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TL;DR Bottom Line Up Front: If you just need a solid recommendation about where to sell, my conclusion is that Worthy offers the best process for selling engagement rings online. Just fill out this interactive form on the home page and get a price, typically within 24 hours (and money within 24 hours once appraised).
Worthy ensures you get TOP DOLLAR for your diamond ring, with a quick and easy auction process and transparent sale. They handle the messy middle, with a top network of professional diamond buyers. Without this auction format, you likely are selling at 50-60% value... 
When you receive an engagement ring, one of the last things you think about is how to sell it. Unfortunately, sometimes even seemingly best circumstances eventually lead people to seek out a place to sell their engagement ring.
When singer and celebrity Mariah Carey got engaged to billionaire James Packer, the engagement ring was as in front and center as the engagement itself. Packer proposed with a 35-carat diamond ring that was reportedly worth anywhere from seven to ten million dollars.
As stunning as it was, the romance itself was short-lived: the couple split, after realizing their relationship wasn’t right for either of them.
But despite the fact that the couple split up two years ago, it wasn’t until May of this year that Carey’s representatives reported she’d sold her engagement ring. A spokesperson explained that she wanted to be able to move forward with her life and ‘leave personal baggage’ behind.
Why Would Anyone Want to Sell Their Engagement Ring?
No one really wants to sell their engagement ring, and finding a place to sell it can be difficult and emotionally trying. But that said, there are many reasons someone might end up selling their engagement ring:
- Debt: This is by no means to advocate for this, but some couples, financially squeezed, may resort to selling their engagement ring. Whether that’s from unpaid credit card bills or student loans, selling an engagement ring has been reported by some who simply are desperate for some financial relief. Some couples might opt to buy a cheaper replacement, or not replace it at all.
- Divorce or Broken Engagement: This is likely one of the most common reasons to sell an engagement ring. A broken engagement can be painful, and getting rid of an engagement ring may be less of a financial decision than an emotional one (though a divorce can also be expensive). It’s even healing for some who find they have a lingering emotional attachment that’s causing them pain.
- Death: Most hang on to their rings after the death of a spouse, but sometimes it’s also a source of pain.
- The Wrong Fit: Occasionally, someone might sell an engagement ring for other reasons. It might be a metal that someone proves allergic or sensitive to; the ring may be too big or otherwise not practical; or there might be other cosmetic concerns.
Worthy ensures you get TOP DOLLAR for your diamond ring, with a quick and easy auction process and transparent sale. They handle the messy middle, with a top network of professional diamond buyers. Without this auction format, you likely are selling at 50-60% value...
Are there any legal concerns about selling an engagement ring?
In general, engagement rings are considered gifts, and thus the property of whoever received the ring. However, engagement rings technically fall under family law, which is different on a state-by-state basis. But in general, there are three stipulations that must be satisfied in order for the ring to be considered a gift:
- The giver intended the ring as a gift
- The receiver accepted the ring as a gift
- The gift was physically given
Lawsuits surrounding selling of engagement rings do happen, but usually are rarer and are under cases of financial strain. For instance, there was a case where a broken engagement resulted in a man suing for the price of the engagement ring (which he was still paying off while facing enormous debt).
In case of a divorce, you should consult a divorce expert or attorney. WP Diamonds, which is a retailer you can sell your engagement ring online to, provides a map of laws by state that simplifies who gets the ring in the case of a divorce or a broken engagement.
There’s also the issue of taxes. You may be required to report the sale–but only on the very unlikely chance, you’re coming out with a net profit. To be safe, you might want to consult a tax law attorney, if you have a ring that’s worth more than a few thousand dollars and you think it might be an issue.
I know I want to, and can legally sell my engagement ring. Is there anything I should be wary of?
If you’re selling something as valuable as an engagement ring, particularly if you’re selling somewhere online, you have to be careful to avoid the pitfalls: outright scams and undervaluation.
Scams and fraud abound, but you might think about such issues as more endemic when you’re trying to purchase. Still, you want to make sure you’re selling to a reputable place. A report by AARP warned that some companies refuse to return a piece of jewelry, violate their own code of ethics to customers, and have generated hundreds of complaints through the Better Business Bureau. While this report is older, it doesn’t mean this doesn’t continue to happen.
You also want to make sure your information is secure and that the transaction isn’t being used by a hacker of some kind trying to install tracking software to get your personal information. This may sound far-fetched, but in e-commerce, it has and will continue to happen. Here are some steps you can take to protect yourself:
- Never give out your social security number
- Only accept through a secure payment transaction, such as Paypal
- Never download attachments you do not know the contents of
- A recent scam has consumers directed to Skype, where they are then instructed to download a document. This is a keystroke program, meant to provide sensitive data from your computer.
- Always research the company. Information must be verified outside of the company’s external website. Consumer reviews, TrustPilot, and BBB are good places to start.
- Make sure the website itself looks professional. Broken links, strange web addresses, and grammatical errors are all red flags.
How much is my engagement ring worth?
First thing you need to do: Have your engagement ring appraised or graded.
Ideally, when you first buy an engagement ring, it should be appraised, if it was purchased for $1,000 or more. If it hasn’t been appraised, do it now before it’s sold. You can also get a diamond grading report, though an appraisal provides the value of your entire ring.
If you’re looking for an appraiser, the American Gem Society is a great place for qualified diamond specialist gemologists. They can point you to certified professionals (e.g. GIA trained gemologists who can label GIA-certified diamonds).
Online appraisers are also often partnered with larger jewelers. Appraisers cost around fifty to one hundred dollars on average for a standard diamond appraisal; you’ll also want to be able to provide information about any insurance if you have any.
Keep hold of these documents, so you have proof of your engagement ring’s value. If you feel the appraisal was low, you could also get a second opinion. Regardless, by having a record of your engagement ring’s value, you will know whether or not you’re getting a good value for your sale.
Be Realistic About Your Engagement Rings’ Valuation
That said, don’t expect to make money off of selling your engagement ring, even as a certified diamond. For one, engagement rings, just like cars, depreciate in value over time, depending on factors like condition and the current market. If it’s been a while since you’ve had your engagement ring appraised, it may be good to get a more updated estimate from a diamond expert.
Finally, all companies have to turn a profit, so know you won’t be getting the full price, likely, of what the ring was purchased for. For gold, for instance, the typical company will pay you a rate of about 50 cents to a dollar of scrap value.
This does, of course, have a lot of variabilities, but it’s good to go in without expecting to make a ton of money. The best way to know you’re being undervalued is to get quotes from a few places and compare.
Ok, so let’s find the best place to sell diamond rings (and diamond jewelry):
The Best Places to Sell Engagement Rings Online: Our List [Updated 2022]
You can try to take your engagement ring to a local jeweler, but how many will take your ring or loose diamonds, and for a good value, is more limited. In terms of selling an engagement ring online, you have a number of options.
Our list is by no means exhaustive but gives a peek at some of the more reputable companies that buy engagement rings (diamond jewelry) and hold our trust. We’ve noted the general terms, as well as any ratings or outside information that may be useful in helping you decide which is the best place to sell your engagement ring.
1. Worthy
Worthy ensures you get TOP DOLLAR for your diamond ring, with a quick and easy auction process and transparent sale. They handle the messy middle, with a top network of professional diamond buyers. Without this auction format, you likely are selling at 50-60% value...
Worthy describes itself as a “luxury online marketplace” where jewelry buyers and sellers can sell and purchase valuables like fine jewelry. Starting in 2011, they’ve sold over $50 million worth of items, and hold a BBB rating of an A+, with an average consumer rating of 4 out of 5 stars, and a TrustPilot review of 4.8.
They claim their services focus on the principles of:
- Transparency (potential engagement ring buyers and sellers are provided original market value and final bidding numbers)
- Integrity (each item is physically examined by professionals)
- Privacy ( they do protect your data; however, they use cookies, anonymous information for marketing and research purposes, and third parties you opt-in to have your information shared with).
- Convenience and ‘Stellar’ Customer Service as a diamond exchange marketplace
- Value (Claims to provide highest market values)
How it works: Lofty objectives aside, Worthy is not unlike eBay, where you have control over how much you sell your diamond ring for. You are able to set a minimum reserve price. If the bidders do not meet the reserve price, you can decide whether or not to sell the item. And if they exceed this minimum price, the auction will go to the highest bidder.
Worthy is better than eBay for diamond jewelry, because it’s more specialized, has a curated and exclusive network of high-end jewelry buyers bidding on your jewelry, includes expert advice and care, and you yourself are not handling the shipping of the jewelry to the buyer or diamond dealer.
They also take steps to ensure transactions and take steps against fraud. You have the option to receive payment via PayPal or bank transfer (and payments are done quickly).
Selling an item (like a wedding ring or selling a diamond) on Worthy consists of five straightforward steps:
- Fill out an item description via a submission form,
- Send item via secure, free FedEx shipping,
- Professionals clean, photograph, and evaluate. You are then asked to set a minimum buying price.
- Auctions run up to 48 hours.
- Payment is processed.
Fees: Worthy does not charge anything upfront. Instead, it takes a percent of commission, as detailed in the chart below:
|
Transaction Value |
Seller Fees |
|
Up to $5,000 |
22% |
|
$5,001 – $50,000 |
15% |
|
$50,001 – $250,000 |
10% |
|
$250,001 – Above |
5% |
2. WP Diamonds
WP Diamonds is next on our list of best places to sell an engagement ring online. WP Diamonds has offices in New York, Hong Kong, and the UK and has been accredited with the BBB since 2012, with an A+ rating but no customer reviews on the BBB page. On Trustpilot, it holds a 9.6 (out of 10) rating based upon just under 600 customer reviews.
The company places an emphasis also on its accreditation with the American Gem Society, the Jewelers Board of Trade, and the UK National Association of Jewelers. They also tout the ability to send your engagement ring via free and fully insured shipping, both in the US and internationally.
How it works: Funny enough, WP Diamonds also touts a five-step selling process. They also provide perks like direct contact lines to ask questions and discuss details with jewelry and diamond experts and claims their process is better customer service than an auction-based site:
- Complete a valuation form
- Receive an initial valuation via phone or email free of charge
- Ship items via insured and free FedEx (or schedule an appointment)
- You are contacted with a final price
- You may choose to accept the offer. If you do, you can choose from wire or check for payment.
There are pros and cons to this approach. You have less control over what price you sell your engagement ring for, but WP Diamonds (compared with Worthy) also lets you know sooner in the process the general estimated value of the ring, plus they are responsive and transparent with up front prices.
Note: You can also sell your diamond and many other fine jewelry items to WP such as watches, necklaces, etc…
Fees: Because you’re selling essential to WP Diamonds, and not to a third party, you get the option of either accepting or declining the price quoted (there are not many hints as to an offer to negotiate). But most importantly, you also will not have to pay any fees or any commission.
Why I like WP Diamonds:
- The process is easy and can take just 24 hours. Some competitors take weeks or months just to get a response or get paid.
- No fees or commissions. WP Diamonds is a direct jewelry buyer, meaning that you do NOT need to wait for them to find a separate online diamond buyer (easier experience)
- Give their best price up front. Some times it feels good to haggle to a final offer, but in general WP doesn’t low-ball and sticks to a fair price.
I'll admit to not knowing about WP Diamonds until I began looking for places to sell. First, they are FAST! Get a response within minutes. The entire process can take just 24 hours. Second, they BUY DIRECT. No fees, commissions or auctions!
3. Truval
Third on our list of best places to sell an engagement ring online is Truval. Truval has been accredited with the BBB for four years and holds an A+ rating, with an average of 5 stars from 36 customer reviews. It has one physical location, in New York City, and is a member of the American Gem Trade Association, and works alongside FedEX, the Gemological Institute of America, and the Numismatic Guaranty Corporation.
With their motto “sell with confidence,” Truval claims to “unlock your jewelry’s potential” by closely examining not only your diamond carat weight but multiple other factors, such as designs on an engagement ring.
How it works: Truval’s four-step process is not unlike WP Diamond’s for selling diamonds online, in that you are not participating in an auction, but selling more directly to them. Payment options are a little more varied and include cash, check, and bank wire, though there does not appear to be a Paypal option, which might be a downside for some.
The four steps consist of:
- Submitting an inquiry by completing a “Get a Quote” form online or calling directly
- Ship via FedEx for free, with insurance, or sell in person (New York City)
- Get a final quote after evaluation by experts of the engagement ring’s design, carat, metal, and market trends
- Accept or decline the offer.
This is a simple and straightforward process. If true, there’s a benefit that Truval seems to offer a slightly more comprehensive evaluation than other places. They also boast positive reviews and affiliations. The no Paypal option is a downside, and you can’t have much control over how much you sell your engagement ring for.
Fees: There are no fees associated with selling to Truval.
I'll admit to not knowing about WP Diamonds until I began looking for places to sell. First, they are FAST! Get a response within minutes. The entire process can take just 24 hours. Second, they BUY DIRECT. No fees, commissions or auctions!
Frequently Asked Questions About Selling Rings Online [FAQ]
Yes! You can sell your engagement ring online via WP Diamonds, Worthy, or Truval with relative ease.
Diamonds do tend to retain a market value over time or even increase, correlated to global diamond prices and supply and demand. That said, most consumers pay retail prices, meaning that there’s an inherent mark-up. So when you then go to sell, you will most likely get a fraction of what you originally paid. Lab-grown diamonds do not typically retain their resale value as there is (in theory) an infinite supply.
It depends on your circumstances. If you need cash fast, a pawn shop can be the best option but expect to be undercut significantly. Pawn shops might also be a good option if you want the option to keep your jewelry or get it back at some point. Personally, I would recommend selling to a reputable jeweler (online or offline).
There are many factors that go into a diamond’sdiamonds worth, including cut, clarity, weight, and carat. That said, prices for 1-carat diamonds range from $2,000 to $25,000, with the mid-range around $11,500.
Other Options For Selling Your Diamond Engagement Ring
While there are many other places to sell an engagement ring online, we selected these three due to their ratings, affiliations with professionals (e.g. real jewelers), simple process, and upfront transparency.
High ratings, as well as proven sales and times spent in the business, were also important considerations, as well as offerswell offers for quick and secure payment.
You can sell on general marketplaces, like eBay, an auction site or traditional auction houses, but we recommend against it. For one, you won’t be provided expert consultation or cleaning to help sell your item. For another, something of such value should be sold on sites that actively do a bit more to secure against fraud and secure your payments.
Selling Your Engagement Ring Locally
If you don’t think that selling an engagement ring online is the best place for you, you can always check through local jewelers, a fine jewelry store, and diamond appraisers.
Just be sure they follow the proper steps to get your engagement ring appraised and insured, and know what its value is. And no matter what you do, make sure that you’re ready to sell your engagement ring–it’s a decision that should never be made lightly.
You may also want to look into diamond estate jewelry buyers, as they have experience buying up jewelry as estate jewelry buyers.
A pawn shop or store is also an option, but really only in a desperate scenario where you need money immediately.
Personally, if a company like Worthy OR WP Diamonds gives me an answer in 24 hours and payment within another 24 post shipment and appraisal (and great customer service), I would be hard-pressed to see the benefit of a pawn shop or waiting to find the right buyer on a different platform.
A consignment shop or store might also work, but the truth is that most local consignment stores don’t see nearly enough foot traffic to move products in a timely manner. You might get a better price, but you may have to wait months or even years to sell a diamond or sell a diamond ring.
Worthy ensures you get TOP DOLLAR for your diamond ring, with a quick and easy auction process and transparent sale. They handle the messy middle, with a top network of professional diamond buyers. Without this auction format, you likely are selling at 50-60% value...
Here are some other related articles you may be interested in:
- Best Engagment Ring Insurance Companies
- The Best Places to Buy Moissanite Engagement Rings Online
- Where to Buy Loose Diamond and Gemstones
- Women’s Durable Titanium Wedding Rings and Bands
- About The Princess Cut – General Information
- Great Garnet – Facts And Information
- Enamoured By Emerald
- Terrific Tanzanite!
That’s good to know that it may be possible for someone to be allergic to the material of the engagement ring. I am considering asking my girlfriend to marry me around the holidays, and I wouldn’t want to get her a ring that she would be painful or uncomfortable for her. I should make sure I find a good place to sell the ring and get a new one if we are in that situation.