t simply snap off half a dozen shots with your cell phone and upload them to eBay.
Write a really good sales pitch for the listing
If the digital photos capture the buyer’s interest, you’ll have a few more seconds to keep his attention. A good sales pitch is essential. The listing description should begin with the carat weight and mention the certificate if there is one. Include the cut of the diamond and the style of the ring e.g.
1.5ct GIA NATURAL HEART SHAPE DIAMOND SOLITAIRE ENGAGEMENT RING 18K WHITE GOLD SETTING
All the relevant information is included in a single sentence and the buyer can read it at a glance. The detailed descriptions should be well-written and compelling. If you’re not a confident writer, ask someone to do it for you, or copy other listings and cut and paste relevant details.
Step 2: How to Sell an Engagement Ring on eBay – Returns
Before you write your full listing, you need to be very clear about whether you will accept returns, and if you will pay for secure shipping with full insurance. If you don’t offer unsatisfied buyers the opportunity to return the ring, you will put off a lot of potential customers. Some will think that the listing is suspicious, others will not want to take a chance on an unseen purchase, particularly if the asking price is over $1,000.
If you do agree to return, you’re potentially exposing yourself to scammers. A common trick is to return the ring with the original precious metal setting, but with a fake or inferior diamond. A professional jeweler can arrange a quick switch and hope you’ll never notice. It’s less likely to happen in the US, but if you allow the client a month in which to return the ring, it can be done abroad. If you do notice the switch, you’re then locked in a protracted dispute with the buyer, who will inevitably demand all his money back.
The other problem with offering returns is that you may not be able to spend the money that you received for the ring until that month has expired. It will depend on your financial situation and whether you can cover a future refund.
Step 3: How to Sell an Engagement Ring on eBay Safely
If you sell on eBay it’s probably a good idea to only accept buyers who have a high feedback score. You can set your own criteria, depending on the price of the ring. Most people would not sell a high-value item of jewelry to a buyer with a feedback score lower than 20. You will need to specify this in your listing. Whatever conditions you set, stick to them. Take the time to research any potential buyer. Go to their feedback page and see which sellers they bought from. Were they high-value purchases, or just a series of minor purchases at a few dollars a time?
You also need to review your own eBay profile and history and double-check that there is nothing that can identify you. Jewelry thieves are very cunning and highly sophisticated when it comes to identifying victims. They can take scraps of apparently innocuous information and use them to find you on social media, then they can quickly put your life under the microscope. The next thing you know – you’ve been burgled and the jewelry is gone.
Once your listing is published, be very careful about answering any messages on eBay. Don’t give away any information like “I’m posting it from Bakersfield, so it’ll arrive in…” Don’t be fooled into giving any personal details for ‘security reasons. The buyer has no right to check you out or vet you. If someone’s not happy that you’re a legit seller, cut them off. There’ll be another potential buyer sooner or later. Finally, never click on any links in messages or download any files. They can contain spyware. Some jewelry thieves really are that sophisticated and tenacious. They also know that where there’s jewelry, there may be other high-value assets to target.
Should I Sell My Engagement Ring On Ebay?
It’s certainly possible to sell an engagement ring on eBay. Many people do and are happy with the outcome. There are however a lot of potential drawbacks. The process usually takes time, often months to get the price you want. You have to prepare the ring for sale, with photography and cleaning, and you also have to create the listing and arrange for secure shipping etc.
There are also the possible hassles of dealing with time wasters, irritating bargain hunters and even fraudsters. If you need money in a hurry, eBay is a bad choice. Apart from the time it takes to make the sale, you have the issue of returns. You will also be relying on PayPal not to delay your payment or cause any other problems.
Sell Your Engagement Ring to Gemesti
If you’re looking for a faster, hassle-free way to sell online (and get a good price) Gemesti is your best choice. Selling to Gemesti involves just a fraction of the administration and effort that you’ll go to to make a sale (or a non-sale) on eBay. You could close the deal and receive your money in as little as 48 hours from start to finish.
When you sell a ring to Gemesti, the whole process is geared towards convenience and saving time. All you need to do to sell your engagement ring online is to:
- Complete a simple online form. This takes just a couple of minutes.
- Take a couple of phone calls and reply to a few emails from your client services manager.
- Schedule a free FedEx shipment to send your ring for a professional gemologist’s appraisal.
- Upload a signed sales agreement.
If you follow the procedures, you could have money in the bank just 48 hours after completing the online form.
What are the advantages of Gemesti?
There are 5 main advantages when you sell your diamond engagement ring online at Gemesti.
- You are treated as a valued client and not simply as a random person who’s trying to sell an engagement ring.
- Gemesti is nationwide, you get paid national market prices and not whatever price your local second hand jewelry market supports.
- You can change your mind at any time and back out of the deal with no questions asked and no penalties imposed. It won’t cost you a penny.
- Gemesti pays for an independent gemologist’s report on your engagement ring. It’s carried out at the prestigious EGL US laboratory. The final report determines the price of your ring.
- Gemesti will transfer your money to your account as soon as you upload a signed sales agreement. You don’t have to wait, or use PayPal, or worry about any other issue. You get paid immediately, with no fees, deductions or any other surprises.
If you want to sell a diamond engagement ring online, or any other item of diamond jewelry, talk to a client services manager right now and see how Gemesti can help you.