There are five main reasons for selling an old engagement ring. These are break up and divorce, changing personal tastes, an upgrade to a more expensive ring, financial problems, and disposing of an unwanted inheritance.
It can be a tough decision for many women to choose to sell an engagement ring. For others, the final sale can be a big relief. We’ll explore why so many people are selling their personal jewelry, and look at the best way to arrange a fast and secure sale – and get the highest possible price.
Sell an Engagement Ring after a Breakup or Divorce
Divorce rates may be at a fifty-year low in the US (with less than 15 marriages per 1,000 ending in 2020) but that’s still thousands of divorces a year in every state. There are no clear figures for how many engagements are broken off, but most people know of at least one couple that changed their minds before the wedding.
By far the huge majority of women who sell their diamond engagement rings and wedding rings are newly divorced. The reasons for selling the rings are usually positive.
- To move on emotionally and make a clean break with the past.
- To begin dating again or to enter a new relationship.
- To earn some money to put towards a better life.
A diamond engagement ring is a powerful symbol of love and commitment. If you left a bad relationship, or if your partner betrayed or abandoned you, that ring is just a source of bad memories and a trigger for difficult emotions.
If you still love your ex, or you regret the breakup, it may be harder to part with the ring. If you can find the resolve to sell your diamond engagement ring, you may find that the decision lifts a weight from your shoulders. Selling your engagement ring can help you to face up to reality and move on.
If you want to start dating again, or you’ve met someone new, you really need to sell your ring. It’s not just about being single minded, or free of emotional baggage – you need to be completely clear about where you stand. Any new man in your life deserves nothing less than that.
Divorce can leave both partners with financial problems and the expenses of adjusting to a new single life. Items that were previously jointly owned may need to be replaced. You may even need to set up a new home, which means furniture, white goods and consumer durables. It’s even harder if you have kids, or you left the marriage with debts.
Selling your engagement ring or wedding ring for cash can be a big help. Even though you won’t get the original retail price, whatever you do get is a useful cash injection. Your old engagement ring might easily be worth the price of a new fridge or washing machine, or pay for a repair to your car.
Should I sell my engagement ring now I’m divorced?
Some women worry that they’ll be judged for selling their engagement ring after a divorce or a breakup. This might have been the case a generation ago, but it doesn’t apply now. It’s completely normal and entirely socially acceptable. If you have an unwanted engagement ring, you should sell it. As long as it’s on your finger or hidden away at home, it’s simply unrealised cash. Some assets are best disposed of at the earliest opportunity.
Sell your Engagement Ring to Finance an Upgrade
Two fairly common reasons for selling an old engagement ring are that your personal tastes have changed, or that you want to finance an upgrade. Engagement rings are sometimes a bit like tattoos, the design that you wanted the whole world to see when you were 25, can become embarrassing 10 years later. The brash arrangement of side stones or glittering pave design that you used to love to flaunt, might feel like it’s no longer you. Your tastes may have changed in favour of elegant solitaire rings or something in a vintage style.
There may come a point where you feel uncomfortable wearing your engagement ring. You might notice that there are outfits you often wear now that the ring just doesn’t complement. Your engagement ring is important to you, and you want a symbol of your love and commitment, but just not this ring.
If you’re not happy with the style of your engagement ring, there’s absolutely nothing wrong with selling it and buying a different design. It’s a precious personal possession that symbolizes your relationship with your partner. You should always get a thrill of pleasure whenever you put it on, and you should really enjoy wearing it in public.
Jewelry Buybacks and Upgrades
Often a young couple won’t have the budget to buy an expensive diamond engagement ring. When you’re just starting out in life, and also have to worry about setting up a home, a ring is a big expense. Even a simple ring with a small center stone can represent a financial sacrifice and it’s purchase is a real symbol of true love.
Fast forward 10 or 20 years, you’re both insecure jobs and saving money, and you’ve benefited from several promotions and pay rises over the years. There’s a milestone birthday or anniversary, or a special event like the birth of a child coming up. One way to celebrate and to mark the event is to upgrade your engagement ring.
Upgrading an engagement ring usually involves selling the old one to part-finance the more expensive new purchase. Some big jewelry retail chains operate buyback schemes for any diamond ring that was originally bought in one of their stores. These can be convenient if you want to buy a new ring from the same company.
The problem with jewelry buybacks is that you are usually restricted to making an immediate purchase from that specific store. There is no possibility of obtaining credit or buying an item from another branch. If you do opt for a jewelry buyback scheme, you’ll be a captive customer. Buyback schemes only exist because they benefit the companies that operate them. They are not a courtesy or a reward for the customer.
Sell an Inherited Diamond Engagement Ring
There’s a steady second-hand market for inherited or estate jewelry in the US. Family inheritances often include jewelry and many items will be vintage or even antique. Inherited jewelry can be problematic for families on many levels and often creates dilemmas or even conflicts.
The first common issue is jealousy and resentment. If there are several siblings or even grandchildren, more than one person might have been hoping to receive a particular item. Unfortunately, greed is a reality and the reading of a will can cause bitter disappointment.
Even if the distribution of a dead relative’s property is entirely amicable, there may be a consensus in the family that items like personal jewelry should always stay in the family. They are a link with a dead loved one and should be held in trust and then passed on to the next generation. This can be particularly true in some immigrant communities where personal jewelry is a strong tradition.
Even if you have a sentimental attachment to an inherited engagement ring, you may not want to wear it. It may not fit your finger and can’t be easily resized, or you may simply dislike the style. You might even be one of those people who doesn’t wear jewelry.
If you’re planning to keep an inherited engagement ring there are a couple of minor issues to consider. The cost of household insurance/risk of burglary is one of the well-known reasons for selling an old engagement ring. The simple reality is that along with cell phones, cameras, laptops, and handguns, thieves love to steal jewelry. They are all highly portable and can be quickly and easily fenced.
Keeping inherited jewelry can also cause tension in a relationship. If you’re short of money, or are saving towards something special, your partner may want to sell the ring. Not everybody has the same attitude towards sentimental items and you may find yourselves arguing about the jewelry.
Sell an Engagement Ring to Pay the Bills
The COVID-19 pandemic and compulsory lockdowns messed up a lot of people’s personal finances. Even before the global pandemics, it was easy to get into unexpected financial difficulties. An age-old solution to a financial problem is to sell your jewelry.
Millions of Americans currently live paycheck to paycheck and don’t have savings to fall back on. If you have unpaid utility bills, the rent is overdue, or you’re late on a car payment, selling a diamond engagement ring can make the difference. It’s often a tough decision – or even a cruel decision – to make but not one to be ashamed of.
If you need money urgently and you do decide to sell your engagement ring there are 5 things you need to be aware of:
- You won’t get the original retail price regardless of who you sell to
- Never try to sell a diamond engagement ring to a pawnbroker
- If you sell to a local jeweler you will not get an optimal price
- Selling on Craigslist or similar sites can be dangerous
- Selling to a professional online jewelry buyer is fast, safe,
and guarantees a fair market price.
5 Reasons For Selling An Old Engagement Ring Online
Whatever your reasons for selling an old engagement ring, your single best option is to sell it online. When you sell to a company like Gemesti, you’re dealing with professionals. They buy jewelry across the US and pay national prices – not small town prices or neighborhood prices. They can usually arrange payment and get the money into your account in as little as 48 hours. There are 5 main reasons why you should sell to Gemesti.
- Simplicity: It takes just a minute to fill out the online form and get started. All you have to do after that is follow some basic procedures.
- Service: When you sell to Gemesti you become a client. You’ll be assigned a client service manager who’ll manage your sale and keep you continually updated.
- Convenience: Gemesti will pay for a FedEx courier to transport your ring for a free professional appraisal. Everything is done for you.
- Fairness: The value of your ring is determined by a professional gemologist at the independent EGL US laboratory.
- Speed: If you work closely with your client service manager, your money could be in your bank in just 2 or 3 days. Many clients are paid within just 48 hours of completing the online form.
What if I change my mind about selling my engagement ring?
If you decide not to sell your engagement ring, it’s not a problem. Call your client services manager, or send an email. Your ring will be returned free of charge by a secure courier. There is no hard sell or pressure to continue with a sale. The ring is your property until you upload a signed final sales agreement.
Why does Gemesti pay better prices than my local jewelry store?
Gemesti is a nationwide business that connects directly to global diamond markets. It’s business costs and overheads are low compared to a store in the mall. That is why they can offer free, fully insured FedEx shipping, a free gemologist’s report and a fair market price.
What other jewelry does Gemesti buy?
Gemesti will consider buying any diamond jewelry. That includes men’s and women’s rings, bracelets, earrings, necklaces, and pendants. If you have any quality jewelry that you want to sell, simply complete the online form, and a client services manager will get back to you shortly.
Do I need receipts or certificates to sell my jewelry?
No, all you will need is some government-issued photo ID like a state driver’s license. We keep the sales process as simple and convenient as possible.