Selling an engagement ring? How to get the most money as 2023 prices drop

Ready to sell your diamond engagement ring after a relationship ended — and not sure who you can trust? Should you sell locally or online?

Perhaps most important to keep in mind: While the resale value of a diamond has always been very low — 50% or less — this year diamond prices have been plummeting as retailers over-bought during Covid, lab-grown diamonds are competing with natural stones, and the global economy is depressed. Analysts predict these trends will not reverse soon, if ever — though prices stabilized slightly recently on optimistic holiday sales.^1,2

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

• Place to sell diamonds for immediate cash: Pawn shop
• Best overall places to sell most wedding and engagement rings: DiamondsUSA
• Best for designer engagement rings: Worthy
• Best way to get cash without selling your engagement ring: Diamond Banc (for jewelry loans)

Best place to sell your diamond engagement ring for immediate cash: Local pawn broker near you

Pawnshops can have a bad reputation for paying pennies on the dollar. There are many local pawnbrokers that are honest, reputable business that will pay you a fair price for your diamond — or extend a pawn loan.

Pros:

• Immediate cash
• Do business with a local company in your community
• Possibility of pawn loan

Cons:

• Unlikely to get highest price for your engagement ring

This post outlines how to find a reputable, legit pawnshop in your community, and sell for the highest price (tip: know the value of your ring and always negotiate).

Find a pawnbroker near you:

Best place 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.

We recommend reputable online diamond buyer DiamondsUSA, which pays within 24 hours of an accepted offer, 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. Other buyers require a minimum size and value of diamond. They also accept lab-grown diamonds.

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

Fairest pricing and payment for wedding and engagement rings

• 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
• Pays by Paypal, print-at-home check, direct deposit, personal check by Fedex or First Class USPS or Virtual Visa credit card — your choice

Reputation

• A+ Better Business Bureau rating
• 4.4/5 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, coins and bullion

Where to sell a designer engagement ring: Worthy

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 Worthy. Here’s why:

Pros:

• Strong reputation
• Access to multiple offers
• One of few places where you can sell your lab-grown diamond

Cons:

• Unclear that parameters of diamonds they accept
• Takes about two weeks — vs several days via Diamonds USA

Pricing and payment

• Worthy.com is an online auction, 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 B+ rating
• 4.7/5 stars on Trustpilot out of 3,476 reviews

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 a free GIA-certified lab report — the only way to get a fully accurate appraisal and resale price estimate
• Worthy accepts lab-grown diamonds

Check out my Worthy review to learn more about my personal experience selling an engagement ring with the auction platform.

How to sell 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.
3. Receive an estimated market value for your piece right then and there. This whole process takes about 2 minutes.
4. A very nice 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! That blew my mind!), 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. Sweet!
6. Agree on a “reserve price,” or the lowest price you are willing to accept.
7. Your item is auctioned. Worthy will put your jewelry in front of at least 100 potential buyers worldwide, who can then bid on your item.
8. Receive an offer within 7 days of Worthy receiving your item.
9. Get paid. After you confirm the sale, you’ll receive payment within 24 hours.

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 to sell your diamond ring ‘near me'?

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
• Again, 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 (sell from home!)
• 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.

Moissanite vs diamond: What to know about resale value in 2023

How to sell your diamond ring or wedding 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 or wedding ring set?

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.

Start the selling process with Diamonds USA now >>

Bottom line: What’s the best way to sell wedding rings?

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.

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.

Our recommendation for the best place to sell wedding rings is online through DiamondsUSA.

How about you? Do you still have your engagement ring? Do you feel you understood the true resale value of your jewelry?

Share in the comments!

SOURCES

1. Rapaport Market Comment, Nov. 9, 2023 https://rapaport.com/market-comment/market-comment-52/
2. “Why Retail Jewelers Aren’t Buying: A changed approach to diamond inventory is causing a slowdown in polished trading,” by Avi Krawitz, Rapaport News. Sept. 26, 2023. https://rapaport.com/analysis/why-retail-jewelers-arent-buying/