Frustrated … or ecstatically done? Maybe you are strapped and desperate for cash? No matter the scenario, you are in good company if you are wondering, “When …how …. where do I sell my wedding ring?”
There might be an urgency to your question. You are probably yearning to put the past behind you … TO MOVE ON. Or, and let’s not kid ourselves, there’s often the practical real–life necessity of “Let me get some value from that *#[email protected]!*& thing!” All these feelings and needs we know well both as divorce coaches and women who have been right where you are. But it is your needs and feelings that must be genuinely considered … if you are really, truly interested in the right answer.
Are you interested in the right answer? When do you sell your wedding ring?
Then hold on before you start fantasizing about the how, where, and how much you will get for it, because it’s worth taking you through the paces that bring you to the question.
Selling Your Wedding Ring: The Emotional Component
First, ask yourself these two questions:
- Are you really ready to part with your wedding ring?
- Are you really done with your relationship?
If you answered YES without hesitation, then by all means scroll down to “The Practical Steps of Selling Your Wedding Ring.” If you paused, then keep reading. Your wedding ring is of course, a symbol of your union or what your union was. It represents (and possibly, might still) all your hopes and dreams. Your Happily Ever After.
Have you really done everything to save — which means work — on your marriage?
No doubt you’ve done some things. But to make sure, check out our suggestions in 36 Things to Do if You are Thinking about Divorce just to make sure you’re not embarking out of haste or making this enormous life decision from an explosive or depressed place. It’s not easy to divorce, nor should it be. You’ll want to be sure (well, as much as you can be — refer to step number 29 in 36 Things.)
You may no longer be married, but still holding on, holding on to that ring, the jingle, the jangle, the pearl necklace, the pin he gave you from your first trip away together. They are all kept safe in that special satin-lined box you keep hidden in your lingerie drawer. You might be feeling guilty, or simply not ready to say goodbye to them. Because on some level it would mean saying goodbye to your dreams. You are in mourning, and Sister, mourning is a complicated thing.
- Are you still, or just now starting to come to terms with everything you have lost?
- Are you still feeling the pain and trying to understand what’s brought you to being single all over again?
Make no apologies – to yourself or to anyone else! Just understand. This stage of divorce recovery is fraught with people wanting the best for you, wanting you to “get over it,” but not quite understanding you. Indeed, YOU may not be understanding you right now. Allow yourself to be where you are. For if there’s one thing you’ve earned now on the other side of the divorce paperwork, it’s the right to be calling your own shots. If you are not ready to part with your ring, DO NOT. Take a few steps on our divorce recovery stairway and learn what else you can do to heal and begin to live again.
The Practical Steps of Selling Your Wedding Ring
Alright, alright, you say, you don’t want to hear any more about leave-taking or mourning. In fact you skipped those paras because you’ve got bigger fish to fry, like paying off your legal fees, the credit card debt, or taking that longed-for trip to Phuket. You’ve always heard that you could flip your ring … or that “Jewelry is a good investment.” So surely this ring that has kept you lassoed in place this long has got to be worth something? Right?
Where do you sell your wedding ring? How much can you get?
First, let’s get clear: it’s likely not your wedding ring that is worth selling so much as it is your engagement ring. But here’s the bracing cold fact behind that: the value of your jewelry, and in particular your engagement ring, is likely not worth what you think it is. Yes, we know. We hate being the bearer of bad news … someone probably paid a lot for it. But the price paid for your ring reflected the design, the brand, the artistry, and time involved in creating it. When you go to resell, buyers are only interested in the value of the stones and metals. Not your ring in toto.
Sigh, if you like. You are safe with us. But then be smart and savvy about trying to get as much for those stones and metal as you can!
Follow these steps to sell your ring
1) Have your ring graded
While we are all for supporting your village tradesman and local economy, if you walk into your local jeweler you are hostage to what s/he says your diamonds and gold are and what they may be worth. The best is to have your ring graded by a GIA or IGI-certified jeweler so you learn and document the real characteristics of the stones and metal before you try to sell. (Note: the proper word is “graded” and not “appraised.” An appraisal is used for insurance purposes only and is not a resell market price.) Learning the true facts about your ring is the first step to understanding its value.
2) Decide what is worth your time
Once you know the size, the cut, the color, and the clarity of your diamond, you are better prepared to figure out what is worth your while. Maybe if the stones are not as valuable as you’d hope, you will do nothing or you’ll repurpose them into something you actually like? Or you will sell them to the jeweler or pawnshop that will give you the most for them? If the latter, shop around for the best offer.
3) If your center stone is 1.0 carat (ct.) or more, it’s in your interest to find a legitimate resource for reselling
Go ahead and search the web. Ultimately, we recommend the online jeweler and auction house Worthy. Their process is simple, insured, and extremely convenient. We know because we’ve tried it. Plus you get a GIA-certified grading report for your diamond, whether or not your ring is successfully auctioned off.
Again, we stress the value of the grading report. No one can take advantage of you if you have that, because you know your stone’s real value as stated by an Industry authority, not a store report.
4) Here’s how it works if you wanted to go the Worthy way
Go to Worthy.com and enter the information you know about your ring. (They are also interested in your branded watches, by the way.) Provide them with the information you know or believe to be the size, the cut, the clarity of your jewelry or stone, your name, and email. It is okay if you do not know the actual characteristics yet, just put in what you think. Within a day Worthy will email you, based on the information you provided, an estimated market value for your piece.
5) If you choose to follow through with putting the ring up for auction, Worthy helps you coordinate and schedule the shipping using Fed Ex/Brinks
The process is fully insured and Worthy pays for all the shipping and also insures the item for up to 1 million dollars. Yes. Really.
6) Once Worthy receives your item in their New York City office, they will clean, professionally photograph and work with GIA or IGI to grade and obtain an e-grading report for your stone. Then you decide.
Again, you get the report. Now you know the facts of your ring and can make a fact-based decision on what you want the minimum bid to be. You can even set a “buy it now” price, too. All along Worthy will advise you. Because, of course, they want you to be successful in selling your ring. (They get a cut!) But you are in control of your pricing – another reason we like Worthy.
7) How long will it take and how much does Worthy make?
To give you an idea of the speed involved, it takes about a week. Within seven days of receiving your item, Worthy lists your piece, potentially sells it, and deposits your profits within 24 hours. For this, Worthy takes 20 percent of the sale price. This is very clear and upfront. If they don’t sell your item for at least the minimum price, they send it back to you, free of charge. With the GIA-certification.
Check them out. Worthy has an A+ Better Business Bureau rating and their website is easy to use. You can also read dozens of reviews and video testimonials from other, happy and lighter-feeling women — like “E.D.P.,”a client of ours who wrote in to tell us yesterday …. “I was really nervous but Worthy was great! They got a great price for my ring ;-)”
If you are ready, we think you stand to gain a lot: you get a grading report … and the best price for the least amount of energy devoted to the project. And with all you have been through? We think your projects should be kept to a minimum, especially when it comes to designing your new life. There’s one more detail we like too: if you are able to sell your piece to another jeweler for a price higher than what was offered in Worthy’s auction, Worthy will pay you 100 bucks. Nice.