How To Sell Your Wedding Ring
Want to learn how to sell your wedding ring? If your wedding ring has no sentimental value and it’s just another piece of jewelry, all systems are go and you can begin your selling strategy. Technology has made selling items simple because now you have access to millions of potential customers. You need to know how to showcase your product so potential jewelry buyers will select your item. Don’t worry if you're not a jeweler; the following tips will help you sell your wedding ring.
Things you'll need:
- Shipping box and boxing materials
- Unwanted wedding ring
- Know the merchandise you are selling. The specifics of jewelry are important. The price is usually based on the details. Is the band gold, platinum or sterling silver?
- Size. Yes, size matters (in most cases). Buyers are not going to have an opportunity to try on the ring before the purchase--they will go by what you tell them. If you don’t remember the ring's size, take the ring to a jeweler and have it sized. The size can usually be found on the sales receipt.
- Price. This is where most people have a problem since there is the price you want and the price you will settle for. If you need help determining the asking price, check out the competition. What are people asking for wedding rings similar to yours? What was the original price you paid? Don’t assume your wedding ring appreciated in value.
- Customers. You may find your customers on eBay, Craigslist or your local paper. Sending an email blast is another opportunity to get the word out about the wedding ring you are selling. Pawn shops buy jewelry, but they aren’t going to offer you much money. Reputable jewelry stores will be more inclined to offer you a slightly higher price. Your best deal will most likely come from selling it yourself without a middleman. Avoid having a prospective buyer come to your home unless you know them.
- Payments. Avoid taking checks, especially from people you don't know. If possible, avoid taking payments. You are not a lending institution. PayPal is a payment option to consider. It is relatively easy to set up. Clients send payment to your PayPal account, which would then be deposited to your personal bank account. In the event you ship the merchandise, make sure you receive confirmation of payment first.
- Details. Make sure you write “all sales final” and "no refunds or returns" on the receipt. Include any pertinent information. If there is a chip in a stone, include that information on the receipt.
- Delivery. Shipping is the safest way to get the ring to your purchaser. You may want to consider this method even if the purchaser is local. Ship the ring via UPS or FedEx. You can also use USPS; however, with the private services, you have more shipping options. They will even pick up the package. Don't skimp on shipping materials. Make sure the box is sturdy and wrap the actual ring box in plastic. Include the receipt, appraisal and any important information in the box. Clearly label the box with the buyer's shipping information. Get a confirmation of delivery receipt and keep it in a safe place for your records.
- Insurance. When shipping, insure your package with the shipper. Insure for the "appraised" amount, not the selling price.