While a divorce is probably one of the principal reasons for selling wedding rings, there are other reasons you might be considering letting go of this piece of jewelry.
It could be to get out of a financial situation or even because you want to get a better one.
If this sounds like you, you’re probably wondering where to sell this item.
Thankfully, you can sell wedding rings in different places, and we’ve outlined a few of them in this article.
After reading this piece, you should know where you can sell your wedding ring as well as the steps you need to complete the selling process successfully.
- 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
Here are some reasons you should consider selling your wedding ring:
- To fund a fresh start: This can be anything, like starting a business, going on a vacation, or paying for college or higher education.
- To save or invest: You can save the money earned in your retirement account or college savings. You can also invest the money.
- To get out of a financial situation: Sometimes, you may need to sell your ring to settle some economic issues or pay a debt. It also comes in handy for emergencies.
- To let go of the past: If you recently had a divorce, selling your wedding ring can help you eliminate lingering emotional attachments. That makes it easier for you to move on.
Problems With Selling a Wedding Ring
Selling a wedding ring isn’t without its issues.
These are some of the reasons you might want to reconsider selling it:
- Selling at a loss: There’s a high chance that you won’t make so much profit from selling your ring, especially if you go through a pawn shop.
- Scammers and fraudsters: Many people have fallen into the hands of scammers and fraudsters while trying to sell their rings. In this case, you might lose both your money and the ring.
- High commissions and fees: Some platforms and online markets, like eBay, charge high commissions and fees, which can reduce your profit.
- Regret: Selling a wedding ring can be an emotional process for some people, who may regret going through it after it’s done. By that time, it’s too late to recover the ring. Be sure this is what you want before proceeding.
What You’ll Need to Sell a Wedding Ring
These are the things you’ll need to sell a wedding ring:
- A high-quality ring: You need to prepare the wedding ring or engagement ring that you are willing to let go of.
- Documentation: You must have all the necessary documents and information about the ring, as you may be asked to provide them. These documents may include proof of authenticity and ownership.
- Good internet connection: If you’re selling via online auction houses, you need a good Internet connection to connect with these sites.
- An active payment system: You should have somewhere your money will be sent.
Where to Sell a Wedding Ring
You can sell your wedding ring via several platforms and options, but you can start with any of the three options below.
1. WP Diamonds
As a website specializing in luxury item sales, you should have no issues selling your wedding rings here.
If you’re ready to sell your jewelry, you must fill out an online form and provide as much information as possible about the ring.
That may include the ring’s weight, color, diamond shape, and clarity. You can also have photos of the item you want to sell.
Afterward, WP Diamonds will reach out to you with a price quote, and if you’re satisfied with the offer, you’ll be asked to ship the ring via the site’s insured FedEx overnight service.
What Makes this Option Great
WP Diamonds offers a transparent service, so you don’t have to worry about falling into the hands of scammers while trying to sell your jewelry.
Plus, this platform doesn’t charge seller fees or commissions, and you can always ask for your ring to be returned to you if you aren’t satisfied with the quote.
Finally, WP Diamonds has a wide network of professional jewelry buyers, so selling through this platform means your ring will sell for a good price.
Payment Methods: PayPal, check by mail, or wire transfer
Worthy.com is one of the best online auction sites to sell any piece of jewelry as well as watches, loose diamonds, and of course, wedding and engagement rings.
To get started, contact the site to describe the wedding ring you wish to sell.
If Worthy.com believes this is one piece of jewelry that’ll sell, you’ll be asked to send it over through prepaid, fully insured shipping.
Then, this platform handles everything concerning the sales, such as professional photography and ring cleaning.
Once Worthy.com has successfully sold the ring, you can get your money within two days.
What Makes this Option Great
Worthy.com has a simple and seamless sales process, and you even get a personal auction manager to keep you updated on every action taken.
Plus, this auction site offers full insurance over your item, so you don’t have to worry about anything going wrong with your item.
Selling on Worthy.com ensures you get a better offer on your wedding band, and the entire process doesn’t last more than two weeks.
Fees/Commission: 18% to 10% of the sales price
Payment Methods: Direct deposit
3. Pawn Shops
Like consignment shops, pawn shops are popular places to sell wedding rings.
This system is an ancient way of exchanging jewelry for money, and it’s still a guaranteed means of getting quick cash.
Selling rings at a pawn shop is a simple process.
You can walk into the nearest shop and hand over your item to a pawnbroker.
After evaluating the ring, the pawnbroker will loan you some money while you use your jewelry as collateral.
You can only get back the wedding ring after you’ve repaid the loan, including the interest fee charged by the shop.
If you can’t pay back within the stipulated time, the pawnbroker has the right to keep the pawned item and sell it off.
What Makes this Option Great
Although pawn shops don’t pay much — 25%-60% of the ring’s resale value — it’s a quick and efficient way to get money.
If you’re good at haggling, you should be able to get a reasonable price for your ring.
While it can take weeks before you get the money made from selling your wedding ring on other platforms, you can get your money on the same day in a pawn shop.
In addition, pawn ships are safe and well-regulated, so you shouldn’t have any issues conducting business there.
Payment Methods: N/A
How to Sell a Wedding Ring: Step-by-Step Instructions
Once you’re ready to sell your ring, here are the necessary steps you need to take:
Step 1: Get Necessary Ring Documentation
The first step is to get all the necessary documents and information about the ring.
They are an original sales receipt, an appraisal, and a certificate of authenticity, among others.
You may not be able to get all these for a vintage ring, but having as much information about the item as you can gather will go a long way in attracting potential buyers.
Step 2: Get a Formal Appraisal
A formal appraisal or evaluation is necessary to know the accurate value of your ring.
You can use this information as a benchmark when selling your diamond jewelry.
Note that this process will cost you some money ($50-$100), but it pays in the long run. You’ll need to include this appraisal when you want to sell.
Step 3: Take High-Quality Pictures of the Ring
You’ll also need to add pictures of your ring when trying to sell, so you must take high-quality photos.
Before doing that, ensure you get the item professionally cleaned to bring back its glow.
Step 4: Find a Platform for Selling
You can choose to sell your ring one-on-one, but it’s usually better and safer to find platforms to help you do that.
Some options are online marketplaces, local jewelry stores, pawn shops, consignment stores, online auction houses, diamond exchanges, etc.
Things to Consider When Selling a Wedding Ring
These are some factors you need to consider before selling your wedding ring, especially regarding its value.
The 4Cs are the most important things to look out for in a diamond ring: carat weight, clarity, cut, and color.
The higher the quality of the 4Cs in your ring, the higher the chances of getting more money.
Likewise, the diamond shape plays an important role.
If it’s a shape currently trending, there’ll be a higher demand for it, which means more money for you.
2. Metal and Side Stones
Besides the 4Cs, another feature that’ll determine the value of your wedding ring is metal.
Rings with platinum, white gold, or yellow gold metals hold more worth than rings with other kinds of metal.
In the same vein, side stones like emeralds and sapphires will bump up the price of your ring.
One thing that potential buyers will look out for in a ring is its condition.
It’s great if your wedding band is in good or excellent condition. That’s not to say your worn or scratched ring won’t attract attention.
Some people might be willing to buy it as raw materials for new designs, but that may not attract a good price.
In addition, these kinds of rings attract high pay.
4. Originality of Design
The more unique your wedding ring is, the more attractive it’ll be to interested buyers at auction.
While some diamond buyers are attracted to newer rings, others are more interested in antique or vintage rings.
This is because they usually possess unique features that are hard to find in more contemporary rings. This can also affect the price of the jewelry.
Frequently Asked Questions
How Much Can I Make From Selling My Ring?
There’s no fixed amount you can earn from selling your ring; it all depends on several factors already listed above.
However, the general range you should expect is 40%-75% of the ring’s original price.
How Soon Can I Sell My Wedding Ring?
This also depends on where you sell your ring.
For instance, you can sell your ring on the spot if you go to a pawn shop or a local jeweler, although you’ll most likely get a lower amount.
On the other hand, online options can be much slower, lasting between two to four weeks.
Similar Tutorials to Check Out
If you don’t plan on selling your wedding ring, here are other means to make money:
- How to Sell a Dog: Discover how you can sell your dog responsibly.
- How to Sell Sneakers: Do you have sneakers you no longer need? Then check out how to make money by selling them.
- How to Sell Books Online: You can also make some cool cash by selling books online.
Selling your wedding ring could signify the start of something new.
It can also be a great way to get out of financial issues.
And you can go about it with any of the platforms we’ve mentioned above.
Is this something you’re interested in? Let’s know in the comments.
Also, if you find this article useful, kindly share it with friends and family who can also benefit from it.