The best jewelers in Denver are clustered around Cherry Hill and Capitol Hill, with a good sprinkling of stores in the Central Business District. They are the easiest places to start if you want to sell an engagement ring in Denver. The neighborhoods are readily accessible by car and public transport and are safe to walk around. Although Denver doesn’t have its own diamond district or jewelry district with thousands of jewelers like Los Angeles and New York, there are still some outstanding stores.
Denver also has its share of pawn stores. Many of these are quick to snap up unwanted engagement rings (if they see a bargain). We don’t ever recommend that you sell your engagement ring to a pawn store and we’ll explain why in detail later in this article. We’ll also take a closer look at the second-hand jewelry market in Denver, and in other cities in Colorado. You might be surprised how it compares to the national average – and especially how it compares when you sell an engagement ring online.
There are a lot of potential pitfalls for anyone who wants to sell an engagement ring in Denver. Our goal is to give you a much clearer idea of how second-hand jewelry prices are calculated, and how to get the highest price for your ring – or any other fine jewelry that you decide to sell. If you follow a few basic rules, you can avoid a lot of disappointment. You’ll also save some time and aggravation, and get the highest possible cash price for your engagement ring.
Why Sell an Engagement Ring?
Before you look for a place to sell your engagement ring, it’s worth being clear about why you’re selling it. If you’re absolutely certain that you’re doing the right thing (and for the right reasons) you’ll find the sales process a lot easier. You’ll also be more confident and ready to drive a harder bargain with jewelers. There are three main reasons why women – and occasionally men – decide to sell an engagement ring:
- The relationship has ended
- They are selling the ring to finance an upgrade
- The seller has financial problems and urgently needs cash
If your relationship has ended and it’s time to move on, selling your engagement ring is a pragmatic and logical step. It’s a way of breaking free from the past and telling yourself that you’re ready to begin a new chapter in life. You shouldn’t feel guilty or worry that the decision to sell your engagement is cold, cynical or mercenary. The ring is an unwelcome link to the past and you are absolutely right to convert it into cash. You need to approach the sale in a confident and business-like manner!
If you decide to sell an engagement ring to finance an upgrade, you should be cautious when you’re talking to jewelers. Many will be more than happy to offer part exchange deals on new rings. They’ll turn on the charm and look for any hint of impulsivity on your part. It’s surprisingly easy to be manipulated into a sudden purchase. You can rest assured that any part exchange deal will favor the jeweler. You need to do the math and have a precise idea of the market value of your old ring, before you even consider a part exchange on a new one.
The toughest scenario is always when you need to sell an engagement ring to get through a financial crisis or a tough period. The ring may have real sentimental value and selling it can cause emotional pain, sadness and shame. It’s important to remember that the ring is a symbol of romantic love and personal commitment; it’s not the relationship itself. You’re doing what you have to do to get through a temporary situation. Selling your ring may be a drastic step – and a really tough decision – but it’s also an honorable thing to do. You should be ruthless in your bargaining and fight for every cent.
How to Sell an Engagement Ring in Denver
When you sell an engagement ring in Denver, it pays to have a personal sales strategy. A lot will depend on how quickly you need to sell the ring. If you need money urgently, you’ll be pushing for a quick sale, but you’ll also want to get the highest possible price. Before you do anything, you need to get an idea of what your ring is worth, and determine your minimum price. There are two simple ways to calculate the value of your ring.
The first method is to test the market. Set aside half a day and do a tour of Denver jewelers. The easiest way is to check the YP and make a list of 4 or 5 jewelers in a single district e.g. Cherry Hill. Drive over and do a tour of the stores. Show each jeweler your engagement ring and see what they offer, and try bargaining. If you have the time and the enthusiasm, drive over to another part of the city and repeat the process. You should also call in at a few stores enroute. If you’re willing to invest a few hours, you’ll have a clear idea of the prices that the local market supports.
Your second option is to use a basic formula to calculate the approximate resale value when you sell an engagement ring in Denver.
Begin with the original price that you paid for your engagement ring. This is the final price shown on the store receipt.
- Deduct the 8.81% Denver sales tax (round it up to 9% for convenience).
- Deduct any shipping expenses if applicable.
- Deduct any store or sales discounts you received
- Deduct another 30% for the jeweler’s markup
- Deduct 5% for the sale or return value.
The final figure that you’re left with will put you at the top range of any likely offer from a Denver jeweler. When you do the math, you might get an unpleasant surprise, but it’s better to get that surprise before you try to sell your ring.
Should I Sell an Engagement Ring to a Pawn Store in Denver?
Most people have an image of pawn stores as semi-criminal businesses that operate in slum neighborhoods. This is an outdated stereotype and there are dozens of legitimate pawn stores currently in business across Denver. However, there are stores that act as a magnet for thieves and drug addicts. Many Denver residents will remember the story that broke last year when members of the so-called ‘Family’ were indicted for over 240 identity thefts and more than $690,000 worth of thefts. The Family targeted Denver residents in domestic burglaries and car thefts, selling much of the stolen goods to the city’s pawn stores.
If you sell an engagement ring to a pawn store in Denver you will need to observe some basic safety precautions:
- Do your research and only visit stores in safe neighborhoods
- Take a reliable friend, or opt for concealed carry that day
- Don’t try to sell any jewelry if there are other customers present in the store
- Don’t give away any personal information unless you close the sale
- If you leave the store with a cash payment, go straight home or to the bank
- Be alert in the parking lot and generally keep your wits about you.
Most pawn store owners and managers don’t want criminals hanging around their businesses and will strongly discourage them. The chances are that you won’t run into any undesirables, or other security issues, but the rule is better safe than sorry.
Do Pawn Stores Pay High Prices for Engagement Rings?
No, they pay the lowest prices for used diamond jewelry and have a tough take it or leave it attitude. When you sell an engagement ring in Denver, a pawn store should be your last option. Pawnbrokers work according to a very tight business model. Like all merchants, their goal is to buy cheaply and sell expensively. The problem is that most of their customers are looking for a bargain and won’t pay high prices for any used goods. Pawn stores can only survive and prosper if they pay rock bottom prices (or offer loans that are a fraction of the collateral item’s value).
If you try to sell an engagement ring in a pawn store, don’t be surprised if the initial offer is between 10-20% of the retail value of your ring. If you’re a skilled bargainer, there’ll definitely be some play and you can push the price up – but not much more. The pawnbroker has his own agenda when he buys an engagement ring and is doing the mental math as soon as he sees the diamond. He almost certainly does regular business with an online diamond buyer and has a rough idea how much he can resell your ring for online.
Once you know how the online used diamond market works, you can cut out all the middlemen, and spare yourself a drive around Denver’s jewelry stores. Not only can you make a quick and convenient sale, you’ll get a higher price – and be treated as a valued customer!
Sell an Engagement Ring Online at Gemesti
Rather than try to sell an engagement ring in Denver, you can go straight to www.gemesti.com and do things the easy way. Unlike the average retail jeweler, Gemesti is entirely geared towards buying used engagement rings, wedding rings and other high quality diamond jewelry. Because they are a super-efficient online business with nationwide reach, they can offer well above average prices. Gemesti’s business is built mainly on client testimonials and direct referrals. The happier today’s sellers are, the more clients they will have in the future.
You’re probably wondering how you go about selling online. Buying is simple enough, especially when the online retailer can showcase the product, add YouTube videos and user reviews. When you shop online, you usually have a pretty clear idea what you’re buying. If you’re disappointed, you can send the item back.
Fortunately, it’s equally simple to sell an engagement ring online to Gemesti. They have a foolproof procedure based on years of experience. The sales process is built around 5 key principles:
- The seller is a client who is receiving a service
- The seller can back out of the deal at any time
- Every stage of the sales process is transparent
- Selling is fast, convenient and secure
- Gemesti always offers a fair market price
How do I Sell an Engagement Ring Online
Go to www.gemesti.com and complete the online form on their Homepage. It uses simple flow charts to help you to precisely describe your engagement ring. You can also help by uploading digital photos or scans of certificates and receipts. You can do the whole lot with your smartphone in a couple of minutes.
Your client services manager will review the info you provided and call you back with a basic offer. The offer isn’t binding, it’s just an estimate based on the info you just provided. If you like the offer, you can proceed to the next stage which is free FedEx shipping. Gemesti will pay for you to send your engagement ring for an independent appraisal at the EGL US laboratory. The ring is still your property and you can get it back with free shipping at any time (all shipments are insured up to $100K).
Once the ring has been appraised by a professional gemologist, Gemesti will know its exact value. You’ll get another call with a formal offer. If you’re happy with the offer, you’ll get a sales agreement in your inbox. As soon as you upload the signed agreement, your money will be transferred to your bank account. If you work closely with your client services manager, the whole process can be completed in just 48 hours.
Gemesti is the fastest-growing online diamond buying service in the US and is BBB accredited. They welcome clients from Denver and the rest of Colorado and can easily beat local prices for used diamond jewelry. Check them out on Facebook!