People sell their engagement rings for many valid reasons, but it’s certainly not the easiest decision. You might be hesitant to sell such a sentimental item, but it’s important to recognize that it can be a positive for you, whether through getting rid of bad memories or using the money to make a difference in your life. In this guide, we’ll go over the legal considerations of selling your engagement ring, the signs that you should sell, as well as how much you should sell for.
When should you sell your engagement ring? The 8 Signs to Look For
No matter why you’re selling your ring, it can be a difficult decision, and it’s not always easy to tell when is really the right time. Here are 8 signs you’re ready to sell your engagement ring:
1. You Don’t Wear Your Engagement Ring
This alone may not be a good enough reason to sell your engagement ring, but it’s an important sign. If your old engagement ring is lying untouched and forgotten at the bottom of your jewelry box, a fair payment that matches its true value might be worth more to you than the ring itself.
If you’re not wearing your engagement ring, but aren’t ready to sell it yet, you might consider turning it into a ring necklace. By turning your ring into a necklace, you can add a fresh touch to your jewelry collection and enjoy wearing your ring in a new way.
On the other hand, if you don’t wear your ring and want to sell, you may be looking into buying a new one. You may want to do some research into current styles, as your old engagement ring could be part of a trend that has passed. If you find yourself in this situation, you should check out our guide for what types of diamonds are popular this year in rings.
2. You Don’t Plan To Pass It Down To Children
Some engagement rings stay in families for generations. Some people pass on their antique engagement rings to their sons or daughters. It can be a beautiful tradition, but keeping family heirlooms is not for everyone.
There are many reasons people don’t pass engagement rings down to their children. Some people don’t have children. Others want their children to have the experience of choosing a unique and personal ring with their partner. Others still simply don’t have a deep attachment to their engagement ring, and so passing it on wouldn’t make sense. Whatever your reason, this is another sign that selling your engagement ring might be your best option.
3. The Person Who Gave It To You Doesn’t Care
While you may feel comfortable selling your ring, it’s important to consider the thoughts of the person who gave it to you. If you decide you want to sell, make sure you consult with the giver, as it may not just be ethical, but it may also be legally required due to local jurisdictions we mentioned before.
However, it’s possible that the person who gave you the ring doesn’t care about what happens to it. If you aren’t together anymore, they may not want anything to do with it because of bad memories. Even if you are together, they might value other symbols of your love more. Either way, consult with them before you make the decision to sell.
4. You’re Not Emotionally Attached To It Anymore
There’s nothing wrong with not feeling an emotional attachment to your engagement ring. While it can represent a significant moment in you and your partner’s lives, ultimately, it’s just a piece of jewelry.
Even people with incredibly loving marriages sometimes don’t have an attachment to their engagement ring. Maybe you just don’t generally find sentimental value in material things. Or maybe your wedding ring feels more symbolic of your marriage. It’s important to remember that your relationship is built on much more than a piece of jewelry.
Maybe you’re not married or engaged anymore, in which case it’s completely understandable not to feel the need to keep your ring. It may have been meaningful to you at some point, but it might not hold the same significance anymore. Selling your ring is a practical way to move on and start a new chapter in your life.
5. You Need The Money
Many people wonder if it is wrong to sell an engagement ring because they need the money. Depending on a number of factors, your diamonds may have significant value.
From our perspective, the answer is, not at all. In fact, it happens all the time. We understand how much sentimental value an engagement ring can hold, but we also understand the need to take care of and provide for yourself and your loved ones.
There’s no shame in wanting or needing to sell your ring, either. Life is unpredictable, and you may need to take care of unexpected expenses, or you may get an opportunity to invest in yourself. It may make the most sense for you to sell your ring so you can have financial support, or focus on an important area of your life.
How much can you sell an engagement ring for?
If you’re considering selling, one of the biggest questions on your mind may be, “How much can I get for it?” The first step in figuring this out is through researching your ring. You should look for the value of similar rings being sold, but keep in mind that the resale value is likely to be lower than the retail value, and will depend on multiple factors including the quality and size of the diamond/stone, the setting of your ring, and the jewelry’s condition.
Next, you should get an appraisal and quote from a jewelry buyer, preferably more than one to get an accurate estimate for the ring’s value. Finally, you should work with a buyer who you can trust and who has a good reputation in the industry. It’s important to keep in mind that the process for selling your engagement ring may be overwhelming, but through research and a trusted buyer, you can sell with confidence and get a fair price.
If you have decided to sell your engagement ring to accomplish that, we’re happy to meet with you to discuss your ring’s value and help you get the best possible deal for it.
6. Your Engagement Ring Holds Bad Memories, Not Good Ones
If you’ve been through a painful divorce or an engagement that didn’t work out, it’s completely understandable not to want your ring anymore. Going through separation is difficult enough without having physical reminders in the house to bring up bad memories. Because an engagement ring is a symbol of love and commitment, it can be a sad memento when a relationship doesn’t work out. If your ring brings you negative emotions, you should let it go and focus on more positive areas of your life.
In the case of the death of a loved one, an engagement ring can serve as a painful reminder of your loss. While it may hold sentimental value, you should consider if your ring brings you comfort or if it just causes you more emotional distress. All jewelry — especially an engagement ring — is supposed to make you happy. It’s not worth keeping something that brings up unhappy memories, but when considering if you should sell your engagement ring, always keep in mind what is best for you and your emotional well being.
7. You Worry About Losing Your Engagement Ring
If you’re worried about losing it because the ring itself is important to you, this is probably a good reason not to sell it. However, if you’re worried because you keep misplacing it, you never wear it, and you don’t want to lose something that expensive, that’s a sign that you are ready to sell it. Keep in mind that selling can allow you to swap it with something that doesn’t stress you out to wear, too.
Unfortunately, engagement rings do get lost, especially during big life events, like moving to a new home. If you know you want to sell your ring one day, but you’re afraid you’ll lose it before then, don’t wait! If you do decide to sell your diamond engagement ring, make sure you remove it from your insurance policy.
8. You Feel Ready To Sell Your Engagement Ring
If you’re on the fence or you’re not sure how to know when you’re ready to sell your ring, these signs should help with making the decision. Ultimately though, it comes down to you – you’ll have to listen to your instincts. Whether you have 1 or 10 reasons you want to sell, we always recommend holding on to your jewelry until you feel 100% confident that you’re ready to part with it. The last thing any buyer wants is for you to sell your ring and then regret it.
Are You Ready to Sell Your Old Engagement Ring?
If you’re ready to sell, you should know that one of the best ways to sell your engagement ring is with a family jeweler. Not only do they often have a deep understanding of the sentimental value of jewelry, but they also provide a more personalized and comfortable experience compared to larger, corporate buyers. As family jewelers ourselves, you can rest assured that when you sell with us, your ring is being sold to someone who truly values its worth, and who will treat you with respect and the care you deserve throughout the entire process.
If you’re ready, we’d love to meet with you and help you sell your engagement ring, but meeting with us does not mean you have to sell anything. We’re happy to take you through our appraisal process and make you an offer, even if you decide you’re not ready. We’ll never pressure you to sell. If you’re ready to get an expert valuation of your engagement ring, please contact us to set up a private appointment.
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