How to sell a diamond engagement ring for the most money: 3 ways in 2023

If you’re thinking about selling your engagement ring, it’s important to understand the differences between buyers, what they are willing to pay, and the potential resale value of your diamond ring vs. the retail value.

Based on our criteria, which we detail, these are your three best options to get the most money for your diamond engagement ring:

• Best overall for most engagement rings: DiamondsUSA
• Best for designer engagement rings: Abe Mor
• Best way to get cash without selling your engagement ring: Diamond Banc (for jewelry loans)

Where to sell your diamond ring for the most money: Diamonds USA

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, local jewelry buyers typically pay less than online buyers — plus also require you to leave your house and are far less private than online diamonds buyers.

I recommend considering a reputable diamond buyer online like DiamondsUSA, which pays within 24-hours of an accepted over, has an A+ BBB rating, and ships fully insured from your home.

DiamondsUSA is one of the best gold and jewelry buyers on the market and buys any and all sizes of gold and diamond jewelry.

Here are the top reasons why Diamonds USA is our No. 1 recommendation:

Pricing and payment

• Get paid within 24 hours of accepted offer, about 3 days from requesting mailer
• 10% bonus if you send your item within 7 days
• 100% highest price guarantee
• Payment by Paypal, ACH or check, your choice

Reputation

• A+ Better Business Bureau rating
• 4.7/5 Trustpilot stars
• Founded in 2005

Safety and insurance

• Free, secure mailer or FedEx or USPS package sent to your home
• 100% highest price guarantee
• Insurance up to $100,000 by Jeweler's Mutual insurance
• CashforGoldUSA facility in Foxboro, Mass., is insured by Lloyds of London

How to sell to DiamondsUSA

1. Go to DiamondsUSA and request a free appraisal kit delivered to and picked up from your door. You can also print out a mailing label to speed up the process. If you mail in your item within 7 days, you're eligible for a 10% bonus.
2. Once received, you will get a confirmation email or call, and DiamondsUSA evaluates your item and extends an offer.
3. 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 about this company through this review of their sister site, CashforGoldUSA.com.

Value add

• 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

Check out these recent Diamond USA sales:

February 2023 — .78 ct round brilliant J Vs2, $1,050.20:

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March 2023 — GIA 1.00 ct. round brilliant E VS2 $2,800:

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February 2023 — 1.72 ct. Round brilliant J SI2, $3,000:

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February 2023 — 2.8 ct. round brilliant J SI1 $15,500:

DiamondsUSA is also the best option for selling gold and platinum wedding rings. 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 (known as melee diamonds)
• Engagement ring with small diamonds or other gemstones in the setting
• All other diamond, gold, gemstone or even silver jewelry and coins

Where to sell designer engagement rings: Abe Mor

If you 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 don't need the money immediately, consider Abe Mor. Here’s why:

Pricing and payment

• AbeMor.com is an online diamond buyer that accepts stones of at least .5 carats
• Shipping and insurance is always free
• Will overnight payment upon request

Reputation

• 4.9 stars on its Google Business profile
• A+ BBB rating 

Safety

• Send in your jewelry with a free, 100% trackable FedEx mailer 
• Insured by AIB Express Logistics in transit for up to $50,000 — though more insurance can be requested if needed
• Packages shipped to an AIB secure location and brought to Abe Mor by armed guards
• You receive a tracking number

Value add

• Zero online customer complaints

How to sell to Abe Mor:

1. Go to Abe Mor's website and click “Request an estimate” to fill out a short form, including your name, contact information, and a description of your loose diamond or diamond jewelry. You can also upload images to the site, as well as a grading report, if you have them.
2. You will receive an initial offer for your item within 1 to 2 business days via email and/or text (if you check the box to receive a text offer). 
3. If you reject the offer, then Abe Mor promises to ship your item back to you immediately for free.
4. If you choose to move forward, Abe Mor will send you a trackable prepaid FedEx shipping kit, which should arrive at your home within 2 to 3 business days. You can schedule a pickup at your home or drop off at a FedEx location.
5. Within 48 hours of receipt of your item, Abe Mor’s in-house team will conduct a final appraisal and send you an official offer via phone or email. You can negotiate before accepting or rejecting this offer. Upon request, Abe Mor will send items for GIA certification. 
6. If you accept the offer, payments are typically made within 3 business days either via check or wire transfer.

Check out our Abe Mor review to learn more about this 55-year-old business. Or get an online appraisal from Abe Mor now >>

Where to get cash for your engagement ring without selling: Diamond Banc

If you need to get the most money for your engagement ring today, but you don’t really want to sell it, then consider a jewelry loan from Diamond Banc. A jewelry loan allows you to send in your engagement ring (or other jewelry) as collateral against a loan, in exchange for interest.

Here's why we like Diamond Banc:

Pricing and payment

• Diamond Banc accepts jewelry valued at $500 to $500,000
• Accepts diamonds, fine jewelry, luxury watches, gold and precious metals
• Loans up to 80% of the estimated liquid wholesale value of your jewelry (varies depending on the price volatility of the asset)
• Interest rates start at 2.5%, with loans in 30-day increments (minimum 61-day loan period, up to 5 years)
• Receive funds in as little as 24 hours

Reputation

• Better Business Bureau A+ rating
• Trustpilot 4.7 stars, 535 reviews

Safety

• Assets are fully insured and stored in alarm-protected, 24-hour security monitored, fireproof vaults
• Shipments are 100% free and fully insured for the value of your item

Value add

• Also buys jewelry and watches outright
• Storefront locations in Tampa, Boca Raton, Miami, Aventura, Calif., Orlando, Nashville, Atlanta, Charlotte, Kansas City, Columbia, and Rochester, N.Y.

How to get a jewelry loan from Diamond Banc:

1. Fill out the submission form at diamondbanc.com with a description of your jewelry and desired loan amount to get an initial quote.
2. Diamond Banc provides a free, insured shipping label to send in your jewelry for final evaluation, and then sends you an offer.
3. If you accept the loan offer, you’ll be issued payment immediately via check or wire transfer. If you don’t, your jewelry will be immediately returned.
4. Once your loan has been fully repaid, your jewelry will be securely returned to you. 

Learn more about how jewelry loans work and read our Diamond Banc review.

Where else you could sell your diamond ring

There are a few options when it comes to selling your diamond 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 likely won’t get you the most money as if you were to work with a diamond buyer online. Here’s why:

• A local retail business has high overhead in rent, staff and advertising, and less competition than an online diamond 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. 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 than if you went to a reputable jeweler or online gold or diamond buyer.

How to sell your diamond engagement ring

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

1. Gather all the information you have about your ring

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, send or bring it with you when you sell.

There are just a couple of internationally recognized jewelry grading laboratories. These include:

• Gemological Institute of America (GIA), based in New York City
• International Gemological Institute (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. Plus, yours might be worth more if it's from a designer jewelry brand. All of these can be documented in a lab report or even a diamond appraisal. 

These reports typically cost between $100 and $300, so they're only worth it if your item is worth at least $1,000.

More later on how to value your diamond engagement ring.

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 its 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 (the price you would pay today for the item in a store).

Learn more about how to get a jewelry appraisal and diamond certification, if you don’t already have these documents.

3. Get offers from multiple buyers 

You can always start with a quote from a jewelry store, diamond buyer, or pawn shop near you. 

It’s also easy to obtain multiple offers from online ring buyers, including Abe Mor (for designer engagement rings with larger stones) and DiamondsUSA (for any jewelry). Or, if you’re not ready to sell, you can apply for a loan on your ring from Diamond Banc.

These sites will ask you for some basic information either online or over 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.

If your ring is worth more than $1,000, you can also try to auction your ring through online jewelry marketplace, Worthy.com.

Read more about how Worthy works in our Worthy.com review.

Understanding diamond 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. Diamond values are down at least 25% over the paste year alone.
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 diamond 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.

Should I get my engagement ring appraised before selling?

An appraisal from a local jeweler is useful for insurance resale value, or perhaps to understand the quality of your engagement ring. A lab report can be very helpful in selling your engagement ring, or getting a loan against your ring, but will cost $100 to $300, so this only makes sense for more valuable items.

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

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

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!

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. Pawn shops will likely pay 25% to 60% of the retail value. Again, this may be less than what you would get from an online buyer, as a jeweler will have a higher markup. Shop around to ensure you get the best price. 

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

January, 2023 — .91 Emerald G VS2 $1,102.90:

Start the selling process with Diamonds USA now >>

Bottom line: Should you sell your engagement ring?

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.

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 woman, 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?