Best Ways to Sell Your Engagement Ring for Cash

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Keep with the idea of an engagement ring symbolizing the beginning of a new path. Sell your engagement ring at these locations to get more for your bright future ahead.

Worthy
4.5

Worthy is an online luxury auction house, helping you get more for the jewelry you've outgrown. Led by the very best in the luxury goods market, they work together to bring the fairest market value for your valuable items while providing stellar service.

Sell Your Jewelry on Worthy

Selling your engagement ring can be an emotional event. Memories of the past might be making it harder for you to sell it, but if you’ve decided now is the time, there are ways you can make the best of the situation. Even if the engagement ring is a family heirloom, there’s a bright future ahead for you both.

In fact, you could be giving someone else and their loved ones the beginning of something new, which is how you should approach the sale of your engagement ring the chance to live their lives happily ever after. Engagement rings signify thg. The money you receive from the sale could go towards making another one of your dreams come true, sort of like a phoenix rising from the ashes.

If you’re ready to sell your engagement ring, or an engagement ring that’s been in the family for some time, we’ve got the resources you need to make it happen. We’ll show you the best places to sell an engagement ring, including where you’re most likely to get the best price. Plus, our guide features a list of vendors you can contact today to find out how much your engagement ring is worth.

Are you ready to turn the page to a new chapter of your life and sell your engagement ring? Let’s get started.

Why Sell Your Engagement Ring

Selling your engagement ring can be a way to pivot towards something new by making the best of a less-than-perfect situation. No matter the circumstances of your engagement ring, the important thing to remember is that you can move forward towards bigger and better things.

For example, many people sell their engagement rings to make extra money. This can allow them to purchase items they want instead, or even pay off credit card debt or benefit some other way. If you want to make money fast and no longer want/need your engagement ring, you can sell it to a number of different sources.

If the engagement ring is a family heirloom you’ve decided to part with, you can give it new life. You never know, you might be starting a tradition for another family that brings them happiness.

How to Prepare For Selling Your Engagement Ring

Deciding to sell your engagement ring and actually going through with the process are two different steps, sometimes seemingly far apart. However, the first step in selling your engagement ring is to prepare it (and yourself) for the sale.

Here’s how you should prepare your engagement ring for the best results when obtaining quotes and appraisals.

Check if Your Diamond is Real

This crucial step will determine whether or not your diamond is real. This can be a tricky step for some people, especially those who find out their diamond isn’t real. Then again, it’s better to know you’ve got a fake diamond before you spend any time visiting with vendors.

The best way to check if a diamond is real is to drop it in a glass of water. This only works if the diamond is free, as any bands or other metals will make the diamond sink. A sinking diamond is real, while a fake diamond will float.

You can also use a magnifying glass to look for imperfections. You’ve probably seen the diamond experts on TV use a small monocle-like device. These experts are looking for imperfections and actually hope to find them. Only the rarest of diamonds and those that are fake are completely flawless.

One other method of verifying a diamond involves holding the diamond itself (with no band) above a flame for around 45 seconds. Then, drop the diamond into ice water. Fake diamonds will shatter and real diamonds will remain unaffected by the temperature difference.

The Gemologists Institute of America (GIA) also certifies many diamonds. We’ll talk a bit more about what that means in a moment, but suffice it to say a GIA certification is worth money when it comes to the value of diamonds.

Do Your Research

The more you know about the engagement ring you own, the better an idea you can get of its value. Knowing things like what company made it, when it was purchased, and what material the band might be made from can help identify aspects of the engagement ring that could increase its value.

Certificates that came with the diamond at the time of purchasing the engagement ring are extremely valuable in this case. At the same time, if you don’t have a certification, it’s not the end of the world.

Depending on how much time and curiosity you have, you can research the engagement ring as much or as little as you like. However, a bit of background in terms of what you own is never a bad idea, especially when it comes to negotiating a sale price.

Clean Your Engagement Ring

There are many tutorials online when it comes to cleaning your own jewelry. If you want to sell your engagement ring, these instructions can help you get it ready for pictures, which is the next step in our process of selling an engagement ring.

If you don’t feel comfortable cleaning your own engagement ring, many appraisers offer these types of services. They will charge a small fee. If you plan on visiting a local jewelry appraiser to get a quote on your engagement ring, you might skip this step and just pay for the service outright.

Photograph Your Engagement Ring and Any Markings

Cleaning your engagement ring is one of the best ways you can prepare it for sale. Clean rings will photograph better and can improve the overall look of an engagement ring, which can draw potential buyers in. A high-resolution photo can say much more than any description could.

When taking photographs of your engagement ring, focus on specific details that make it unique. For example, you should highlight anything that would help it sell online if it was featured on a selling app. The more you can do to showcase the engagement ring’s value, the better chance you have of attracting a prospective buyer. 

Determining a Diamond’s Value

This age-old question of how much a diamond is worth cannot be answered with a simple figure. Rather, you must consider the diamond itself in terms of market value, rather than intrinsic value. Diamonds are worth what someone will pay you for it.

This is because diamonds are not liquid assets. They cannot be melted like gold in order to create something new of potentially higher value. In fact, the value of your diamond may be less than you think, if it’s even a diamond at all.

Diamonds are typically a long-term investment for the buyer, unless circumstances change and they find themselves in a similar position as you are in this article. They’re purchased at a certain rate, of course, but sentimental value soon overcomes the dollar price listed. Truth be told, not even a higher carat weight will get you more money when it comes to diamonds.

Gemologists Institute of America (GIA)

The one thing you can take to the bank is a certificate from the GIA. Located in New York City and Carlsbad, California, the GIA appraises jewelry and diamonds for around $200, depending on the carat weight.

Once the GIA laboratory experts determine the value of your diamond, they will generate a report that includes the following:

  • Carat weight
  • Diamond grade
  • Clarity grade
  • Polish
  • Symmetry
  • Fluorescence

With this GIA report, you can refer to the Rapaport Price List to determine how much your diamond is worth.

Diamond Qualities That Affect Value

As you saw above, there are certain characteristics of a diamond that determine value. Let’s take a closer look at each one.

  • Carat: This is the weight of the diamond.
  • Color: Diamonds are measured on a scale of D to Z in terms of color. A brighter white translates to a larger value, although diamonds can also be yellow, black, red, blue, or green.
  • Clarity: The fewer flaws a diamond has, the more clarity it holds. Clarity is measured in terms of 5 categories, from flawless to included. The EGL Gemological Report provides a standard grading report for clarity that you can refer to.
  • Cut: Diamonds are cut to minimize any imperfections for a more radiant diamond.
  • Polish and symmetry: Cuts are critical in determining the symmetry and polish of a diamond. This is measured on a scale of excellent to poor by the GIA.
  • Fluorescence: Diamonds with a high fluorescent rating shine blue when exposed to UV rays.

Like many other assets, engagement rings are valued as a sum of their parts.

Avoid These Places When Selling Your Engagement Ring

Though it might be tempting to pawn your engagement ring off to the first buyer, there are a few places you’ll want to avoid. These selling avenues can be perfectly fine for the sale of other items, but when it comes to the value of diamonds and engagement rings, it’s safer to work smarter and not be caught in a bad situation.

For example, you should avoid selling your engagement ring on sites such as eBay, Craigslist, and Facebook Marketplace. Even places like Decluttr are more for household items than jewelry. Engagement rings command a higher value, so there are better places to sell them than your typical online garage sale platforms.

Knowing where to sell your jewelry like your engagement ring is also about keeping yourself safe since you are dealing with valuable jewelry that people could steal from you easily. Take a minute to think about what could potentially happen to you if things went south quickly and steer clear of any scenarios that don’t feel right.

Where to Sell Your Engagement Ring

Do you know what options you have for selling your engagement ring? Let’s break it down.

Sell Online

One of the best places to sell your engagement ring is online. The process is typically fast and easy and you’re likely to get more for your ring than you would elsewhere. The internet can help connect you to individual consumers willing to pay more to get what they want, which benefits you if there is no middleman. Plus, you can speak to knowledgeable staff who know what they’re dealing with and what a fair price is.

Selling online also means you won’t have to meet strangers in the dark in unfamiliar places, either. At the same time, you may not be comfortable with sending your engagement ring through the mail. Most online companies who purchase engagement rings second-hand will insure your ring to protect its value.

Online engagement ring buyers can charge you commission fees as well. They don’t guarantee a sale and you may have to hire an appraiser if they don’t have one in house. At the same time, they do have access to a larger network of clients who may be willing to pay for the privilege of owning your engagement ring.

If you want to sell your engagement ring online, we recommend Worthy. We’ll go into the details of this platform a bit further in the next section, but if you choose to sell your engagement ring online, it’s worth checking out Worthy for the best price possible. They make the process simple and easy and all you have to do is send your engagement ring in for a no-obligation appraisal. 

Worthy
4.5

Worthy is an online luxury auction house, helping you get more for the jewelry you've outgrown. Led by the very best in the luxury goods market, they work together to bring the fairest market value for your valuable items while providing stellar service.

Sell Your Jewelry on Worthy

Here’s our list of the other potential places you can sell your engagement ring online:

  • The RealReal: This company sets a price point for you based on what other engagement rings have sold for in the recent past. They will take a 30% commission on sales of $995 or more, but if your engagement ring sells for over $2,495, they’ll only take 15%. You can set a higher price with The RealReal, but if the engagement ring doesn’t move, the website will decrease the price, potentially increasing your seller fees. Plus, there is no guarantee of sale.
  • Abe Mor: Fill out a basic form on Abe Mor’s website for a response from a specialist to help sell your engagement ring. Your ring ships free and is fully insured. You’ll get a fair offer and if you accept, the payment comes within a single business day. This family-owned business in the Diamond District is one of the quickest, most secure, and fairest engagement ring buyers online.
  • Circa Jewels: Formerly known as Mondiamo, Circa Jewels buys diamonds, jewelry, and watches. After creating your account, input information about your engagement ring. It’s helpful to know as many technical details as possible for a better quote. After shipping your ring to them insured, for free, they will contact you with an offer. If you do not accept, they will send the ring back for free. There are 14 Circa Jewels offices worldwide, so you can also schedule to meet with a diamond specialist in person in your area.
  • IDoNowIDont: As the website name suggests, engagement rings can find a new home at IDoNowIDont. This company buys luxury “recycled” items and handles the money, advertising, and shipping. Simply upload your own pictures and description. You will pay a 15% commission on all sales, but they handle the bulk of the selling for you.
  • WPDiamonds: The experts at WPDiamonds buy jewelry, gold, and luxury watches. Fill out their information form to receive an initial cash offer and if you accept, you can ship the ring to them for a final appraisal. There is no obligation, as they return your ring for free if you don’t accept. Payments for sales are made within 24 hours.

As you can see, there are many places online to sell your engagement ring.

Sell to Local Jeweler

You can also sell your engagement ring to a local jeweler. You won’t have to send your jewelry off to a mailbox and you can get a quote right then and there. In some cases, the jeweler might already have a buyer in mind and can potentially line up the sale. In many cases, however, they may offer you a lower price so as to make a higher profit on your engagement ring.

Local jewelers can be a great resource for asking questions and learning more about the engagement ring. They can also offer consignment services. In contrast to online sales, however, most local jewelers don’t have as broad a network of buyers. They may also charge you for an appraisal if you don’t already have one.

Sell to a Pawn Shop

Pawn shops straddle the mark between reputable online diamond buyers and marketplace websites such as Craigslist. The reason being, they’re typically going to try to offer you less than you would get at other locations. If you don’t have a reference point at all when you go to a pawn shop, your chances of getting a very low sum increase.

At the same time, pawn shops are one of the best places to sell your engagement ring quickly. There’s more potential for negotiation if you’re up to it, and you’ll get cold, hard cash for your engagement ring.

Best Places to Sell Your Engagement Ring

No matter how you sell your engagement ring, these are the spots where you’re going to get the best money for your sale.

Best Online: Worthy

worthy

The expert gemologists at Worthy provide you with a dedicated account manager to help you through the sale process. They will hold an auction for your engagement ring and invite professional diamond buyers from their network. You still have control over the auction reserve, but you must send them your engagement ring in order to begin the process.

Worthy is full insured through Lloyds of London. After you create an account and enter information about your engagement ring, you will receive an estimated market value. If you accept this minimum amount, ship your ring via FedEx to their New York office. Worthy will even provide shipping materials if necessary. They will then provide you with a cleaning of the engagement ring, as well as photographs and a grading from a third-party grader.

The success fees that Worthy takes decreases as your engagement ring’s sale price increases. For example, engagement rings that sell for under $10,000 are subject to an 18% success fee, or about $1,800. Rings that are worth $30,000 or more have a success fee of only 12%, which is roughly $3,600.

Once your item sells, you can receive payment via bank transfer, PayPal, or check. If you choose PayPal, you should receive your money in 1-2 business days. Selling your engagement ring online with Worthy can get you more than you’d typically receive from a local jeweler, plus they make the process incredibly easy and safe.

Worthy
4.5

Worthy is an online luxury auction house, helping you get more for the jewelry you've outgrown. Led by the very best in the luxury goods market, they work together to bring the fairest market value for your valuable items while providing stellar service.

Sell Your Jewelry on Worthy

Best for Certification: Auction

Auctions are a much better avenue for engagement rings if you’re looking for certification. Many auctions will give you a free appraisal, as well as take the ring to a jeweler for GIA certification. This extra fee will be calculated on top of the 20% commission they take off the top of your engagement ring sale price, but many of the basic steps are taken care of for you

When you ship your engagement ring to auctions such as Sotheby’s, they will provide insurance much like Worthy does. They also take photographs and may even clean the engagement ring in some cases. You will get less for your engagement ring than if you were to sell directly to a buyer, but auctions allow you to skip the leg work and get right to the profit.

Best for Smaller Value Rings: CashforDiamondsUSA

Rings of a more modest stature can be sent to CashforDiamondsUSA, the sister site to CashforGoldUSA. This website receives your engagement ring in the mail, with insurance up to $5,000. You can also request an appraisal kit online to ship your ring to them via FedEx.

Because CashforDiamondsUSA buys direct, you are able to get more from the sale than you would from an auction. CashforDiamondsUSA has a B+ rating from the Better Business Bureau (BBB), so they’re a legitimate source for selling your engagement ring diamonds. If you accept an offer from CashforDiamondsUSA, you’ll be paid within 24 hours. If you choose to return your engagement ring instead of accepting their offer, they will send it back for free.

Best for Consignment: Local Independent Jeweler

Working with your local independent jeweler to sell your engagement ring can be the best way to go if you prefer consignment. In a consignment agreement, the local jeweler acts as a broker, selling the engagement ring for you to their network of customers. Much like auction sites, you will have to pay a commission for their efforts, which varies from store to store.

Larger cities have more opportunity when it comes to working with a reputable independent jeweler. Search Google reviews and check with the BBB to see which jewelers are the best to work with. You can also stop by to see what services they offer and what their terms are. In some cases, local independent jewelers are simply a great source of information about your engagement ring.

You will also want to look for someone who is GIA certified. They may require an appraisal in order to purchase your engagement ring, which can be around $100 or more an hour to perform. Many jewelers prefer to send the diamond off to a GIA-certified lab, but that requires removing the diamond from the setting. This act has its risks, but it can be worth it if you want to know what your diamond is worth.

Local independent jewelers may act as a broker and offer consignment terms, or they may give you a cash offer on the spot. Either way, it pays to know what your engagement ring is worth to compare their offer to. It may take more money up-front to work with a local independent jeweler if you decide to get an appraisal, but if you plan on taking the engagement ring elsewhere to sell it, this appraisal can be valuable.

Best for Quick Sale: Pawn Shops

Selling an engagement ring can be a drawn-out process that takes a toll on a lot of folks. If you want to be one-and-done with your engagement ring, your local pawn shop can be the ticket you need to get back to reality.

Expect pawn shops to offer you much less than a local jeweler would. At the same time, it’s worth negotiating a little, even if it’s just to find out that’s their bottom price. You can find some more reputable pawn shops by checking their Better Business Bureau ratings and/or online reviews.

Pawn shops also offer another perk that may serve your needs: cash. Once you accept their offer, they’ll pay you in dollar bills. While you may get the same amount you would from other sources when selling your engagement ring, you won’t have to wait for checks, direct deposits, or PayPal transfers to clear.

Alternatives to Selling Your Engagement Ring

If you don’t want to sell your engagement ring after thinking about it, that’s okay! Many people find it hard to part with such a possession, especially given the personal circumstances.

Engagement rings can be repurposed into different types of jewelry. You might set the stones in it within a diamond necklace or set of earrings. You can also sell the diamond and band separately, or keep one or the other to make another jewelry item.

It’s common to store your engagement ring for a while as well. You can choose to pass the ring onto your children if you prefer, extending or starting a family tradition. No matter what you choose to do with your engagement ring, the choice is yours.

FAQs

How much is 1 carat worth?

A single carat can be worth anywhere from $1,000 to $5,000, depending on the factors we listed above.

Can I sell the engagement ring band separate from the diamond?

Yes, it is possible to successfully separate the ring band from the diamond. However, the band will not be worth as much as it was new, due to the fact that it’s only typically valued at the melt value, similar to gold.

How much do second-hand engagement rings sell for?

You can expect your engagement ring to sell second-hand for around 20-50% of the original value. That’s a steep depreciation value, but it can also depend on the condition of the engagement ring as well as the unique characteristics it possesses.

In the end, as we mentioned above, diamonds will sell for what someone will pay you for them. That price fluctuates and typically can’t be pinned down exactly, as each engagement ring is unique.

Where are the best places to sell my engagement ring?

If you have a rare or unique ring design, choose an auction or vintage jewelry store. They will be able to compensate you accordingly. However, if your diamond outshines the band upon which it lays, take your engagement ring to a diamond specialist.

Above all, compare prices from a few retailers and choose the one you feel most comfortable working with.

Diamonds are Forever, But Your Engagement Ring Doesn’t Have to Be

Selling your engagement ring can be emotionally taxing. We hope this article has helped you through the process in showing you that you can get money for your engagement ring if you don’t want it anymore. With so many buyers to choose from, you’ve got a solid plan to earn extra money from your engagement ring to start a new adventure, no matter if it’s alone or with someone new.

Worthy
4.5

Worthy is an online luxury auction house, helping you get more for the jewelry you've outgrown. Led by the very best in the luxury goods market, they work together to bring the fairest market value for your valuable items while providing stellar service.

Sell Your Jewelry on Worthy

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About the author

Brian Meiggs
Brian Meiggs
Brian Meiggs is a personal finance expert, and the founder of My Millennial Guide, a personal finance site helping you put more money in your pocket. He helps millennials follow the smart money in order to increase their earning potential and start building wealth for the future. He regularly writes about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. He has been quoted as a top personal finance blogger in major publications including Yahoo! Finance, NASDAQ, Discover, MSN Money and more.
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