When considering selling a wedding ring, emotions run high and intense. Your wedding ring can be a source of extreme happiness but at the same time a key reminder of your life that you would like to move on from or forget. If you are going through a painful divorce, lost a loved one, had an engagement fall through, or are willing to let go of a family heirloom, then you have landed on the right page to seek guidance.
Throughout the article, we will be focused on where and how you can sell your precious wedding ring for a better price which can be beneficial for you.
Why Should You Sell Your Wedding Ring After Divorce?
When you sell your wedding ring, it can be a positive emotional and financial experience that can heal you. Keeping the ring in a vault or a drawer locked inside a jewelry box is quite impractical when you can sell it and make good money out of it.
A diamond ring that you no longer wear is just sitting there and gathering dust inside the jewelry box which can rather be used to generate cash. The money raised from selling the wedding ring can be used in various practical ways including divorce-related costs or normally raised from selling the wedding ring.
In addition, it has the emotional benefits of selling your wedding ring. Physical reminders of your last relationship can be quite stressful. Selling the wedding ring is one step forward to pro-actively moving on from your past. Letting go of the part helps you to move on emotionally and start over again.
Where You Can Sell Your Ring for A Better Price?
You have several options when it comes to selling your wedding ring. But the important thing to note is that you have to be mindful about where you will get the price and which place to trust since some options are not as trustworthy as others.
Jewelry stores in Local area
One of the most common places where people sell their wedding rooms is a local store that is near their area. You can also do the same thing and search for the nearest local store around you. Most of the jewelry stores are established with the general purpose of selling jewelry that they have purchased wholesale recently.
If you keep searching you will find a store that will offer a good value for your wedding ring. These types of stores are generally very safe to deal with. Although the main drawback of such stores is that even many of the stores that you will visit will offer to buy your wedding but very few will provide an offer that is similar to the fair market value.
If you want to sell from your local area, then the best is to go to a trusted jewelry store near you. However, for precautions, you have to shop around, get price estimates, and compare them to gain the best possible deal.
Consignment Shops for Wedding rings
Another common option where you can look forward to selling your wedding ring is through a consignment shop. A consignment store is nothing but a resale shop that agrees to display your goods for a percentage of the sale price. Here, selling your wedding ring in a consignment shop has two major drawbacks.
The first drawback is that it sometimes takes a lot of time to find the right buyer who will feel the urge to buy your wedding ring that has been displayed in the showcase. The second thing is consignment stores take a major share of the sale. Consignment stores on average can charge from 20 to 50 percent of the total sale, the remaining you get is whatever is left.
Similar to jewelry stores and pawns shops, consignment stores are safe to work with. However, it is highly advised to read reviews and thoroughly check the shop’s policies before you convince yourself to sell your wedding rings.
Pawn Shops are another option that is similar to consignment shops for selling your wedding ring. Pawn Shops can be dated back to thousands of years ago involving everyone from ancient Greeks and Romans to royalty using their services as a fast procedure of receiving cash for jewelry. In modern times, pawn shops are well-maintained as well as safe places to conduct business.
However, the downside is that it is not likely that you will receive much for your jewelry if you decide to pawn it. Still, pawn shops are a reliable platform for getting quick cash with the intent to liquify your wedding rings and turn them into usable cash in a day or even less.
eBay is an amazing platform to buy all sorts of things. Moreover, it was once a good place where you can easily sell your wedding rings online. Unfortunately, many sellers are disappointed by the low bids or no bids at all these days. In addition, trust has become an issue since buyers are not trusting the seller which is hampering establishing a good reputation.
The statistics have shown that only about five percent of diamond jewelry is offered for sale on eBay, which is causing major frustration for the sellers. Even though you get to set your opening price on this platform, you still have to saddle yourself with everything which includes photographing your item and describing it to cover insurance, shipping, and other costs.
How to Determine A Wedding Ring’s Diamond Value?
If you are able to understand the quality then you can easily determine the actual value of your wedding ring. But there are several factors from which you can identify the value of your wedding ring. The quality is mainly dependent on the 4C’s of the diamond. These 4C’s are as follows-
These 4C’s determine the actual value of your wedding ring and you can sell for a much better price.