Do you have
jewelry that you no longer need, more
specifically, an engagement ring from a previous
marriage? Although there are numerous gold
buyers in Chicago, when it comes time to sell an
unwanted engagement ring, the choices are much
tougher. Selling gold is easy and simple. The
gold buyer weighs the gold, tests it, and pays a
certain price per gram based on the current gold
market. But engagement rings are different.
There are diamonds that have different values
based on carat weight, color, clarity, and cut.
The center diamond on an engagement ring is
usually much larger and can cost thousands or
even tens of thousands of dollars. But it is
very difficult to get a buyer to pay what was
originally paid for the ring.
But don’t be discouraged. Although you are not
likely to get back all that was paid for the
ring, there are several different options to get
more than what a scrap gold buyer will pay.
1)
Consignment:
This is likely the best option to sell an
unwanted engagement ring. Basically you need to
find a jewelry store that would be willing to
sell the ring for you. They will polish and
clean the ring to make it look like new and then
put it on display in their retail store until it
is sold. Then, they will take a commission on
the final selling price and give you the rest of
the money. A typical split is 60/40, in which
the shop keeps 40% of the proceeds and you get
60%. If you can negotiate a better percentage,
go for it! The only problem is it might take
several months for your ring to sell. As long as
you are not in a hurry for the money, this
process will net you the most cash back because
the ring will be sold closer to a retail price.
2)
Craigslist:
Put a detailed listing on Craigslist.
Craigslist is a free classified website that is
set up for specific local areas. You can list
your ring under the “Items for Sale” section in
the jewelry category for Chicago. Be sure to put
as much detail as possible about the ring
including quality of stones, type of gold or
platinum, details about certification, appraisal
value, and even where the ring was purchased.
Offer to meet potential buyers at a jewelry
store, preferably the one where the ring was
purchased to verify authenticity, as well as for
security reasons. Be sure to put an asking price
for your ring and expect to take at least 25 to
50% less than what was paid. Even getting 50% of
what was paid is much better than what a
pawnshop or gold buyer would pay.
3) Sell to
a friend:
Obviously if you know someone that is looking
for an engagement ring, this could be a great
option. You can probably get 70% of what you
paid for the ring from a friend that wants to
buy it. Ask around. Almost everyone knows
someone that is planning to get engaged soon.
You might even be able to sell the center stone
to someone if they don’t like the design of the
ring. Most of the value is typically in the
center stone. A local jewelry should be able to
remove the center stone in front of you for a
very small fee. Then once the center stone is
sold, you might consider selling the ring
mounting for scrap value to a local gold buyer. |
