A Guide To Selling Your Engagement Ring
If you’re looking to sell engagement rings for whatever reason, we understand that it can be the first time you have had to explore the sale of a valuable piece of jewellery. So, Hatton Jewels has put together a guide that covers everything you need to know, from getting the most for your ring, to making sure it goes to a good home, and avoiding the mistakes people make selling engagement rings, so read on to find out everything you need to know.
Take time to collect all documentation you have for the ring, such as certificates to accompany any gemstones and diamonds, as this can affect the value of your item if the documentation confirms provenance or is from a renowned gemmological or grading laboratory. If you were not provided with any documentation, or someone else has the documentation that you cannot obtain, this does not mean you will be unable to sell the item.
Prior to selling an engagement ring, it's important to acknowledge that the selling price of your ring will not align with the initial purchase price. Various factors come into play when determining the current value, including fluctuating market conditions and changing fashions. Once an engagement ring is second-hand, it cannot be sold for the same price as a new equivalent, which will include VAT, so your engagement ring will have depreciated in value if it was purchased from new.
If you’ve already declined previous offers, being transparent about these instances helps establish realistic expectations moving forward and helps both parties decide whether it's worthwhile to proceed.
New valuations may not be necessary
A valuation for insurance is a paid for service, solely for the purposes of insuring your item if you intend on keeping hold of it. A valuation for insurance report has no influence on what you can sell the engagement ring for, so is not an economical undertaking if you are selling your engagement ring. If a jeweller insists on an insurance valuation being conducted prior to considering the purchase of your item, it may indicate their potential lack of in-house expertise in assessing jewellery for purchase. A reputable and experienced company in the purchase of jewellery should possess the skills to evaluate your piece without relying on an external appraisal. However, if you already have a valuation for insurance previously undertaken, it can be useful to share a photograph with any jewellers during initial discussions, especially when conducting conversations over email as the documentation can help provide preliminary insight into the item’s attributes and quality prior to an in-person assessment.
Take clear photographs
Although an accurate value cannot be determined from a photograph, most jewellers start their selling process over email or Whatsapp to establish whether the item is something they may be interested in purchasing. So, try and take good quality photos of the ring from various angles. Providing multiple images can be beneficial for showcasing the rings features accurately.
Understand different selling avenues
Its important to understand your options when selling an engagement ring. The three key options are selling to a jeweller, a private sale or sale by auction. Each option has its benefits and considerations.
If you opt for selling to a jeweller, this would entail engaging with professionals who are well-versed in the evaluation and procurement of valuable pieces. Their industry expertise can lead to a streamlined and efficient transaction, providing you with a competitive price for your ring.
A private sale affords you a degree of control over the selling process, allowing for direct negotiations with potential buyers. However, it's imperative to bear in mind that this method will require more time and effort on your part to identify suitable member of the public, negotiate terms, and establish a secure transaction process.
Another avenue is selling your engagement ring through an auction. Auction houses provide a platform for the sale of your item, without them purchasing the piece. Auctions have the potential to get multiple buyers bidding, although high commissions can lead you to have to accept bids that might vary from your initial expectations. The auction process can also take substantially longer than other options from start to finish and does not guarantee a sale.
Immediate payment vs sale-on-your behalf
When selling your engagement ring to a jeweller, there are two main payment options that may be offered. A jeweller may offer immediate payment, which means upon reaching an agreement on the price, you receive the agreed-upon sum promptly. There is no waiting for potential buyers and the price is guaranteed.
On the other hand, the sale-on-your-behalf option involves entrusting a jeweller with the responsibility of selling your ring on your behalf. In this method, the ring remains in their possession until a suitable buyer is found. This option requires patience, as the process will take longer to materialise and there is no guarantee of sale. If you choose to sell this way, ensure the company is clear with the terms and conditions of payment in the event of a sale, any costs involved if the item doesn’t sell and the insurance responsibility.
If the ring has incurred any damage over time, openly sharing this information is essential. Likewise, if you've misplaced any accompanying certification or documentation, it's important to mention this, as these factors can influence the assessment and valuation of the ring, potentially affecting the offered price.
When selling to a jeweller, there's no need to worry about arranging for the rings servicing and cleaning beforehand. Reputable jewellers typically include these steps as part of their restoration process, after purchase, even if the ring is already in good condition.
The right time for you
When selling an engagement ring, any offers that are granted are based on the markets on the day, so fluctuations in the market mean prices are constantly changing. Therefore, if you are not serious about selling your engagement ring, it may be best to hold off research until the time is right to ensure the information you have is relevant.
Company knowledge is important
It is advisable to seek out companies that have notable expertise within the jewellery industry, ensuring they understand the true value of your item. Try and find companies that have experience in acquiring and retailing jewellery similar to yours. If you are looking to sell a fine jewellery item, approach companies that sell higher-end pieces. If your engagement ring is particularly valuable, it may be prudent to explore options slightly further afield such as in Hatton Garden, as local jewellers may not have the market for the sale of such pieces.
Trust who you sell to
Lastly, it’s imperative that you trust whoever you decide to sell your engagement ring to. Engagement rings can hold a great deal of sentimentality and a company should appreciate and respect that during the sale. Secure payment and discretion in the process is important too, so always check reviews and make sure you are comfortable with the company before parting with your ring.
If you are looking to sell your ring, our expert and friendly team would be happy to help. Simply email us photographs and details to firstname.lastname@example.org or message us on WhatsApp on 07930 997298, or call us on 0203 116 0069.