Used jewelry accounts for 78% of the luxury goods second-hand market. Jewelers routinely buy back engagement and wedding rings and are happy to give you a cash payment. They will either clean and polish the ring and resell it, or separate the diamond to use in another design. The precious metal setting is then smelted for bullion and nothing is wasted.
Selling an unwanted diamond engagement ring to a jeweler is certainly a quick and fairly easy way to make some money. The problem is that when you sell an engagement ring back to a jeweler, you will inevitably sell at a significant loss. If you know the original retail value of the ring ( and are in a financial position to decline low offers) you can at least try to hold out for 70% of the original price.
If you set a 70% minimum, be prepared to visit several jewelry stores and to bargain with the store owners. If you live in a small town, it may be better to delay the sale until you visit a city. Even if local jewelers don’t operate as an unofficial cartel, they know each other’s business. A shrewd jeweler can estimate – almost to the dollar – what a competitor will pay for an engagement ring.
Will jewelers buy back an engagement ring without a receipt?
Yes, providing you can show a valid photo ID like a state driver’s license. Some jewelers may also ask you to pose for a digital photo or rely on you being captured on their store security cameras. Jewelers tend to work closely with their local police department on security issues and want good relations with the cops. The emphasis that they place on security varies from place to place.
If you live in a small rural town, the jeweler is unlikely to worry too much about inadvertently buying stolen property. Jewelers in major cities, or towns with a high crime rate, will be tougher about establishing proof of legal ownership before they buy back an engagement ring. If there’s a drug problem in your town, expect a more cautious attitude from the jeweler.
Will jewelers buy back engagement rings all year round?
Jewelers will snap up good engagement rings all year round. Don’t get taken in by stories about buy-back prices being lower because it’s the ‘slow season’. People get engaged all the time, and the three big sales seasons – Valentines Day, Summer Weddings, and Christmas & New Year – are evenly spaced throughout the year.
There is also a massive global market for loose diamonds that any jeweler can tap into. If you need to sell your ring urgently, don’t worry about what month it is. A bigger concern is the actual state of the economy and whether there is high consumer demand for diamond jewelry. Even then, it usually takes a major financial crisis to dent consumer demand.
Will Jewelers Buy Back Engagement Rings Online?
The average jeweler in your local mall or high street won’t buy back engagement rings online. A typical jeweler has a website and may sell online. It’s not worth their while to invest in developing their sites to offer online buybacks. The good news is that there are specialist jewelry buying services that operate exclusively online.
Jewelry buyers like Gemesti were quick to see the huge potential for a reliable nationwide online diamond buying service. The concept is really simple and is essentially an online store in reverse. Instead of visiting the website and making a purchase, you fill out an online form and make a sale. They take care of all the logistics and administration.
Will I get more money if I sell my engagement ring online?
You can potentially earn more money if you sell a diamond engagement ring online. You should certainly expect to get an offer that is towards the top of the price range for the carat weight, cut and quality of your diamond. Online businesses have 3 key advantages over local jewelry stores:
- They operate with a minimal physical infrastructure
Business expenses go all the way down when you’re not leasing a store and incurring all the associated costs.
- Online buyers operate on a nationwide scale
Expenses are further reduced as the number of clients grows. Gemesti uses FedEx secure courier services to reach out to sellers across the US.
- Specialist buyers have better access to global networks
More direct access to a wider global supply chain allows online jewelry buying services to negotiate higher resale prices, making each individual buy back more profitable.
Buying services like Gemesti operate streamlined, cost-effective, nationwide businesses. In turn, they aim to attract clients – and good consumer reviews – by paying higher prices.
How do I sell an antique or vintage engagement ring?
You have two basic choices, the first is to find a specialist antique store or auction house, the second is to sell it online in the normal way. A lot will depend on the potential value of your ring. If it’s a genuine antique, you may want to set a reserve price and offer it for sale at auction. On the plus side, you might get substantially more money than you expected. On the minus side, you will have to pay a commission and other expenses.
If you offer an antique or vintage ring to Gemesti, it will be professionally appraised and evaluated in the normal way. Your client services manager will be aware that your ring is a special item and will keep you updated. The market price will be calculated according to the carat weight and quality of the diamond. The ring’s resale value as an antique or vintage piece will also be factored into the appraisal.
How does the Gemesti service work?
The Gemesti online jewelry buying service is designed for simplicity, security and speed.
- Complete a quick online form that gives key info about your diamond engagement ring.
- Get a fast call back with an initial offer. The provisional price is an estimate based on the details you just provided.
- Gemesti will pay for FedEx to ship your ring to the EGL laboratory for an independent appraisal.
- Gemesti will analyse the EGL report and make a final cash offer. This offer reflects the true market value of your ring.
- You complete the online sales agreement and the money is immediately wired to your account.
The service is fast – often as little as 48 hours from start to finish – and is completely transparent. The client is definitely the boss and you can pull out of the sale right up to the last minute. If you decide not to sell, Gemesti will return your ring free of charge.
FAQs
Will jewelers buy back an engagement ring if it was cheap, or only has a small diamond?
If a jeweler can expect to make a profit after all expenses (and can expect an easy resale) they will buy your engagement ring. If you provide accurate information when you complete the short self-assessment form, you’ll get a reliable answer the same day. If it’s a yes, you’ll also get a provisional cash offer.
Why should I trust an online company with my diamond engagement ring?
Gemesti is an established business accredited with the Better Business Bureau. Their credentials and customer reviews are easily Googled. When you send them your ring via FedEx, it’s insured for up to $100,000 and you are protected by a legally binding contract. Your package will be filmed when it’s opened, ensuring that there is no damage or theft. You can also pull out of the sale at any time and your ring will be returned free of charge.
Will you tell anybody else if I sell you my engagement ring?
No. Not unless we are legally mandated to do so (and this is extremely unlikely to happen). Client confidentiality is paramount and we will never disclose any information without your written permission. Check our Privacy Policy here.
Do I need my Ex’s agreement to sell my engagement ring?
This is a legal question that should be addressed to a lawyer. It may depend whether your ‘ex’ is an ex boyfriend or ex husband, and who is the legal owner of the ring. The laws may also vary from state to state. If in doubt, seek legal advice before you sell your engagement ring.
Can I really sell my ring and get paid cash in just 48 hours?
Yes, it’s entirely possible to sell your engagement ring online and get paid cash in just 48 hours.
- Complete the self assessment form accurately – preferably in the morning and well before the weekend.
- Meet the FedEx cut off time for secure overnight shipping.
- Be available to take calls/answer emails and upload the final sales agreements.
If there are no public holidays, or unavoidable disruptions, your ring will arrive at the EGL laboratory on the morning of Day 2. If you complete the sales agreement that day, your money will be wired to your bank within hours.
