How to Get The Most Money Out of Your Old Engagement Ring

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Finding a place to sell an old engagement ring isn't a problem, thanks to the Internet. But to ensure that you receive a fair amount of money for the item, you will need to make some preparations before putting the ring on the market. Taking your time to set up a good sale will prevent you from experiencing "seller's remorse," which can occur if you quickly sell the jewelry for the sake of gaining fast cash.

Return to the store you bought the ring from, or visit another reputable jeweler, to appraise the ring. This is the most important step in setting the ring's price. A jeweler will tell you if the ring has increased or decreased in value since you bought it, and why. Obtain a certificate of authenticity from the shop to verify the ring's worth. When you advertise the ring for sale, note in the ad that you can produce the appraisal certificate; it will demonstrate that you are being honest about its value.

Arrange to have a jeweler professionally clean the ring. Just as when you sell a car or a high-end piece of equipment, you want to display the ring to its best advantage. A jeweler will know how to properly clean the piece. Ask him for tips on how to clean the ring after a potential buyer has handled it so you can keep your merchandise looking attractive.

Set a fair price for the ring. Although your heart my be aching, it's not fair to try to feel better by attempting to overcharge someone for a ring you know is really worth $3,000 instead of $10,000. Attach a price that gives you a little room for negotiating; say, set the ring $650 higher than what you hope to get for it. That way, if you need to knock the price down to close the sale, you can do so without losing much money.

Ask a jeweler for recommendations on where to sell the ring. He might know of specific websites dedicated to diamond rings or be able to recommend a local appraiser who deals with used engagement rings. Check with friends who have been in similar situations to see where they had success in selling their rings.

Emphasize any trendy features of the ring in the sale ad. As of August 2011, some of the top engagement ring trends included rings with twisted bands or colored gemstones, as well as environmentally friendly rings. Mentioning such features in your ad will attract potential buyers who are seeking them and also point out how your ring is unique.