Whether it be a reminder of relationship gone wrong, an heirloom collecting dust or a time of financial hardship, it may be possible to sell that gold wedding ring. Before you begin, however, it's important to do your homework. Doing so will increase your chances of a profitable transaction.
Items you will need
- Your ring(s)
- A good appraiser
Take your ring to a qualified and credentialed appraiser. He can give you a good estimate as to the worth of your gold ring. Once you receive the appraisal, read it carefully and be sure to educate yourself about anything that seems unclear.
Be certain you can part with the ring. You will not be able to get it back once the deal is made.
Take the piece to a professional buyer (a jeweler, for instance) and get a quote. In some cases, she will want to test the metal. It's important that you don't let her do anything destructive to the ring before she has agreed to buy it.
Try eBay. A simple item description is best. Note down the weight, karat and any distinguishing marks on the ring. Remember that the buyer will be unable to try it on, so include clear, high-quality photographs. A classified ad in your local newspaper or on Craigslist might work as well.
Ordinary gold wedding rings often have little resale value, despite the craftsmanship or emotional investment. If all else fails, you can try to sell your ring for scrap. Be warned that you will in all likelihood receive around 25 percent of the ring's worth.
Don't commit to one buyer without visiting others. You may be able to get a better price.
Be wary of pawnshops and online gold-buying sites.
- Jeff Belmonte