Where & How To Sell An Engagement Ring

"I need to sell an engagement ring. The engagement's off !" We hate hearing those words but unfortunately it happens all too often. So much hope and excitement went into the engagement, so much planning—then for whatever reason, it's off. Also off, is the ring from her finger.

Whether you need or want to sell your engagement ring, there are a few things you need to be aware of.

There's obviously a huge emotional attachment surrounding the ring, and often, selling the ring is best—out of sight, out of mind, move on. The problem is that selling an engagement ring isn't easy, and often you just won't get the price you paid or what the ring is worth.

It's quite common for couples to get so excited about the engagement, that they blindly fall in love with a particular ring. And, not ever seeing the chance of the engagement (much less the marriage) falling apart, they end up over-paying and not investigating the return and exchange policies of the store it was bought from.

If there is a bright spot in all of it, it’s that you ended something before it went too far and potentially became an even more troublesome situation.

Options For Selling An Engagement Ring

Our hearts go out to you if you're faced with this situation, so here are some options if you need to sell an engagement ring.

First, remember (and accept) that you might not get what you paid—aside from over-paying, diamonds aren’t necessarily a great investment. Most of us pay retail prices for our rings and diamonds can actually depreciate—prices fluctuate, styles change, and chips and scratches happen.

The Dreaded Pawn Shop

Although it may be the first place that comes to mind, the place we least recommend that you sell an engagement ring or any diamond jewelry is a pawn shop—they may give you fast cash, but they pay very little. Of course, if you're desperate for the money and you just want to get rid of the ring this will likely be the fastest way to do so.

Jewelry Stores & Consignment

If you can wait to get your money, the best place to sell a diamond ring is a high-end jewelry store that deals in estate pieces. If you have the time then you can consign it there and hopefully another lucky couple will find it. It's your best bet for getting a fair price.

We have a friend who broke off his engagement and his fiancée was so upset that she returned the ring. While he considered keeping it for a future wife, he realized that could lead to trouble so he placed the ring at the jeweler's store (where he bought it from) to re-sell it. It took over a year to sell (but it was a big rock and those move more slowly) and they only took 10% commission.

Selling An Engagement Ring At Auction

Depending on the provenance and quality of the ring, another great option is an international auction house like Sotheby's and Christie's. With online viewing of their auction catalogues and the reputation of the auction house behind the sale of your ring, you'll literally have hundreds if not thousands of prospective buyers from across the globe—depending on the ring and where you live consider local auction houses too but make sure that you put a reserve price on it.

Posting An Engagement Ring In The Classifieds

Another option is your local paper or local website sales listing services such as Craig’s List. We caution against these, mainly because, at some point you have to meet a stranger, or more than one, and you stand the chance of being robbed, or worse.

If you do choose to go this route, remember to take a friend along, and meet only in a public, well-lit place. A better and similar option is to put the word out among friends, co-workers, and social networking sites such as Facebook—you never know what that could lead to.

One last thing to keep in mind and the best idea yet if money isn't really a concern. Think about melting down the metal and re-setting the diamond into another piece of jewelry instead of trying to sell your engagement ring—providing you can get past the stone’s original intent (which for some is difficult).

You could end up with a really great piece of jewelry that you'll treasure for years to come or give to someone else one day. It's kind of like that saying about turning lemons into lemonade.