Till Death Do us Part… Not Dead Yet!
Selling your engagement ring after a divorce shouldn’t be stressful. What once was a blossoming love that gave you butterflies in your stomach may now make you sick to your stomach. Congratulations on your divorce! You are not alone, it is estimated that nearly half of all marriages end in divorce. Now that you are divorced, you are free and ready to start a new chapter in your life!
Certain items from your marriage can be a sore reminder of the past. Your diamond engagement ring is probably the most personal and painful reminder. It also happens to be the easiest item to sell for cash. Whether you choose to sell your ring because of the negative memories, or simply to raise cash for divorce expenses, it is important that you get the most for your ring, with the least amount of effort possible.
Sell to a private buyer
During or after a divorce, you are most likely stressed, tired and overwhelmed. So it is important that selling your ring is a simple process. That’s why I recommend not trying to sell your ring privately using craigslist, Letgo, offer up, or another similar app. You don’t have time to meet with random strangers, nor is it safe to do so with high-value items.
Sell with an online company
Another option is to send your ring away to an online auction site such as worthy, I do now I don’t, or even use eBay. Sometimes you may get more using this option, but the process can take longer, and you won’t be certain how much you are going to get until after the item sells. Also, many people aren’t comfortable shipping their ring across the country. Besides, I have discussed with many clients the amount they were offered with these options, and I have always been able to match or beat the offer.
Selling Your Engagement Ring After a Divorce to a Local Buyer
For these reasons, it is best to sell your ring to a local diamond buyer. Again selling locally has several options.
- Pawnshops: Pawnshops have a reputation for really ripping people off. However, I personally know several pawn shop owners, and they aren’t all bad. If you find a local pawn shop that is honest and has great reviews for selling jewelry, give them a shot! Just don’t sell them right away, it’s always best to get a couple offers first.
- Jewelry stores: Most jewelry stores are not really set up for buying used jewelry. Jewelry stores often get their merchandise from the vendors on “memo” meaning they don’t have to pay until they sell it. So Jewelry stores are not very motivated to pay cash upfront for your used ring. They often offer a consignment option where they will sell your ring at their store. If you are not in a hurry to sell, this may be a good option for you. But again, the store will take a commission, usually at least 20%. And you may not end up with any more money after all. Also, you must wait an indefinite amount of time. Sometimes it doesn’t sell and the store ends up giving it back to you. Now you are back to where you started and again reminded months later of your ended marriage.
- Estate Jewelry Buyers: I may be biased because this category includes my company, Cook County Buyers. But selling your engagement ring to a local, used jewelry buyer, is usually the easiest way to get the most cash for your engagement ring.
Why selling to a used Estate jewelry buyer is your best option
- Estate jewelry buyers’ main business is buying used jewelry from private sellers and other dealers. We are able to pay the most for your ring because we don’t have all the overhead of running a retail jewelry store or even a pawn shop. These retail stores have major overhead to cover such as employee payroll, advertising, rent (very expensive if located in a mall) etc. Most estate jewelry buyers rent a small office or store, and usually, have zero or maybe one employee. Cook County Buyers has a small office with low rent, and no employees, so I am able to pay more for your ring.
- Estate buyers sell to wholesale buyers, and usually, work on 10% to 20% profit margins at best! So if I buy your ring for $1000, I am only going to make $100 to $200 when I sell to a wholesale buyer. Jewelry stores and pawn shops will often sell to retail customers and need to make much higher margins to cover their large overhead costs. This means they must pay you less for your diamond ring.
- Estate jewelry buyers will pay you cash or check on the spot for your ring. No consignment or reselling before payout. As long as you go to 2 or 3 buyers first (read reviews online first), you will know that you got the highest possible offer. Then you can sell your ring on the spot and be done with the whole process quickly and painlessly.
- I am very competitive and want to earn your business. I even insist on going to at least 2 or 3 other buyers first to get cash offers. Then come to me and I will almost always be able to match or beat the offer! Sometimes I don’t even make a profit because I want to be sure I pay the most for your ring. (Although I am not usually thrilled when this happens! LOL )
Hopefully, this article, Selling Your Engagement Ring After a Divorce, was helpful to you. I am always available to discuss your ring with you over the phone and via text.
I offer free estimates by simply texting or emailing me pictures of your ring, and any paperwork, certificates, appraisals that you may have. And I usually reply within minutes! I meet privately by appointment at my office or another public location of your choice. Read my reviews on Google, Yelp, and Facebook, and when you are ready, contact me.
I am happy to help you in the selling process even if I don’t buy your diamond ring.
Cook County Buyers
P.S. Please share this article, Selling Your Engagement Ring After a Divorce, with any friends or family members that may have a ring to sell from a previous marriage.