Parting with an engagement ring is one of the most difficult decisions. However, numerous factors could cause you to sell the ring rather than hold on to it.
Perhaps you’ve broken up with your significant other and no longer want to be emotionally attached to them! Or maybe you’re strapped for cash, and your engagement ring is the one thing you can quickly liquidate!
Whatever the reason, knowing that you can easily sell your engagement ring online is exciting. The process primarily entails getting the right paperwork and finding a reputable jewelry store.
Read below as we highlight a step-by-step guide on how to sell your engagement ring on the internet.
1. Have the Necessary Paperwork
The first step to sell engagement ring online is to put together the right paperwork, which is essentially a diamond grading certificate from the Gemological Institute of America (GIA).
Many reputable jewelry buyers insist on having a GIA certificate before they can provide you with an offer. The document offers insights into the quality of your ring. Besides, it gives you some leverage when negotiating for better prices.
While the GIA is the gold standard for diamond grading, you could also get your engagement ring graded by many other gemological institutes. These include the American Gem Society (AGS), Gem Certification & Assurance Lab (GCAL), Hoge Raad voor Diamant (HRD), and the Gemological Science International (GSI).
Note that only loose diamonds are eligible for GIA grading. Since the diamond is already mounted in your engagement ring, you’ll need to have it removed by a local jeweler and then submit it for grading.
2. Get Your Engagement Ring Appraised
It might prove difficult to get your engagement ring graded by an accredited gemological institute. Perhaps because doing so may damage or blemish the diamond.
Well, there’s no need to fret. You could still get the ring appraised by a gemological lab.
An appraisal certificate validates an engagement ring’s authenticity while also offering an idea of its fair market price.
It’s another way to boost buyer confidence and get amazing deals on your engagement ring.
3.Get Estimates About Engagement Ring
An engagement ring appraisal can paint a clear picture of how much a jewelry buyer may pay for it.
Note that the value of diamonds depends primarily on the Four Cs – Cut, Clarity, Color, and Carat weight. However, the actual price may also be due to the diamond’s shape and fluorescence and whether it’s a piece of antique jewelry.
Besides, some engagement rings are made from entirely different materials, like gold and platinum. Not to mention the value of the metal where the precious material is set.
Ideally, your engagement ring appraisal should highlight these key metrics. You can then search online for similar jewelry to predict how much a buyer is likely to pay for your ring.
Remember that an estimate is different from an actual quote. Estimates help you predict the average amount you’re likely to sell your engagement ring for, while quotes are the exact asking price you suggest to prospective buyers.
4. Find a Reputable Jewelry Store
After obtaining an estimate for your engagement ring, it’s now time to find a reputable jewelry store. This is where things can get a bit challenging. Fortunately, there are several indicators of a credible jewelry dealer.
First, establish if the company is a Better Business Bureau (BBB)-accredited or not. More importantly, check their BBB rating and insist on an A+ grade or anything closer.
The next step is to check online reviews. Reviews can provide invaluable insights into the legitimacy of a jewelry store. You may also learn more about other useful aspects like the company’s return policy.
Use your best judgment while reading through a jewelry store’s reviews. Don’t be put off by one negative feedback. In the same breath, beware of stores that enjoy 100% approval ratings, especially if the reviews sound robotically written. It’s not unusual for unscrupulous engagement ring buyers to sponsor reviews to portray themselves as credible stores.
Last but not least, insist on a jewelry buyer who has been in business for a relatively long duration. Such stores tend to provide better deals than new industry entrants.
If everything looks great, send a quotation to several prospective buyers. The idea is to settle with a store that can purchase your engagement ring for (or as close as possible to) the quoted amount.
5. Take Extra Safety Precautions
There are additional safety tips to implement when selling your engagement ring on the internet.
Even after finding a buyer online, remember that you’ll need to arrange a physical meeting to finally trade the ring. That shouldn’t be a problem if the company maintains a brick-and-mortar store in your local town. If not, be sure to meet in a public place, such as a public library or café.
The transaction should also take place during daylight. Shun buyers who insist on meeting you in your private residence or after-hours.
If possible, tag a friend or family member along. As the saying goes, there’s safety in numbers.
Wrap Up
Selling an engagement ring online allows you to obtain quick cash so you can address a financial emergency.
After making the emotionally difficult decision to part with a jewelry piece you hold so dear, you can then use this post as your foolproof guide for selling engagement rings on the internet.
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