August 18

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Where To Sell Your Engagement Ring | Get Most Money

By Colette Murphy

August 18, 2020


Sometimes relationships and marriages don’t work out, and you find yourself in a position where you have an engagement or wedding ring that you no longer need. While the breakdown of a relationship is never a nice experience to go through, selling your engagement ring and making some money from it can be a liberating experience that helps you draw a line in the sand and decide to get started with the rest of your life.

Where can you sell an engagement ring? There are several options to consider when listing your ring for sale, with a range of online sites where you can sell your ring, local pawnbrokers and jewelers, and more. You will want to get the best possible price for your engagement ring, so it’s worth considering all the options, weighing up the pros and cons, and deciding on the best option for you before you rush into listing it for sale. It’s also worth getting your engagement ring valued by a professional so that you don’t end up losing out financially in the sale or having a ring that is not attracting any interest because it is priced too high.

Where/How can I sell my diamond engagement ring?

OK, so you have 4 basic options:

  • Use a dedicated auction site (Worthy.com) (Estimated return: 25-50% of value)
  • Use an online broker (CashforgoldUSA) (Estimated return: 15-20% of value)
  • Use a pawn shop in your local area (Estimated return: 8-10% of value)
  • Sell on social media (Estimated return: 2-5% of value)

#1 Best Auction Site: Worthy.com

Worthy.com is a marketplace that connects people who want to sell their jewelry (you) with seasoned professionals who buy jewelry, diamonds and gold for a living. It works in an auction format where these buyers bid against each other to buy your jewelry (this is a good scenario for you). This platform essentially cuts out the middleman in this transaction leaving more money on the table for both the buyer and the seller. Worthy.com of course takes a small cut of every successful transaction but that's a small price to pay for the increased exposure your ring will get. Its worth noting worthy only auction rings worth $1000 or more.

Since they opened in 2014 their reputation has been solid, easy to find:

Average rating of 4.8 our of 879 reviews is solid.

  • Estimated 25-50% of original value
  • Operating since 2014 with a solid reputation
  • Minimum valuation to enter the marketplace is $1000
  • If you have a lower value ring we recommend CashforgoldUSA

Note: With online services like Worthy.com you will be required to send your jewelry to them but do not worry, we do not recommend any dodgy businesses and they have insurance to cover your product.

#1 Recommended Online Broker: CashforgoldUSA:

CashforgoldUSA is an online broker who have a strong reputation of offering the highest return to sellers, they don't have to deal with the overhead cost of renting a property so they can out compete your local pawn shop.

Check their reviews online and you can see over the many years they have been in business they have racked up 184 positive reviews. Not all 5 stars but that is as good as it gets.

They also buy broken jewelry for cash, so if your engagement ring has any damage that you don’t want to spend time or money repairing to sell it privately.

  1. Trustworthy
  2. Quick sale
  3. 15%-20% estimated value
  4. If your ring is worth over $1000 we recommend selling on an auction website (see above)
  5. Nothing to lose situation, if you do not like the valuation you simply reject and get your ring back.

Note: With online services, you will be required to send your jewelry to them but do not worry, we do not recommend any dodgy businesses and they have insurance up to 100k should anything go wrong.

#3 Pawnbrokers:

Many local jewelry stores and pawn shops will be glad to take an engagement ring off your hands, so it’s worth checking them out, especially if you are looking for a quick sale. However, bear in mind that this method usually means that you will get less for your ring compared to selling privately, so if you are not in a rush, don’t make it your first option - it’s worth trying to sell elsewhere first.

Not recommended unless you need a quick sale.

#4 Social Media:

Social Media has become an increasingly popular tool for buying and selling items online, and along with options like Facebook Marketplace, there are social media groups that you can join to buy and sell specific items. Check out Facebook for groups specifically dedicated to buying and selling engagement rings and list your ring for sale in them.

Not recommended.

How does Worthy.com work?

Worthy is a great place to sell your unwanted valuables, so let’s find out more about how it works.

1. Free & Secure Pick Ups

If you are going to get the best price for your valuable item, first it will need to be fully inspected and authenticated. With Worthy, shipment to their evaluators is free with FedEx and all shipments are fully insured to a value of $100,000 by international insurers Lloyd’s of London.

How worthy.com works

1. Give a Description of your valuable item

This helps them get you the highest amount for your item. With an accurate description, they will then decide the best path towards a sale.

2. Schedule Your Free & Secure shipment

You will need to ship your valuable item to Worthy so it can be authenticated and evaluated. You can pick a time for pickup, or drop it off at a staffed FedEx location, or you can make an appointment at their New York office.

You will be sent an email with all the details you need on how to package and send your valuable to Worthy. You will need a box to ship your valuable in and a shipping label will need to be printed to attach to your package, so make sure you have access to a printer.

  • If you don’t have packing material, Worthy can send you a shipping kit
  • If you are sending multiple items, you can send them in one box
  • Worthy is happy to return your valuable to you, fully insured and free of charge if you change your mind

You will find a Worthy’s Certificate of Property Insurance in your email. This is proof of insurance and covers your valuable for transit and throughout the auction process.

2. Leave the Rest to Worthy.com

Worthy will clean your valuable and photograph it from every angle. Then your valuable is graded by an objective third-party expert, such as IGI, Central Watch, GIA, and others. Worthy will then create an auction listing for your valuable and promote it across their network. Simply set a reserve price, and wait as the offers come in.

1. The Screening Process

When your valuable arrives, it is added to Worthy’s system by their lab team. All unpacking is monitored by security cameras. Worthy take security very seriously, so you have no worries in that regard.

Low priced valuables do not usually go to auction and are returned to you, free of charge and fully insured.

2. The Cleaning Process

All items are carefully cleaned. This process removes any tarnish or dirt from your valuable and makes it look its best, ready for its photoshoot!

3. The Photoshoot

Worthy takes professional quality photographs of your item in high-definition from as many angles as possible so buyers can get a good look and confidently place bids.

4. Getting Graded

Certified, industry-leading gemologists inspect every valuable shipped to Worthy. The grading looks at the key attributes of your item using the latest equipment.

All watches are inspected by Central Watch, a highly respected watch lab in New York City.

5. Creating an Auction Listing

Worthy designs a unique auction listing for your valuable which includes a professionally written description, high-definition photographs, and a third-party grading report. Buyers will view this listing and begin to bid on your item.

6. Set a Reserve for your Listing

From the results of the grading report, and a list of similar valuables that have been sold with Worthy, you will have an idea of how much buyers will likely be prepared to bid for your item. You can choose to use their suggested reserve price or set your own.

The reserve is set by you before the auction begins. This helps make sure your valuable item is not sold for a price that is less than you are willing to sell it for.

When the auction is over:

  • If your reserve price has been met by the highest bid, your sale will proceed automatically.
  • If the reserve price has not been met, you can choose to either reject the highest offer and have your item returned to you or to sell at that price. Returns are free of charge and fully insured.

7. Begin the Auction

Once you start the auction you can track your valuable’s status and monitor the bidding.

3. Get Paid for Your Valuable Item

In a short time after your auction ends you will receive the final sale amount, with Worthy’s commission deducted. Their commission on items is a percentage of the sale price, so it’s in their interests to maximize the sale price.

1. Choose your Payment Method

Before you receive your payment, you will need to choose your payment method. Worthy offers several, including PayPal, bank transfer, or a check. Next, provide some personal information so that the payment can be processed.

2. Get Paid Quickly

When the sale is complete and you have chosen a payment method, your payment is processed straight away. The payment method you choose will determine how long it will take to reach you:

  • PayPal: 1-2 business days
  • Bank Transfer (ACH): 2-3 business days
  • Check: 4-5 business days

If you have sold multiple items payment is processed when all your auctions have concluded.

The Worthy system is designed to get you the highest amount possible for your item. It’s a good place to sell valuables likely to make a decent sale price, and with all the extra security features provided, your item will stay safe at all times.

How does Cashforgoldusa work?

  1. You will need to request a SafePak from Cashforgoldusa, which will be sent to your home. 
  2. The SafePak comes with full instructions on how to package your jewelry and send it safely back to the company to receive your payment. 
  3. The SafePak will come with a pre-printed label that contains all your details, so there’s no need to worry about filling out forms and paperwork; just stick the label to the front of the package, take it to the post office and wait for your payment to be made.
  4. Typically, you will be paid for your engagement ring within 24 hours.

Is cashforgoldusa trustworthy?

Cashforgoldusa is a very trustworthy way of selling your engagement ring if you want to make some quick cash for it. Cashforgoldusa will buy almost any kind of jewelry, even if it is damaged, so it is usually a more hassle-free way of getting cash for your engagement ring without trying to sell it privately if it’s unlikely that anybody will buy it in its current state.

Of course, Cashforgoldusa is a great choice regardless of the ring’s condition. They have a reputation for paying out fair prices for the jewelry that they buy, and past customers have commended them for speedy and reliable payment times. You can usually expect to be paid out for your ring within twenty-four hours, and if there is a delay for any reason, you will be informed and kept up-to-date with the process throughout.

How safe is sending the jewelry? If you’re worried about putting an expensive engagement ring in the mail, you don’t have to be when you use Cashforgoldusa. Each SafePak is insured up to the value of $100,000, and you may be able to get additional insurance for jewelry that is worth more. So, in the rare event of anything happening to your engagement ring before it reaches Cashforgoldusa, you will not need to worry about losing out financially.

What my research shows

On shopper Approved they have received a total of 184 reviews and 180 of them have been 5 stars. That is an overwheming majority of very happy transactions. Overall reputation online seems really good.

#1 recommended place to sell Engagement Ring

After doing a lot research and reading through the messy online world of reviews I tested selling an old ring of mine through Cash For Gold USA and the process was very smooth, well organized and I was fairly happy with the price I got. So yeah, over all I give them 5 stars. No complaints.

How much is my engagement ring worth?

How much your engagement ring is worth will depend on a wide range of different factors, including the type and purity of the metal that it is made from and the stone. Diamond engagement rings with a gold or white gold band tend to be worth the most, but the values of these can vary depending on the style and quality of the diamond.

Since engagement rings come in a variety of styles with diamonds that vary widely in quality, there’s no one set value when it comes to pricing up your ring. There are multiple factors that will affect the value of your ring, so it’s important to gather as much information as you can about your engagement ring to ensure that you get the most accurate quote.

When it comes to evaluating your engagement ring, the bulk of the value is likely to be determined by the center stone. The value will be defined by the 4 C’s, which are:

  • Carat weight: This refers to the weight of the diamond. Before getting a valuation on your ring, be sure to know the carat weight of the center stone, along with any additional stones in the ring.
  • Cut Grade: This factor only applies to round diamonds, so you can skip this if your engagement ring has a diamond in a different shape. This refers to how well the diamond is cut, ranging from excellent to poor. The better a diamond is cut, the easier it is for it to reflect light and give off that sparkling look.
  • Clarity Grade: This factor refers to the presence of both internal and external marks on the diamonds, which are known as inclusions when internal, and blemishes when external. Often, these flaws manifest as cloudy areas or black spots in the diamonds. Clarity is graded on a scale from flawless to visibly flawed.
  • Color Grade: This refers to how much colors the diamond displays. For a white diamond, the color will be graded on a scale from D to Z, where D is colorless and Z is a pale yellow. The closer the diamond to D, the more it will be worth. On the other hand, if you have a colored diamond, these will be graded on a scale from Fancy Light to Fancy Vivid, depending on the intensity of the color.

Do engagement rings hold their value?

There is a range of factors that determine whether or not an engagement ring is likely to hold its value. The good news is that most of the time, a diamond engagement ring is likely to retain its value because there is always a market for diamonds.

On the other hand, the unfortunate news is that it’s very rare for diamonds to increase in value. But on the bright side, a diamond that is well looked after and does not have any visible blemishes or damage is likely to retain its value over time. Over the past decade or so, diamonds have reduced in value in general, with the exception of certain colored diamonds.

The idea that diamonds are a good investment and increase in value over time is a popular misconception. Similar to brand-new cars, diamonds drastically decrease in value the second you walk out of the jewelers. As a result, the worth of your diamond right now is very unlikely to be more than you paid for it unless you have an exceptionally rare type of diamond.

Selling your engagement ring can be a symbol of a fresh start in your life. And there are several options to consider if you want to make the most from selling your ring.

#1 recommended place to sell Engagement Ring

After doing a lot research and reading through the messy online world of reviews I tested selling an old ring of mine through Cash For Gold USA and the process was very smooth, well organized and I was fairly happy with the price I got. So yeah, over all I give them 5 stars. No complaints.

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Colette Murphy

About the author

Hi, my name is Collette, I was born, raised in New York where i still currently live. I am currently in my mid thirties and after changed career multiple times and struggling to find a passion I decided to leave the career based live behind and start an online community for like minded people. This community is a safe place for women and like minded men who want to steer clear of misogyny, sexism, degrading comments and racism. I hope you enjoy your stay.

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