So it’s been a few weeks, or years, since you got divorced. Do you still have your wedding ring in your junk drawer? It’s okay, there is no right time to sell your wedding ring, but, when you are ready, make sure you do your homework so you get top dollar.
Your first step will be to find a certified jewelry appraiser who can give you an accurate value, which will give you a good idea of how much to ask for when selling.
1. Any appraisals you may already have
2. Insurance paperwork (whether you covered it through your homeowner’s policy or a separate insurer)
3. Purchase receipt showing what you originally paid
4. Any other documents you may have (GIA certificate, etc.)
The appraisal will give you the key features of your ring, which will be helpful when you are describing it to potential buyers.
Now, the next decision you will have to make is where to sell your ring. There are a few different options available to you. We encourage people to investigate each option to see which one fits best for their comfort level. Of course, do your homework on each vendor, and also ask people you know who have sold wedding rings about the method they used and if they were happy with the outcome. Some ways are quicker than others if you just want to get rid of your ring, and the feelings associated with it.
Professional Diamond Buyer
Find a jewelry store with GIA Graduate Gemologists; this is the most prestigious credential for a jeweler. Stores with these professionals will best understand how to value your ring. You should also verify that the jewelry buyer is insured, bonded, and has a secure buying process. In most cases, when you sell to a professional buyer you should get a quoted “buy” price within a few days.
Pawn Shop
This is the fastest way to get cash for your ring, but not the best bet if you want to get the highest price. Pawn shops make their money by buying low from you so they then can re-sell and make a profit. Unless you want to get rid of the ring fast and don’t care about getting top dollar, we don’t recommend this option.
Online Buying/Auction Services
We found an online site called Worthy which touts itself as a luxury marketplace for pre-owned jewelry. They have professionals who will grade your ring according to the leading diamond grading institutes, GIA and IGI. After that process is complete, they will list your ring online, write a description, and make sure it is properly cleaned before they take a professional picture and place it up for auction online.
Again, this is just another part of your journey to sell or not to sell. Depending on your own circumstances, or financial situation, you need to make the decision that is right for you. It has been 3.5 years and I still have my wedding ring. I don’t really have any negative feelings about the ring itself, but, for me, it was such a large part of my history that I have just decided to keep it for now. However, if my girlfriend calls to invite me on the trip of a lifetime, I might change my mind.
