Jewelry Articles

How to Sell an Engagement Ring in the UK

May 30, 2018 - Jewelry Articles
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Looking to sell an engagement ring in the UK? With the right engagement ring buyer, selling an engagement ring can be a fast and hassle-free process. But how do you know who to work with among the endless amount of engagement ring buyers? We will guide you through the most popular engagement ring buyers in the UK, everything you need to prepare in order to sell an engagement ring and how you can get the best offer.

How to sell an engagement ring in the UK:

  1. Find a trustworthy engagement ring buyer
  2. Receive a price quote
  3. Schedule an appointment or mail your engagement ring in for a final price
  4. Get paid

 

1. Find a trustworthy engagement ring buyer

The first step in selling your engagement ring is finding a reputable engagement ring buyer. Below are the most popular engagement ring buyers in the UK:

Pawnshops: This local option is for those who want to sell their engagement ring quickly. Some pawnshops may pay on the spot for the engagement ring and in cash. While this selling option sounds convenient, keep in mind that pawnshops do not have trained gemmologists or jewellers on staff who can accurately evaluate your engagement ring’s worth. As pawnshops lack the necessary in-depth understanding of the second-hand engagement ring market and therefore provide sellers with cautious offers. This means that if you sell your engagement ring with a pawnshop, you will not be paid for your engagement ring’s actual worth.

 

Auction Houses: These are a traditional selling option for very rare, high value items. Auction houses employ trained diamond experts who can value your engagement ring for auction purposes. However, in order to sell your engagement ring at an auction house you must be willing to wait an unknown amount of time. You must first wait for an auction to be held and then for your engagement ring to actually be bought. If your engagement ring is sold, the auction house will then take a percentage of your earnings, making the final amount considerably less than what you may be able to get elsewhere. Overall, auction houses are best suited for those who have the luxury of time.

 

Hatton Garden: Conveniently located in London, Hatton Garden has an assortment of engagement ring buyers. You can meet with multiple buyers and hear how much they will offer you for your engagement ring. Keep in mind that not every buyer is a trained gemmologist who can properly assess the worth of your engagement ring and provide you with a fair price. Be warry of potential unscrupulous buyers and those who use high pressure sales tactics.

 

Private Buyers: With websites like eBay and Craigslist, you can easily list your engagement ring. This way you get to pick your own price and sell directly to its buyer. While setting your own price sounds ideal, the reality is that accurately pricing an engagement ring on the second-hand market is very difficult without industry knowledge. When you sell privately you must be willing to wait for someone to buy your exact ring at the price you are looking for, which could take months, if it does sell at all. You must also be cautious of potential scammers whenever transacting with an individual rather than an established company online.

 

WP Diamonds: WP Diamonds are expert engagement ring buyers with an international presence. We are able to provide you with an honest and competitive offer for your engagement ring as well as any loose diamonds, jewellery and watches you may have. As the leading engagement ring buyers, our free, fast and secure service that has earned us hundreds of positive customer reviews.

sell an engagement ring

Our team of GIA trained gemmologists can properly evaluate your engagement ring in accordance to the second-hand market. After you complete our simple online form you can be paid in as little as 24 hours. Best of all, our service is entirely free and there are no hidden fees or commissions that will be deducted from your offer.

Click the button below to get your offer.

2. Receive a price quote sell an engagement ring

Now that you have picked who you will sell an engagement ring to, you are ready to receive a price quote. At the very minimum, you need to know that 4 C’s of the main diamond in your engagement ring in order to get an initial online estimate. With this information we will be able to provide you with a tight quote. The 4 C’s include:

  • Carat Weight: This denotes how heavy the diamond is, abbreviated to ct. The larger the carat weight, the more substantial the price.
  • Cut Grade: This refers to how well cut and proportioned the diamond is. A well-cut diamond allows more light into the stone, creating sparkle and brilliance.
  • Colour Grade: This indicates how much colour the diamond displays. Diamond colour is graded on a scale to D to Z, with D as colourless and Z a light yellow. The less colour in a white diamond, the more valuable it is.
  • Clarity Grade: This refers to the amount of internal inclusions and external blemishes a diamond has. Even if your engagement ring’s diamond may seem flawless to the naked eye, when examined under a loupe, potential flaws can be seen. Diamond clarity is graded from FL (flawless) to I3 (visibly flawed).

If your diamond came with official documents upon its purchase, such as a GIA certificate, you can find all this information and more on this. Even if you don’t have this information, you can still sell your engagement ring. You can meet with a local jeweller to get a rough idea of your engagement ring’s characteristics; they are typically able to provide a simple verbal appraisal free of charge.

Click the button below to get a free price quote for your engagement ring.

3. Schedule an appointment or mail your engagement ring in for a final price

Shortly after you complete our form, one of our diamond experts will contact you with a price quote for your engagement ring. If you are interested in getting your final offer we provide two convenient methods.

how to sell an engagement ring

  • Schedule an appointment: Sell your engagement ring in London, Birmingham, Edinburgh, Bristol or Manchester at our modern, secure and comfortable offices. Birmingham appointments are held Monday through Friday, 10am to 5pm. London appointments are held on a monthly basis and Bristol, Edinburgh and Manchester appointment are held throughout the year. During your 30 minute appointment your engagement ring with be thoroughly evaluated and firmly priced. Click the button below to schedule your appointment.

  • Mail your engagement ring: You can also mail-in your engagement ring from the comfort of your home. We send you a free and fully insured Royal Mail Special Delivery Pack (along with shipping instructions) to send your ring to our Birmingham headquarters. We then notify you once the ring arrives, evaluate it and provide you with a final price. The simplicity, safety and convenience of this option makes it the most popular way to sell an engagement ring in the UK.

 

4. Get paid

If you like your final offer, we can transfer you the final amount. There are no fees or commissions deducted from this whatsoever.

However, if you would rather have your ring returned, we will mail it back to you for free through the same insured mailing service. Our service is always free of charge and there is no obligation to sell.

Author
Bio: Written by one of our diamond, designer jewelry or luxury watch experts. With over 150 years of combined experience, our experts are able to comment on trends, share industry knowledge and provide diamond, designer jewelry and luxury watch education.

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