Looking at the wedding rings and engagement rings that are no longer needed, have you ever thought about “Can someone buy it?” and “I have already let go and hope to sell for a good price!”?
Because the ring has special meaning, I hope it will end without regrets in the end. For you, we will explain the points to be aware of when considering selling wedding rings and engagement rings.
Whether you are worry because there are initials engraved on the ring or you are not sure on the second hand market but would like to sell, it is recommended that you can refer to information on various types of store below.
If the ring has never been used, what is the positive points?
1. No scratch and in excellent condition
2. Prepare a complete set when there is buyer (such as box, warranty certificate, invoice etc.). It should give a plus effect on the evaluation.
Customized rings are also able to sell【engraving, initial, name】
It is quite common to see wedding rings and engagement rings that can add unique initials or special engrave. This design method is very popular, but these engrave are also likely to make it difficult to re-sell.
However, please do not worry. It does not mean that unable to find a buyer if have engraving.
If only selling in the form of materials, it is not a problem whether it is engraved or not. If you expected to sell it as a ring, the engrave can also be removed at processing stage. However, the latter may deduct the processing fee from the purchase price, making the final price lower than the initial estimate price.
In addition, if the evaluation determines that the engraving cannot be removed, or elimination of the engraving will damage the value, it may be judged that the purchase cannot be made at this situation.
Purchase price will vary with the material! Following briefly explains the purchase standard
The main point that will be evaluated during selling your wedding rings or engagement rings is the material. What kind of metal and gemstones are used? How much is used? These will greatly affect the purchasing amount.
Typical material for wedding ring and engagement ring, and re-sell information are as below.
When it comes to the widely loved material of wedding rings and engagement rings, it will be platinum. Platinum re-sell market price is as follows (data from September 2020):
Pt950 …… RM75 / g
Pt900 …… RM71 / g
The metal used in a simple design ring weigh about 4 to 5 g. Multiply the unit price and weight to know will roughly purchase amount.
The gold market is still relatively high compare to previous. (data from September 2020)
Common purity and recycle market rate are as below:
K18 …… RM136 / g
K14 …… RM97 / g
If calculated based on the current market, even if the weight of the ring is the same, the gold ring can be sold at a better price than the platinum ring.
The purchase price of silver is extremely low, which is far from platinum or gold. Silver re-sell price is as below (data from September 2020):
Sv1000 …… RM2.00 / g
Sv925 …… RM1.50 / g
Silver can also calculate the re-sell price by multiplying the metal’s weight and the unit price. But the calculation results show that the price is extremely low compared to platinum or gold.
Diamond second-hand market
There are also many wedding rings and engagement rings that use diamonds. Diamonds are also one of the most important material during assessment.
The average size of diamonds commonly used in wedding rings is about 0.3 to 0.5 carat.
Although the purchase amount will vary according to the grade of the diamond, it is roughly RM2,500 to RM7,200.
【Popular brands are tends to sell more!】Brand’s influence on the evaluation
When the ring is appraised, another important point is the brand. If it is a popular brand, there is a good chance that new buyer can be found immediately. At this point, the popularity of each item becomes the focus of the assessment.
The following are the popular brands:
• Harry Winston
• Van Cleef & Arpels
However, the ring may also reduce the estimated value due to big engraving or unable to appraise.
Why do you always feel that the re-sell price is “too low!”?
When assessing the price of pre-used wedding rings and engagement rings, many people feel disappointed that “so cheap…”.
• Unable to evaluate properly
• Deduct the cost “eliminate engraving” from the purchase amount
• Big gap between the first buying price
It is important to choose a store that can correctly evaluate the value of the item. Among the jewellery stores, some companies “only evaluate the material” or “might estimate lower price to avoid risk”.
In addition, one of the characteristics of wedding rings and engagement rings is that the amount when they are purchased is particularly high. This is because in addition to the value of the ring metal or gemstones, other costs such as design fees are added. But at the time of assessment, generally only the value of the material is evaluated. Perhaps it is this gap that makes a lot people feel that the quoted price is low.
Where can I sell it?
Pawn shop (mortgage type)
The operating mechanism of the pawn shop is to keep valuable merchandise and lend the equivalent amount. If the loan cannot be paid, the item will be sold. Purchasing specialty stores is different type and it can be purchased at higher price if served by specialty stores.
Recycle store, K gold specialty store (Sell type)
Although the second-hand purchase store also provides ring purchase services, it handles a wide variety of items from daily necessities to groceries. This feature leads to the fact that the service staff may not have sufficient knowledge and it is likely that the value of the product may be miscalculated. There is no such risk in the assessment of specialty stores.
When re-selling wedding rings and engagement rings, store choice is particularly important. There are many types of shops that provide purchase services, but it is recommended that to go to a specialized purchase store.
In addition, many second-hand shops provide courier method to purchase, so people who are worried that “a man would be embarrassed to sell ring by himself…” can rest assured. If you decide to entrust the purchase to the store, it is recommended to pick a store that concerns about customer’s privacy. There are also various of specialty stores. It is recommended that you refer to someone who has experience to the store before deciding to use which store.
Do the explanations above clear your doubts about selling wedding rings and engagement rings? When you are thinking of “Wanting to say goodbye to the ring and let go of your worries!”, I suggest you take practical action. Select a trusted store and express your needs!