They say diamonds are forever. However, if you need an emergency fund, the wedding ring on your hand might be a lucrative way of getting some cash.
You can sell your wedding ring online or through an accredited jeweler. If you’re wondering how you should go about it, don’t worry; we’re here to guide you on how to sell a wedding ring.
Read along as we go over the process of selling a wedding ring.
- Why You Should Consider Selling a Wedding Ring
- Problems With Selling a Wedding Ring
- What You’ll Need to Sell a Wedding Ring
- Where to Sell a Wedding Ring
- How to Sell a Wedding Ring: Step-By-Step Instructions
- Things to Consider When Selling a Wedding Ring
- Frequently Asked Questions
- Similar Tutorials to Check Out
- Wrapping Up
Why You Should Consider Selling a Wedding Ring
Selling your wedding ring isn’t an easy decision. Here are some reasons why you might choose to do it, though:
- Quick Cash: If you need to make money quickly for emergencies, selling your wedding ring can help you through tough times.
- Practicality: Although it was used to exchange wedding vows, your ring doesn’t necessarily have a function in your day-to-day life. However, selling it may help you fund essential needs like education and health insurance.
- Finding Closure: If you have parted ways with your spouse, selling your wedding ring might provide the emotional closure you need.
- Jewelry Upgrade: If you’re looking to switch your wedding ring with something else, you can consider selling the old one.
Problems With Selling a Wedding Ring
- Wedding Rings Have Sentimental Value: Wedding rings mark a significant milestone in your life, and so having an emotional attachment to them is inevitable. If you decide to sell yours, you might regret it later.
- Depreciation in Market Value: Depending on your wedding ring, there’s a possibility that it no longer costs as much as the day it was purchased. However, diamonds barely depreciate, and high-quality diamond rings can sometimes fetch up to $5,000.
- Concerns of Authenticity: If you can’t present valuation certificates, receipts, or diamond certifications (in the case of a diamond ring) along with your ring, potential buyers may question the authenticity of the jewelry. Moreover, if you don’t have any of these documents, they may also voice concerns about the ownership of your ring.
- Time-Consuming Process: Selling your wedding ring will involve a lot of processes such as researching reputable buyers, getting your jewelry appraised, negotiating a fair price, and handling logistics.
What You’ll Need to Sell a Wedding Ring
By this point, you have already weighed the pros and cons of selling your wedding ring. Before we look into the places where you can make the sale, let’s take a look into the particulars you’ll need:
- Wedding Ring: First, you must ensure that the ring is in good condition and well-maintained. It’s also a good idea to have it cleaned before putting it up for sale.
- Jewelry Appraisal: Having your wedding ring professionally appraised could be beneficial. That is because you can have an idea of its current resale value.
- Proof of Ownership: For the buyer’s assurance, showing proof of ownership is smart. It could include the credit card statement at the time of purchase, the receipt, or valuation certificates. Moreover, if you have photos of you wearing the wedding ring on multiple occasions, it could also prove ownership.
- Diamond Certification: If you have a diamond wedding ring, the jewelry store should have provided a diamond certification upon purchase. When you plan to sell your ring, the accreditation will prove its authenticity.
Where to Sell a Wedding Ring
Here are some of the best places to sell your wedding ring:
1. WP Diamond
WP Diamond is a notable luxury jewelry buyer that has operations in New York, London, and Birmingham.
They are accredited and were given an A+ rating by the Better Business Bureau, which tells you that they are a reputable and trustworthy company.
What Makes This Option Great
Selling your wedding ring through WP Diamond is a pretty straightforward process. They will ask you to fill out a form and provide details about the item you are selling.
After which, they will reach out and evaluate your jewelry based on the information provided. If you’re taking the offer, you can simply ship your jewelry for inspection and they’ll give you a more accurate quote.
If you change your mind at any time, they will ship your wedding ring back – free of charge.
- Fees/Commission: None
- Payment Methods: PayPal, wire transfer, or check by mail
If you want to avoid the hassle of researching reputable buyers and getting your jewelry appraised, Worthy.com can do most of the job for you.
What Makes This Option Great
It’s an online auction site that handles most of the selling process for your ring. All you have to do is reach out to them and discuss the jewelry you’re planning to sell.
If they think it’s a valuable piece, they will send you a shipping label so you can ship your jewelry to them. What’s good about this is they also pay for insurance.
Once your wedding ring is sold at an auction, you will receive
- Fees/Commission: 10–18% after a successful sale
- Payment Methods: Direct deposit, check by mail, or PayPal
3. Circa Jewels
Circa Jewels boasts its A+ accreditation from BBB, giving you the promise to provide you with the best value for your jewelry pieces. On top of that, they have 22 global locations, including Boca Raton, Barcelona, and Hong Kong.
What Makes This Option Great
Although the process is similar to WP Diamonds, Circa Jewels allows you to sell your rings online or through scheduled in-person appointments in any of their locations.
If you think that their offer isn’t up to your expectation, they can ship your ring back to you.
- Fees/Commission: None
- Payment Methods: Check, bank transfer, gift cards (worth up to 120% of their offer)
What Makes This Option Great:
Online marketplaces have wide audiences therefore there’s a high probability of your wedding ring being sold at a profit.
- Fees/Commission: eBay charges 13.25% of the sale price plus $0.30 per order, while Decluttr doesn’t charge any fee
- Payment Methods: Checking account or bank transfer
5. Local Jewelers or Pawn Shops
If you’re looking to sell your wedding ring immediately, remember that jewelry is a popular thing to pawn.
What Makes This Option Great
If you decide to sell your wedding ring to your local jeweler or a pawn shop instead of lending, you can get about 50% of the retail price of your wedding ring up front. This is a good option if you’re needing money in a pinch.
- Fees/Commission: Minimal service fees
- Payment Method: Cash
How to Sell a Wedding Ring: Step-By-Step Instructions
Now that you understand the pros and cons of selling your wedding ring, and have an idea of your different selling options, let’s look into the steps of how to sell your wedding ring:
1. Prepare Your Ring
Once you’ve decided to sell your wedding ring, it’s important to make it presentable for your potential buyers.
First, you need to inspect the ring for any damages and missing stones. If there are any noticeable defects, you might want to bring it in for repairs.
Then, you need to have your jewelry cleaned. You can do it yourself at home or you can have it professionally cleaned for a small fee. It’s also a good idea to buy a new jewelry box for your wedding ring.
2. Have Your Ring Valuated or Appraised
To have an idea of its current resale value, bring your wedding ring to a qualified appraiser. However, appraisals will vary. So, if you have the time, it’s a good idea to approach multiple appraisers in your area.
Note that there are minimal appraisal fees every time you get your ring valued. However, you can approach a diamond buyer if you don’t want to dish out money for a formal appraisal. A diamond expert can still give you an estimated value for your jewelry.
Once you have a ballpark figure of your ring’s market value, it’s time to approach potential buyers.
3. Selling Your Ring Online
Before you choose to sell your ring on online marketplaces, ensure that you have taken good-quality photos of your wedding ring. It’s recommended to do this in a well-lit space.
Once you have your photos, you’re now ready to set up your online selling account. Don’t forget to indicate how you’ll accept payments as well.
When listing your jewelry, you have to indicate the specifications of the ring and be as accurate as possible. This includes the ring size, the stones, and the band material. A listing with more specific details has a better chance of being sold.
Once you’re done listing the descriptions, attach photos of the ring from different angles. After which, don’t forget to mark the ring with a realistic price. Potential buyers might choose to ignore your listing if it’s overpriced.
4. Selling Your Ring to Jewelry Buyers
If you opt to sell your ring to luxury buyers like Circa Jewels or WP Diamond, it’s important to put in the correct descriptions for your wedding ring. This will give them an initial idea of how much your ring could sell for.
If asked, you can submit photos of the ring and valuation certificates. Providing these will make the process much easier for both parties and offers may be given immediately.
Things to Consider When Selling a Wedding Ring
Here are a few things to consider in the process of smelling your wedding ring:
- Timing: It may take some time before someone picks up your wedding ring and buys it, so it’s crucial to consider when you’re selling it. Additionally, you have to monitor when there’s high demand for second-hand jewelry, such as around the holidays.
- Market Conditions: Current market conditions affect the market value of the jewelry. Depending on how your wedding ring is made, it may lose or increase value along with economic conditions. It’s vital to do proper research by getting your ring appraised to see if it’s worth selling.
- Capital Gains Tax: Whether it’s a gold ring, a luxury watch, or your vintage engagement ring, any piece of fine jewelry is a capital asset and is deemed taxable by the IRS. If you sold your wedding at a higher value than when it was purchased, you will have to pay tax for the profit you made.
- Safety: When selling your wedding ring, ensure you’re handing it to a reputable jewelry store. If you plan to sell it online, take measures to prevent being scammed by your potential buyer. Keeping copies of your documents in case of a dispute is a good measure.
- Ring Condition: Before heading to the jeweler, inspect whether the ring is still in good condition or requires repairs. This can also affect the sale value of your wedding ring.
- Investment Opportunities: Selling your wedding ring can give you a big influx of income. Be smart about where you invest that money.
- Selling Methods: You can sell your wedding ring in local jewelry shops, pawn shops, and online marketplaces. If you have more pieces you’re planning to sell, you can even consider starting a second-hand jewelry business.
Frequently Asked Questions
Will a Jeweler Value My Ring?
Yes, a jeweler can determine the value of your ring, as long as they have the right equipment for it. However, for a more accurate market value, you can approach a registered professional.
To find one, the Gemological Institute of America provides a list of appraisal associations on its website.
What Is the Best Day to Sell Jewelry?
During the year, there are a few holidays when people usually gift jewelry to their loved ones. These are during Valentine’s Day, Mother’s Day, and Christmas.
So, if you’re looking to let go of your jewelry, these are probably the best times to do it.
Similar Tutorials to Check Out
Now that you know how to sell your wedding jewelry, maybe you’re also considering letting go of your wedding dress and other jewelry. Check out the following tutorials:
- How to Sell a Wedding Dress: If you’re set on finding a new bride for your wedding dress, this tutorial will teach you exactly how to do it!
- How to Sell Gold: Maybe you have a family heirloom that’s just been sitting on your jewelry box, and now you’re planning to sell it. Head on to this tutorial and we’ll teach you how to get the best out of your jewelry.
- How to Sell Silver: If you have a few pieces in your collection that you’ve grown out of, head on to this tutorial for step-by-step instructions on how to sell your silver pieces.
By now, you may already know how to sell a wedding ring. Although your wedding ring is a marital property that may be hard to let go of, you may be going through circumstances where you may have no choice but to sell it off.
If you plan to push through, just remember to know your wedding ring’s current value and to find reputable buyers to be on the safe side.
Let us know in the comment section below if you have additional thoughts or questions on this article.
Also, share this post with others who might be planning to sell their wedding rings.