Pawning or Selling Your Used Engagement Ring

Selling your jewelry? There are a few things to keep in mind when you make the decision to sell your diamond, platinum or gold jewelry. I had a gentleman come in looking to sell and engagement ring he purchased a few years ago from a retail shop for over $3000.00. After getting a few details from him over the phone, he met me in one of our affiliate Jewelry showrooms so I could look at the diamond ring.

The first thing I noticed when I looked at the engagement ring was the total carat weight the client thought was in the ring was way off. I’m assuming it was a mistake or that the appraisal the ring came with was greatly inflated. But what was thought to be two carats total weight was in fact barely 1 carat. The engagement ring was made up of three princess cut diamonds roughly .25cts each in a traditional three stone Bostonian style or anniversary style mounting. On the shoulders of the engagement ring were 3 small roughly .01 carat round brilliant diamonds channel set. So all things considered, a more accurate assessment of this rings carat weight would be roughly .80tcw. The diamonds were roughly I color SI3 clarity, so wholesale high cash asking value for those stones would start at 750 per carat. Gram weight of the mounting with the diamonds was roughly 3.5 grams. It’s also important to recognize that there are costs involved in casting and setting and polishing new jewelry, but when selling a used item, pawn shops or second hand jewelry dealers will rarely be willing to pay for such things. With this particular diamond ring, I could probably make one brand new for $350-$450.

On a used ring, with no client waiting for that exact piece, the item is worth maybe half of that amount to me. In a situation like this, unless the client is in dire straits and desperately wants cash or to get rid of the item, I suggest refurbishing the engagement ring and selling it to someone looking for a great deal on a used diamond ring. A retail purchase will inevitably bring more money when you sell your jewelry on consignment, however, you will have to wait for the ring to sell. Depending on the time of year and the market demand for the item, that may or may not be worth considering when you’re trying to sell your jewelry.

Ask your local jeweler or the New England Jewelry Exchange network for assistance on selling your jewelry.