Look for an appraiser that doesn’t sell rings. They’re more likely to give you an objective assessment since they’re not also trying to make a profit off of you. You can find a qualified appraiser using professional appraiser websites like the American Society of Appraisers. The price of an appraisal will vary – make sure you ask appraisers their prices before you agree to the appraisal. It can be tempting to go with the lowest cost, but you should also consider any reviews of the appraiser that you can find online.
For example, if you have children, you might want to give them your ring one day. If you sell it, you won’t be able to do that. You might also be selling your ring because although you’re happily married, you’re in a terrible financial situation. Talk about your decision to sell with your spouse. If you’re selling a deceased relative’s ring, discuss that decision with other family members. For example, if you’re selling your mother’s ring, discuss that decision with your siblings. If you’re not sure that you want to sell yet, but you don’t want your ring around, ask a trusted friend or family member to hold onto it for you.
When you’re discounting your ring, you’ll need to take into account how old it is. Ask your appraiser what a fair discount is based on the age of your ring.
For example, listing your ring as “Women’s wedding ring, size 8” won’t get you as many hits as “diamond and sapphire wedding ring in white gold, size 8, great condition. ”
If you’ve purchased the ring from the same store where you’re trading it in, you’ll get the full original purchase price of the ring.
For example, at Kay Jewelers, the purchase price of your upgrade has to be at least twice the price of the original purchase price of the ring you’re trading in.
As you’re researching shops, ask their specific policies. They might give you cash for the sale, or they might only offer store credit. They may also mark down the price of your ring if it doesn’t sell in a certain amount of time
Look up any diamond dealer you’re interested in on the Better Business Bureau website. You’ll see what sort of rating they get and if they can be trusted. Don’t leave your ring with someone you can’t trust!
