What paperwork will I need?
“Take time to gather all available documentation for your ring, such as certificates for any gemstones and diamonds,” says Ms Smith. This documentation can significantly impact the value of your item, especially if it confirms provenance or comes from a renowned gemological or grading laboratory.
However, if you don’t have any documentation, it doesn’t mean you won’t be able to sell your ring. A qualified gemologist at a reputable jeweller or auction house will be familiar with the “four C’s” – colour, clarity, cut and carat – and should be able to accurately grade and value your diamond(s).
While an insurance valuation might be a useful part of preliminary conversations, Ms Smith says there’s little point in paying for a new valuation to aid a sale.
“Such valuations have no bearing on the selling price of your engagement ring and are therefore not a cost-effective undertaking,” Ms Smith adds. “If a jeweller insists on an insurance valuation before considering the purchase, it may indicate a lack of in-house expertise.”
How do I know what’s a good price?
It’s important to be realistic – the sale price for your ring may well be significantly lower than what it was bought for.
Ms Smith says: “Several factors influence its current value, including fluctuating market conditions and evolving fashion trends. As a second-hand item, an engagement ring cannot be sold at the same price as a new one, which also includes VAT.”
She added: “There is no standard guideline for how much you will recoup when selling an engagement ring, as it depends on numerous factors. These include the duration of ownership, the condition of the ring, its design and demand and the original purchase price.”
This is why it makes sense to get a number of offers, to give you the confidence that the price you are getting is fair.
What factors will affect the price of my ring?
If you’re planning to sell your ring to a jeweller or pawn shop, the offer you get is likely to hinge on how easily they think they’ll be able to sell it.
Ms Smith says: “Some designs may be dated or in high demand; for example, bark texturing from the 1970s is less desirable today, while original 70s and 80s fine, coloured, gemstone rings by sought-after jewellery houses are experiencing a resurgence in popularity.”
Ms Padfield adds: “Bespoke rings with inscriptions can be a little tricky to sell as they are very much a reminder of their previous owner. Inscriptions are easy to remove, so there is always that option.
“White gold and platinum seem to be more popular than yellow gold with our buyers.”