How To Sell Wedding Ring (After Divorce)

You likely want to sell your ring quickly, easily, and for a reasonable price. Unfortunately, estate jewelry resale is an art of compromise.

Consider what matters the most for you – getting quick cash, high profit, or simply getting rid of the ring without dealing with the buyers? Typically, the higher the ring’s price, the longer it sells.

Each way of selling a wedding ring has its benefits and drawbacks. The key is to find a balance between good resale value, speed, and convenience.

Pawn Shops

Pawn shops are the best way to get cash for a wedding ring after the divorce quickly. The pawn shop business model is simple. A person brings their item, in this case, a wedding ring, to the store and receives cash immediately.

They then have a specified period to redeem the item by repaying the amount they received when pawning it. Some pawnbrokers also charge an interest rate.

If the person fails to redeem the item on time, the pawn store can sell it at a retail value. Simply put, pawn shops work as lenders and the item as collateral.

If the borrower fails to repay the loan, the lender takes the collateral, but the borrower’s credit score remains unaffected.

The benefits of this wedding ring selling option are apparent. It’s a quick and simple way to earn cash. You don’t need to get a wedding ring appraisal, present the store with detailed ring information, or do any paperwork.

Although a wedding ring appraisal isn’t mandatory, it can be beneficial. If you present the pawn shop with evidence of the ring’s value, you can receive more cash than if you rely on in-store valuation.

However, these benefits come with a significant drawback. Pawn shops only offer a fraction of the actual wedding ring’s value. Sometimes, the amount is laughably tiny compared to the ring’s retail price.

Pawnbrokers determine the wedding ring’s resale value based on its condition, material, and the ability to sell it.

They may use research tools to find out the current gold or diamond value. Furthermore, each item category is appraised differently.

Pawn shops can pay you anywhere from as little as 10% to 75% of your ring’s resale value. Note that the resale value may differ from the ring’s initial retail value depending on its condition.

So, if your ring’s resale value is $10,000, expect to get $1,000-$7,500. And if you have a relatively inexpensive metal wedding band for $600, you may only receive $60-$450.

You may visit different pawn shops in your area and compare the offers. There’s no need to warn the pawn shop if you don’t plan to redeem the ring.

Consignment Shops

Consignment shops are, in a way, similar to pawn shops and thrift shops. They also resale goods for a fraction of the original price. But unlike thrift shops, consignment shops are much more selective in what they accept.

Thankfully, fine jewelry will undoubtedly pass the consignment shop test unless severely damaged. Another difference is the item ownership. Thrift stores pay money in exchange for item ownership.

On the other hand, consignment shops serve as an offline selling platform for your items. The money from the sale is then split between the item’s owner and the store.

The split typically ranges from 50/50 to 60/40 or 70/30 in favor of the item’s owner. However, some consignment stores charge as little as 10% or as much as 60% for their services.

The consignment shop business model is very handy from the business owner’s perspective because they don’t have to pay for inventory upfront, unlike pawn shops. For the item owner, that’s the main drawback.

If you plan to sell a wedding ring on consignment, be clear about your minimum price to avoid losing money. Getting a wedding ring appraisal before selling it is a good idea.

You should also find out about the store’s commission policy, any additional fees, how and when you’ll be paid, and what happens if they can’t sell the ring.

Be careful when choosing the consignment store to sell your wedding ring. Ensure that the store is trustworthy because you will be giving them a valuable item without getting anything in return until the sale happens.

The store’s target audience also matters. Consignment stores may specialize in different items, such as clothes, books, antiques, or jewelry. Choose the right shop to sell your ring quicker and for a decent value.

A correctly chosen consignment store will help you reach the target audience interested in jewelry and avoid dealing with potential buyers personally. It’s an excellent option for busy women.

However, be mindful of the drawbacks of selling a wedding ring on consignment. Selling may take significantly more time than you expect, so it isn’t an option if you need money urgently.

Online Marketplaces

If you want something done right, do it yourself. This quote is arguable, but it’s often right when it comes to selling a wedding ring after divorce.

Consider online marketplaces if you want to sell your ring for your desired price without paying a high commission to a pawn shop or consignment.

Most online marketplaces still charge a commission for selling items on the platform. However, it’s usually either a relatively small 2%-10% fee or a fixed advertising sum.

The drawback is that you have to deal with the potential buyers on your own, and it isn’t always fun. Many will try to bargain, so stand your ground if your want to get good cash.

Online marketplaces are also excellent for testing the waters. Professional evaluation is one thing, but what real buyers are ready to pay doesn’t always align with the ring’s estimated value.

Auctions

The first place that comes to mind when you think of where to sell a diamond ring is an auction. I don’t mean an eBay auction, but an actual fine jewelry auction where jewelry enthusiasts hunt rare deals.

Of course, this option is only suitable for high-end wedding rings, preferably by renowned jewelry brands.

It’s also the best solution for collector items like rare fancy-colored diamonds or vintage pieces from the Edwardian or Victorian Era.

Auctions are the prestigious way to sell your ring – there’s something sophisticated about them. However, auctions can be risky because you don’t know the end price.

The most critical step in selling a wedding ring at auction is getting an appraisal. It’s optional with pawn and consignment shops but essential for any auction.

You can get an appraisal at a jeweler’s or certified gemologist. You’re lucky if you can find a G.I.A.-trained evaluator. They will set the value based on your ring’s material, gemstones, design, brand, condition, and other factors.

Note that the retail value is typically lower than someone will pay for it, even if you sell it at a famous auction.

Be prepared to pay a commission for the auction’s services because every business needs to cover expenses and earn an overhead.

Choose the auction house wisely. The auction house should have experience dealing with expensive jewelry on a regular basis. Otherwise, you won’t find a buyer willing to pay a high price for your ring due to target audience discrepancy.

Jewelry Resellers

Assume you don’t want to sell your ring for a fraction of its price to a pawn shop, don’t want to deal with potential buyers via an online marketplace, and don’t want to wait an eternity while a consignment sells your ring.

Your wedding ring isn’t of big interest to fine jewelry enthusiasts either, but it’s in good condition and features a certified gemstone. The solution? Jewelry buyers.

You may first visit the store where you’ve purchased the ring and ask whether they want it back. You will likely be disappointed because even if they do, they will offer a price at least 50% lower than its retail price.

However, it’s an easy way to get cash quickly and likely more than you would from a pawn shop. If visiting the jewelry store isn’t an option, consider online jewelry buyers.

Finding a wedding ring resale platform nowadays is simple. Search engines offer dozens of websites willing to resell your wedding ring for a specified fee, usually not exceeding 20%.

Stick with established platforms and read reviews because you will trust your ring to someone you’ve never seen in person. Typically, such platforms only pay money to the ring owner after they sell it.

Some platforms will send your ring to G.I.A. at their own cost for an appraisal; others require you to do a valuation beforehand.

Many jewelry resellers can sell your ring for about 75% of its market value, significantly higher than pawn shops or consignments.

You will still have to wait to get your money. However, online jewelry stores are visited by hundreds if not thousands of users daily, so your ring will get sold quicker than in a consignment.