California divorced mom Marissa Forrester's 1.5 carat diamond engagement ring had a retail value of $10,000 in 2021. Eight years later in 2023, she sold it online for a quarter of that — $2,500.
While the resale value of a diamond has always been very low — 50% or even far less —the last two years diamond prices have plummeted as inexpensive lab-grown diamonds compete with natural stones, and the global economy is depressed.
One online diamond buyer told me that the resale value can be as little as 5%.
“People are always suprised by how little their diamond is worth, but diamond retail prices have always been inflated and now prices are dropping like crazy,” he said.
Analysts predict these trends will not reverse soon, if ever.1,2
While it may be disappointing to sell such an expensive item for such a small sum, it may make sense to sell now before prices drop further.
Often, the gold or platinum of your engagement ring is worth more than the diamond. Most buyers will give you cash for precious metals, so be sure to send those in along with your stone.
Based on our criteria, which we detail, these are your four best options to get the most money for your diamond engagement ring:
- Where to sell diamonds for immediate cash: Pawn shop
- Best overall places to sell most wedding and engagement rings online: DiamondsUSA
- Good choice for designer engagement rings: Worthy
- Best way to get cash without selling your engagement ring: Diamond Banc (for jewelry loans)
Best place to sell your diamond engagement ring for immediate cash: Local pawn broker near you
Pawnshops can have a bad reputation for paying pennies on the dollar. There are many local pawnbrokers that are honest, reputable business that will pay you a fair price for your diamond — or extend a pawn loan.
Pros:
- Immediate cash
- Do business with a local company in your community
- Possibility of pawn loan
Cons:
- Unlikely to get highest price for your engagement ring
This post outlines how to find a reputable, legit pawnshop in your community, and sell for the highest price (tip: know the value of your ring and always negotiate).
Find a pawnbroker near you:
Best overall place to sell your diamond ring: Diamonds USA
Selling your engagement ring to a local jeweler or pawn shop may give you quick cash, which is important to a lot of people. However, local jewelry buyers typically pay less than online buyers — plus also require you to leave your house (annoying), and are far less private than online diamonds buyers. Selling to a pawnshop can be embarrassing.
We recommend reputable online diamond buyer DiamondsUSA, which pays within 24 hours of an accepted offer, has an A+ BBB rating, and ships fully insured from your home. They also guarantee they will beat any written price for your item.
DiamondsUSA is one of the best gold and jewelry buyers on the market and buys any and all sizes of gold and diamond jewelry and accept lab-grown diamonds.
Other buyers require a minimum size and value of diamond, typically .5 carats and $1,000. Only a few diamond buyers take lab-grown diamonds.
These are some recent Diamond USA sales:
January 2024 — White gold engagement ring set with 1.29 carat center stone with a clarity I1 with color J-K w strong fluorescence. Paid $1,500:
January 2024 — 1.16 total carat weight engagement ring set, paid $445:
January 2024 — 1.78 total carat weight engagement ring set, paid $550:
January 2024 — 2.89 total carat weight engagement ring set, paid $903:
DiamondsUSA is also a good option for selling gold and platinum wedding rings. Actually, DiamondsUSA and its sister sites, CashforGoldUSA and CashforSilverUSA, can help you sell the following:
- Diamond ring with a center stone of any size
- Wedding ring with lots of small diamonds in the setting (known as melee diamonds)
- Engagement ring with small diamonds or other gemstones in the setting
- All other diamond, gold, gemstone or even silver jewelry, coins and bullion
Where to sell a designer engagement ring: Worthy
If you have something that’s high value because you have large diamonds or a designer engagement ring (, Cartier, Harry Winston, , etc.), and you don't need the money immediately, consider Worthy. Here’s why:
Check out myWorthy reviewto learn more about my personal experience selling an engagement ring with the auction platform.
Where to get cash for your engagement ring without selling: Diamond Banc
If you need to get the most money for your engagement ring today, but you don’t really want to sell it, then consider a jewelry loan from Diamond Banc. A jewelry loan allows you to send in your engagement ring (or other jewelry) as collateral against a loan, in exchange for interest.
Learn more about how jewelry loans work and read our Diamond Banc review.
Moissanite vs diamond: What to know about resale value in 2023
Cubic zirconia vs diamonds: What to know before you buy
How to sell your diamond ring or wedding ring
Here are the basic steps for how to sell your diamond engagement ring or wedding band:
1. Gather all the information you have about your ring
If you have a GIA certificate for your diamond or other lab report, the original box, receipt, and any documentation of the size and quality of the stones and metal, send or bring it with you when you sell.
There are just a couple of internationally recognized jewelry grading laboratories. These include:
- Gemological Institute of America (GIA), based in New York City
- International Gemological Institute (IGI), based in Antwerp, Belgium
The resale value of your engagement ring depends on the size, cut, clarity and color of the stone, as well as the market value of the precious metal in which it is set. Plus, yours might be worth more if it's from a designer jewelry brand. All of these can be documented in a lab report or even a diamond appraisal.
These reports typically cost between $100 and $300, so they're only worth it if your item is worth at least $1,000.
More later on how to value your diamond engagement ring.
2. Get an appraisal of your ring and diamond
It is important to understand what your ring is worth on the resale market, including the grade and weight of its stones and setting. A quality jewelry appraisal or lab report will document these details.
An appraisal can also help you determine how much your engagement ring or wedding ring is worth. Most local jewelers in your community will offer an appraisal, often for free.
This can be a good estimate of the replacement value of your jewelry, which can help you get it insured and understand its retail value (the price you would pay today for the item in a store).
Learn more about how to get a jewelry appraisal and diamond certification, if you don’t already have these documents.
3. Get offers from multiple buyers
You can always start with a quote from a jewelry store, diamond buyer, or pawn shop near you.
It’s also easy to obtain multiple offers from online ring buyers, including Abe Mor (for designer engagement rings with larger stones) and DiamondsUSA (for any jewelry). Or, if you’re not ready to sell, you can apply for a loan on your ring from Diamond Banc.
These sites will ask you for some basic information either online or over the phone. Then they will make an estimate. From there, a quality online buyer will send a free FedEx, UPS, or USPS mailer that includes insurance, and you should be able to track your item all the way to the buyer, through their specific selling process.
If your ring is worth more than $1,000, you can also try to auction your ring through online jewelry marketplace, Worthy.com.
Read more about how Worthy works in our Worthy.com review.
Understanding diamond ring resale value
One of the reasons many women choose not to sell their engagement ring is that the price they are quoted from a jeweler or auction site is much lower than they believe their ring is to be worth.
There are several reasons for this:
- Wholesale ring buyers need to make a profit when they resell your ring or earrings, so they like to buy low, and then turn around and sell your diamond for a higher price.
- The market for diamonds and jewelry changes all the time, so the market price of your jewelry may have dropped since it was originally purchased. Also, engagement ring resale value fluctuates with supply and demand. Diamond values are down at least 25% over the paste year alone.
- There is often confusion about the total carat weight of a diamond ring or other jewelry. A common misunderstanding is that the jewelry owner believes that, for example, she has a 1-carat engagement ring, when in reality, the center stone is .5 carats, and the surrounding smaller stones total .5 carats. Most jewelers or ring buyers value the smaller stones very little — perhaps less than $100 total in this case — and are only interested in the center stone.
- Many people also do not know the actual, certified resale value of their diamond center stone.
Do diamond engagement rings hold their value?
While over time, diamonds have historically risen in value from a retail price point, do not expect to get your money back on an engagement ring. Typically, resale value of fine gemstone jewelry is one-third to one-half of what you pay for it.
In recent years, diamond prices have fallen by nearly 50% thanks to global economic pressure and the influx of lab-grown diamonds. Analysts do not expect diamond prices to return.
Should I get my engagement ring appraised before selling?
An appraisal from a local jeweler is useful for insurance resale value, or perhaps to understand the quality of your engagement ring. A lab report can be very helpful in selling your engagement ring, or getting a loan against your ring, but will cost $100 to $300, so this only makes sense for more valuable items.
How much will I get if I sell my diamond ring? How much is a diamond worth?
Your engagement ring is worth the current market price for the diamond and metal.
The real value in selling your wedding or engagement ring or other jewelry you don’t wear is that it frees up all that negative energy attached to the item, stewing indefinitely in your jewelry box. It felt good to rid my home and mind of that significant marriage memento.
Even if you loved the ring, loved your ex, loved being married, love any kids that came from that union (yes, yes, yes, yes for me), it is time to move on and free the mental energy attached to the ring — not to mention the money!
How much will a jeweler pay for a diamond ring or wedding ring set?
A jeweler will likely pay you anywhere from 5% to 50% of the retail value of your ring, similar to pawn shops. Again, this may be less than what you would get from an online buyer, as a jeweler will have a higher markup. Shop around to ensure you get the best price and always negotiate.
How much can you sell an engagement ring for?
A 1-carat diamond and gold engagement ring will fetch resale prices ranging from $1,000 to $5,000, depending on the cut, quality and setting. Platinum setting and large side stones can mean higher prices, as can name brands like Tiffany or Cartier.
Bottom line: What’s the best way to sell wedding rings?
Relationship ended? Why keep your ring when you could use the cash?
A couple years after my divorce, I sold my engagement ring and wedding band, used it for a family vacation, and never looked back.
I admit that the cash I earned by reselling my engagement ring was less than I’d hoped, but after some research, I understood that there is a significant difference between retail and resale value of a diamond. It is what it is.
I only received a fraction of what my now ex-husband and I paid for it, but I felt I got a fair price and used the proceeds to fund a trip my kids took to Europe with their dad to visit family — which, again, I felt good about.
Our recommendation for the best place to sell wedding rings is online through DiamondsUSA.
How about you? Do you still have your engagement ring? Do you feel you understood the true resale value of your jewelry?
Share in the comments!
SOURCES
- Rapaport Market Comment, Nov. 9, 2023 https://rapaport.com/market-comment/market-comment-52/
- “Why Retail Jewelers Aren’t Buying: A changed approach to diamond inventory is causing a slowdown in polished trading,” by Avi Krawitz, Rapaport News. Sept. 26, 2023. https://rapaport.com/analysis/why-retail-jewelers-arent-buying/
Where can I sell my engagement ring for the most money?
Selling your engagement ring to a local jeweler or pawn shop may give you quick cash, which is important to a lot of people. However, brick-and-mortar jewelry buyers typically pay less than online buyers, so I recommend considering a reputable diamond buyer online.
Do engagement rings hold their value?
While over time, diamonds have historically risen in value from a retail price point, do not expect to get your money back on an engagement ring. Typically, resale value of fine gemstone jewelry is one-third to one-half of what you pay for it. Diamond prices have been declining over the past year.
How much can you sell an engagement ring for?
A 1-carat diamond and gold engagement ring will fetch resale prices ranging from $1,000 to $5,000, depending on the cut, quality and setting. Large side stones can mean higher prices, as can name brands like Tiffany or Cartier.
How much will a jeweler pay for a diamond ring?
A jeweler will likely pay you anywhere from 20% to 50% of the retail value of your ring. Shop around to ensure you get the best price.
Should you sell your engagement ring?
Overall, I am a huge fan of selling your engagement ring in the event that your relationship ends, and I did so myself. Diamond prices are declining, so best to sell now before your ring is worth less in the future.
