How to sell an engagement ring for cash, safely in 2023

Relationship ended? Why keep your ring when you could use the cash? A couple years after my divorce, I sold my engagement ring and wedding band, used it for a family vacation, and never looked back.

If you’re thinking about selling your engagement ring, there are three steps you should take before you sell, which I detail below, as well as buyers I recommend based on:

• Online reviews from customers
• Speed
• Better Business Bureau ratings
• Reports from reputable publications
• Age of the company
• Ease of use of their websites
• Transparency into their process
• Overall sentiment that these are quality businesses that care about their customers

But what you really what to know is this:

Where can I sell my diamond or diamond ring for the most money? Answer: DiamondsUSA

Selling your engagement ring to a local jeweler or pawn shop may give you quick cash, which is important to a lot of people. However, keep in mind that brick-and-mortar jewelry buyers typically pay less than online buyers, so I recommend considering a reputable diamond buyer online like DiamondsUSA. Here are the top reasons why Diamonds USA is our No. 1 recommendation:

Pricing and payment

• Get paid within 24 hours
• 10% bonus if you send your item within 7 days
• 100% highest price guarantee

Reputation

• Better Business Bureau rating of A+
• Founded 2005
• 4.7/5 Trustpilot stars
• Get paid within 24 hours

Safety and insurance

• Free, secure mailer or FedEx or USPS package sent to your home
• Also buys gold, silver, platinum jewelry, watches, coins and scrap
• 100% highest price guarantee
• Insurance up to $100,000

Value add

• Guaranteed highest price
• If you do not accept their offer, DiamondsUSA will send your item back immediately, free of charge
• Buys all diamonds (and gold and silver), no matter the quality or size
• Simple, fast process

Here are examples of recent sales of engagement rings to DiamondsUSA:

.78ct round brilliant J Vs2, $1,050.20:

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GIA 1.00ct. round brilliant E VS2 $2,800:

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1.72ct. Round brilliant J SI2, $3,000:

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2.80ct. round brilliant J SI1 $15,500:

DiamondsUSA is the also the best option for selling your wedding rings of gold and platinum. Actually, DiamondsUSA and its sister sites, CashforGoldUSA and CashforSilverUSA, can help you sell the following:

• Diamond ring with a center stone of any size
• Wedding ring with lots of small diamonds in the setting
• Engagement ring with small diamonds or other gemstones in the setting
• All other diamond, gold, gemstone or even silver jewelry and coins

How to sell rings online to DiamondsUSA

DiamondsUSA is one of the best gold and jewelry buyers on the market, buys any and all sizes of gold and diamond jewelry, and is easy to use:

1. Go to DiamondsUSA and request an appraisal kit, including a free prepaid overnight FedEx mailer delivered to, and picked up from your door. Your item is insured up to $100,000 by Jeweler's Mutual insurance, and the CashforGoldUSA facility in Foxboro, Mass., is insured by Lloyds of London. 
2. Mail your item to DiamondsUSA. If you mail in your item within 7 days, you're eligible for a 10% bonus.
3. Once received, you will get a confirmation email or call, and DiamondsUSA evaluates your item and extends an offer.
4. Once you accept the offer, get paid within 24 hours!

If you choose to decline the offer for whatever reason, DiamondsUSA will immediately return your item for free, no questions asked. 

Learn more in my review of CashforGoldUSA, which I myself used to sell a gold ring.

Here’s everything else you need to know to sell bridal jewelry:

• Where you could sell your engagement ring or wedding ring
• How to sell your engagement ring or wedding ring
• FAQs about engagement ring resale value

Where you could sell your engagement ring or wedding ring

If you need money immediately, these are your local options: 

• Local jeweler, cash for gold location or diamond exchange
• Pawn shops
• Consignment shops

If you can wait a bit for the money, these are some of your other options:

• Marketplaces like Etsy and ebay
• Jewelry auctions

Of all these options you have to sell your old engagement ring, these few likely won’t get you the most money. Here’s why:

• A local retail business has high overhead in rent, staff and advertising, and less competition than an online diamond or ring buyer, so you may not receive as much cash in comparison to other options.
• Selling on ebay or Etsy is a lot of work, and requires expertise in jewelry photography and marketing, and unless you have a large cache of product that warrants building a platform, selling just one or a few products is very hard to do.
• Pawn shops typically buy all kinds of gold and diamond jewelry, but expect to pay a very high commission and receive less cash.  A pawnbroker will nearly always pay far less than a reputable jeweler or online gold or diamond buyer.

Again, these are just a few reasons why we think online ring buyers like DiamondsUSA are usually the best way to sell your diamond rings.

But if you do have something that’s high value because you have large diamonds or a designer engagement ring (Tiffany & Co, Cartier, Harry Winston, Van Cleef & Arpels, etc.) and you have some flexibility with time, then you might consider Worthy. Here’s why:

Pricing and payment

• Worthy.com is an online marketplace, so you will get multiple vetted bids on your jewelry — which typically drives up the sales price and the money you receive
• You have full control of the auction minimum sale price
• Get paid within 24 hours of the sale close

Reputation

• Better Business Bureau A rating
• 4.8/5 stars on Trustpilot

Safety

• Send in your jewelry with a free, 100% trackable FedEx mailer 
• Your ring is video recorded from the moment it enters the Worthy NYC offices, and insured up to $100,000

Value add

• Sellers receive a free GIA-certified lab report — the only way to get a fully accurate appraisal and resale price estimate

Check out my Worthy review to learn more about their auction platform.

How to auction your engagement ring online to Worthy.com

1. Go to Worthy.com
2. Enter your name and email, along with basic information (diamond color, carat weight, clarity, etc.) about your ring, including size and grade of your jewelry or stone. Upload a picture of your ring.
3. Receive an estimated market value for your piece right then and there.
4. A customer service representative calls to answer all your questions, and tell you what will happen next.
5. Ship your item. If that price suits you, Worthy will send a FedEx delivery person to your house the next business day (or sometimes the same day! ), in which you send the jewelry, diamond or watch to them — Worthy pays for all shipping and insures the item for up to $100,000.
6. Agree on a “reserve price,” or the lowest price you are willing to accept. A customer service rep will help you set this price based on your lab report.
7. Your item is auctioned.
8. Get paid. After you confirm the sale, you’ll receive payment within 2 to 5 business days. The whole process takes about two weeks.

Steps for how to sell an engagement ring or wedding ring

Here are the basic steps for how to sell your engagement ring and wedding band:

1. Gather all the information you have about your rings

If you have a GIA certificate for your diamond or other lab report, the original box, receipt, and any documentation of the size and quality of the stones and metal.

There are just a couple of internationally recognized jewelry grading laboratories, and these include the Gemological Institute of America, or GIA, based in New York City, and the International Gemological Institute, or IGI, based in Antwerp, Belgium.

The resale value of your engagement ring depends on the size, cut, clarity and color of the stone, as well as the market value of the precious metal in which it is set — as well as whether yours is name brand jewelry. All of these can be documented in a lab report or even a diamond appraisal.

2. Get an appraisal of your ring and diamond

It is important to understand what your ring is worth on the resale market, including the grade and weight of the stones and setting. A quality jewelry appraisal or lab report will document these details. 

An appraisal can also help you determine how much your engagement ring or wedding ring is worth. Most local jewelers in your community will offer an appraisal, often for free.

This can be a good estimate of the replacement value of your jewelry, which can help you get it insured, and understand its retail value, if you were to buy the sale item at a store, today. Jewelers will often offer this for free.

3. Get offers from multiple buyers 

You an always start with a quote from a jewelry store, diamond buyer or pawnshop near you. Get multiple offers from online ring buyers, including Worthy.com (for engagement rings with larger stones) and DiamondsUSA (for any jewelry). 

These sites will ask you some basic information with the seller either online or on the phone, then they will make an estimate. From there, a quality online buyer will send a free FedEx, UPS or USPS mailer that includes insurance, and you should be able to track your item all the way to the buyer, through their specific selling process.

FAQs about engagement ring resale value

One of the reasons many women choose not to sell their engagement ring is that the price they are quoted from a jeweler or auction site is much lower than they believe their ring is to be worth.

There are several reasons for this:

1. Wholesale ring buyers need to make a profit when they resell your ring or earrings, so they like to buy low, and then turn around and sell your diamond for a higher price.
2. The market for diamonds and jewelry changes all the time, so the market price of your jewelry may have dropped since it was originally purchased. Also, engagement ring resale value fluctuates with supply and demand.
3. There is often confusion about the total carat weight of a diamond ring or other jewelry. A common misunderstanding is that the jewelry owner believes that, for example, she has a 1 carat engagement ring, when in reality, the center stone is .5 carats, and the surrounding smaller stones total .5 carats. Most jewelers or ring buyers value the smaller stones very little — perhaps less than $100 total in this case — and are only interested in the center stone.
4. Many people also do not know the actual, certified resale value of their diamond center stone.

Do engagement rings hold their value?

While over time, diamonds have historically risen in value from a retail price point, do not expect to get your money back on an engagement ring. Typically, resale value of fine gemstone jewelry is one-third to one-half of what you pay for it. In recent years, diamond prices have fallen, making now a good time to sell before prices drop further.

How much can you sell an engagement ring for?

A 1-carat diamond and gold engagement ring will fetch resale prices ranging from $1,000 to $5,000, depending on the cut, quality and setting. Platinum setting and large side stones can mean higher prices, as can name brands like Tiffany or Cartier.

This ring recently sold at Diamonds USA. The weight is for the center stone only:

.91 Emerald G VS2 $1,102.90:

How much will I get if I sell my diamond ring? What is my engagement ring worth?

Your engagement ring is worth the current market rate for the diamond and metal.

Understand the value of your diamond

Understand the value of the gold

Understand how to value platinum

The real value in selling your wedding or engagement ring or other jewelry you don’t wear is that it frees up all that negative energy attached to the item, stewing indefinitely in your jewelry box. It felt good to rid my home and mind of that significant marriage memento.

Even if you loved the ring, loved your ex, loved being married, love any kids that came from that union (yes, yes, yes, yes for me), it is time to move on and free the mental energy attached to the ring — not to mention the money!

Start the selling process with Diamonds USA now >>

How much will a jeweler pay for a diamond ring?

A jeweler will likely pay you anywhere from 50% to 70% of the retail value of your ring. Shop around to ensure you get the best price. 

Bottom line: Should you sell your engagement ring?

Overall, I am a huge fan of selling your engagement ring in the event that your relationship ends, and I did so myself. The owner of the engagement ring is typically the women, so you are free to sell it when you divorce.

I admit that the cash I earned by reselling my engagement ring was less than I’d hoped, but after some research, I understood that there is a significant difference between retail and resale value of a diamond. It is what it is.

I only received a fraction of what my now ex-husband and I paid for it, but I felt I got a fair price and used the proceeds to fund a trip my kids took to Europe with their dad to visit family — which, again, I felt good about.

How about you? Do you still have your engagement ring? Or did you resell your wedding ring, give it away, turn it into a necklace, or throw it out the car window into a ditch on the way home from the court date finalizing your divorce? Do you feel you understood the true resale value of your jewelry?

Please share in the comments!

Looking to sell other belongings? Did you know you can sell your wedding dress for cash?