Things can go wrong after an engagement, but it doesn’t mean you should end up with a ring you no longer want to keep.
Some people might change their minds or want to buy a different ring style. So, is it possible to resell engagement rings?
You’re not the only one asking this question because people might consider reselling engagement rings for plenty of reasons. Resold engagement rings can also be a good bargain on the buyers’ side.
Luckily, you’ve found this article because we’ll walk you through reselling engagement rings. So, keep reading to learn more about this topic.
- Is it Possible to Resell Engagement Rings?
- What is the Value of Engagement Rings?
- Things to Consider When Reselling Engagement Rings
- Where to Resell Engagement Rings
- What You’ll Need to Resell Engagement Rings
- How To Resell Engagement Rings: Step-By-Step Instructions
- Can You Make Money Flipping Engagement Rings?
- What is an Engagement Rings Resale Business?
- Frequently Asked Questions
- Similar Tutorials to Check Out
- Wrapping Up
Is it Possible to Resell Engagement Rings?
It’s possible to resell an engagement ring whether you’re the one who bought it or received it.
If you’ve proposed to someone and things didn’t go as planned, there’s a big chance you don’t want to keep a ring that reminds you of this relationship. The same happens if you were on the recipient’s end and decided to keep the ring.
Although a promise ring or engagement ring holds a substantial emotional value, some people think about getting rid of it because they’ve moved on.
Some people also reconsider the wedding ring they bought and consider upgrading it. So, you might want to resell an old wedding ring to get a bigger stone or more stylish setting.
Regardless of the reason, if you no longer wear or need the ring, you can think about reselling it for a profit.
Did you know? You can turn the sale of engagement rings into a full-blown side hustle. As long as you have the supply, there is almost always constant demand for this type of jewelry.
What Kinds of Engagement Rings Sell Well?
Diamond rings and those made of precious stones sell well, even if they aren’t new. This is due to the rarity of the precious stone that makes it unique and desirable.
Solitaire engagement rings are more popular and sell well compared to other models. Whether your ring has a diamond or any other precious stone like an emerald, ruby, sapphire, or aquamarine will also affect its popularity.
Diamond, sapphire, and aquamarine rings might sell better because they’re more affordable. Ruby and emerald rings are rare, so they will be more expensive. They can be sold for a higher profit because they aren’t that common.
What is the Value of Engagement Rings?
A jewelry potential buyer will be willing to pay a high price for a ring if it’s stylish, unique, and of excellent quality. This is why it’s crucial to determine an accurate value of your ring before you put it up for sale.
For diamond rings, criteria like the ring’s setting, ring metal, stone’s cut, clarity, and weight in carats will play a crucial role in determining the ring’s value. If you’re unsure about these traits, you can head to an estate jeweler and have a diamond expert examine your ring and set an accurate value.
You can also browse online and see the prices of similar rings, although this can be misleading if you can’t tell the difference between different stones and rings.
Do Engagement Rings Lose Value Over Time?
Answering this question can be challenging because several factors affect the price of a secondhand engagement ring.
Engagement rings made of diamonds and other precious stones will depreciate over time. They lose some of their value the minute they’re bought and continue to lose value over time. Some experts estimate that a diamond ring will have a resale value between 20% and 50% of the original price paid for it, usually because of market fluctuations.
In some cases, some rings are expensive due to their rarity. If the ring you bought or own contains a rare stone or has been associated with a celebrity or a historical figure, there’s a big chance you might be able to resell it for a high profit. Vintage rings also have a higher value.
This is true because, in this case, other factors are considered when the ring is evaluated.
Things to Consider When Reselling Engagement Rings
How much money you’ll make from reselling an engagement ring that you own or that belonged to someone in the family depends on several factors. So, if you’re thinking about reselling engagement rings, you should think about the following.
Ask for a ring appraisal by a certified local jeweler to clearly understand how much your ring is worth. This can be higher or lower than the original ring’s price due to market fluctuations and style changes. The type of precious metal and stone used play a crucial role in determining the ring’s value.
If you can’t go to a certified expert, you can browse online listings to see the average price of similar rings. In this case, you should make sure that you’re comparing your ring to another one that has a similar stone, setting, and other criteria. The differences between two diamond rings are vast and will affect the price in multiple ways.
Fashion and style trends can significantly affect the price of a second-hand ring. For example, the ring your grandma owned might suddenly be worth several thousands of dollars if it was part of a movie or a celebrity was seen wearing a similar one.
Some ring styles are no longer in high demand, so you should expect to get a low price for such a ring. So, you might need to wait until you can sell your ring to the right client.
Give It Time
The more research you do, the better price you’ll be able to get for your ring. You can browse several listings and visit multiple stores to see if someone is willing to pay more for your ring.
Yet, you might not be able to do this if you’re in a hurry. For example, you might need the money as soon as possible, or you might be trying to declutter or move on and want to get rid of everything that you no longer need.
How valuable you think a ring is worth might not reflect its actual value. You shouldn’t expect to get the same amount of money you paid for a ring when you try to resell it.
Where to Resell Engagement Rings
Finding the best place to resell an engagement ring can significantly affect the price. The best option is a marketplace with a large number of interested engagement ring buyers who might be willing to pay more for the ring you want to resell.
Some platforms will have a lot of competition, so you should also take this into consideration. Although you can sell the ring to a jeweler, they usually add a high markup, affecting your profit. Here are some of the best options to resell your pre-owned engagement ring.
Facebook is one of the biggest online platforms out there. So by listing an engagement ring for sale, you’ll have a large audience willing to negotiate a decent and fair price.
Many people head to Facebook to find second-hand items, and since an old engagement ring will be significantly cheaper, this can be an excellent opportunity for buyers and sellers.
You can even list a custom-made or hand-made engagement ring that you’ve designed to be sold on Facebook. In this case, Facebook urges you to create an account with one of its partners to be listed as an original creator.
What Makes This Option Great
Facebook streamlines the process of buying and selling and, accordingly, has become one of the best online platforms for new and used items. There are no hidden charges, and the platform secures all transactions.
- Fees: You don’t have to pay to list an item on Facebook. Meta charges 5% of every shipment price or a flat rate of 0.40 if the transaction costs less than $8.
- Payment Methods: Meta or Facebook accepts debit cards, credit cards, and PayPal transactions to pay for the fees.
eBay is another major platform where you can list all old and used items, including engagement rings. Thousands of users check the platform every day, and you can find someone who might be interested in buying a ring that you no longer need.
First-time sellers benefit from working with eBay because the platform is easy to use. So, if you’re trying to build your reputation as a trusted seller, you can start working on your eBay account.
What Makes This Option Great
You don’t have to be tech-savvy to use this platform. This is why it’s a safe option for older people who don’t know how to set up their online business. It’s also straightforward to use, and there are no hidden fees.
- Fees: eBay updated its fees regarding selling luxury jewelry like diamond earrings and rings. They’re currently listed at 15% for transactions of value lower than $5,000 and 9% if the transaction costs more than $5,000.
- Payment Methods: Sellers’ fees are deducted from the final payout before it reaches your bank account.
Etsy is a big marketplace for designer jewelry, so you can list an old wedding band or engagement ring that doesn’t suit you. If you’ve already set up an account in the past, you list your old ring because Etsy allows you to sell multiple items using the same account. Otherwise, you can start a shop in no time.
What Makes This Option Great
This is a growing market, and the platform updates its marketing strategy regularly, attracting new users. So, if you can’t sell your old gold ring easily, it can be sold on Etsy.
- Fees: Etsy has a listing charge of $0.20. Once an item is sold, the platform charges 6.5% of the final price.
- Payment Methods: Unless you have Etsy credit in your account, you can pay the fees using your credit card.
What You’ll Need to Resell Engagement Rings
Although it’s not a common side hustle, many people get into the business of reselling old wedding bands and engagement rings that are no longer needed. Here’s what you’ll need if you want to do this.
- A precious ring with a stylish design.
- A certificate of authenticity for the stone, if applicable.
- Head to a certified fine estate jewelry expert to assess the ring’s value.
- Take professional-quality photos to show the beauty of the ring.
- A study of the market trends.
- An understanding of second-hand rings’ prices.
- A platform to sell your ring.
How To Resell Engagement Rings: Step-By-Step Instructions
Reselling old items is an excellent way to make money while getting rid of items that no longer serve a purpose. Here are the right steps to follow.
1. Get a Ring
The ring you want to buy should be of some value. It doesn’t have to be expensive, but it should be stylish enough to attract attention. If you have the original box or any certificates, they should also be included.
2. Study the Market
If you have a bunch of rings, you should evaluate market trends to see which ones are in high demand.
3. Evaluate the Ring
You should have a realistic estimate of what your old ring is worth.
4. Choose a Platform
Luckily, there are multiple online platforms where you can list your old
5. Set a Price
You should include any transaction fees in the final price.
Can You Make Money Flipping Engagement Rings?
You can make some money flipping old rings. You shouldn’t expect to gain a huge profit, but it’s better than having old rings that no one needs.
What is an Engagement Rings Resale Business?
Some people work as professional sellers, so they head to garage sales, yard sales, and auction houses to find old rings and other pieces of bridal jewelry, then they resell them. This can be a profitable business idea if you know how to approach it properly.
Is Reselling Engagement Rings a Good Way to Make Money?
Reselling engagement rings is better than having an old band that you no longer wear or need. You should be realistic regarding the profits you can make from reselling old rings because wedding rings lose value after you purchase them.
Frequently Asked Questions
Are Engagement Rings Worth Selling?
You can get around 40% to 50% of the ring’s original value. So, it’s not much, but it’s better than having an old ring that you paid for and don’t need anymore.
Do Engagement Rings Lose Value?
Engagement rings lose value over time unless they’re classified as antique, vintage, or have been associated with a celebrity.
Similar Tutorials to Check Out
You don’t have to keep the items you no longer want or need, and you can sell them for a good profit.
- Resel Jewelry: Resell old jewelry prices that no longer match your style or suit you for a good profit.
- Resell Bags: By reselling old bags, you’ll make space for the new ones and have some extra cash to spend.
- Resell Watches: Make room for new models and resell your old luxury watch.
Engagement rings hold sentimental value, but in some cases, you might want to sell yours because it no longer serves a purpose. This can also be a good opportunity to make some decent cash.
If you know someone who wonders how to get rid of a ring that they no longer need, send this article to them. We’re looking forward to reading your thoughts in the comments section.