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Q Insights

Jewellery insurance info, helpful guides, resources and industry-leading insights.

 

Jewellery Insurance

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The Complete Guide to Jewellery Insurance

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It’s not just another piece of jewellery.

Selling an engagement ring carries significant emotional weight, whether you’ve gotten divorced, called off the wedding, or just decided to trade up for a more expensive piece.

Working through emotions is critical, but you also need some practical know-how. That’s what you’ll find in this post.

 

Are You Ready?

Once it’s gone, it’s gone, so make sure you’re prepared to take this step. If you’ve made the decision rashly, you may regret letting it go. You’ll also want to make sure your emotional state doesn’t affect your ability to price the ring fairly. Try to see the ring as an item to be sold, not as an object that symbolises a loss.

 

Prepare the Ring

If you don’t have the ring’s original certification from a certified diamond lab, consider sending it to a reputable local lab that can score it on the 4Cs. Prospective buyers will want to see this certification, just like you did when you went diamond shopping.

Clean the ring yourself if it’s in good shape, or take it to your local jeweller for service. Professional cleaning and polishing will increase its appeal and help it to look its best in marketing photos.

 

Research the Value of the Ring

The original purchase price of a ring is generally not a useful guide for establishing its current value. Jewellery prices fluctuate, depending on metal prices, the existing stock of diamonds and the ring’s condition.

Obtain an appraisal for the most reliable assessment of a ring’s value. Keep in mind, however, that appraisals can be expensive. If the ring isn’t worth a lot, this cost may cut into your profits more than you’d like.

A less expensive alternative to a professional jewellery appraisal is an estimate from a jewellery buyer or pawnbroker. For best results, get two or three opinions before you settle on a price. Keep in mind that jewellery buyers and pawnbrokers are in the business of turning a profit so their assessments may be skewed higher than actual market value.

Finally, expect to settle for slightly less than full value. When people look for used rings, they’re generally seeking a good deal. If you expect too much, you may have to lower your price eventually.

 

Evaluating Your Selling Options

You have several options for selling an engagement ring. Each has its pros and cons.

 

Sell to a Business

The quickest way to sell an engagement ring is to sell it to a business that purchases used rings. These include jewellery stores, pawnbrokers and even diamond dealers. If you choose this route, select a company with a long history and good reputation. You’ll be able to offload your ring right away, although you may not receive payment until it’s sold. This is usually the case for rings taken on consignment.

 

Sell to an Individual

The other main alternative is to sell your engagement ring directly to an individual. You may be able to fetch a higher price with this method, but it takes more work on your part.

To advertise the sale, list the ring on classified ads sites. You might also consider using eBay or I Do Now I Don’t, which uses an escrow payment system to protect both buyer and seller. Whatever method you choose, be aware of scammers, and take necessary precautions. For example, if you arrange to meet a potential buyer somewhere, choose a safe, public place, such as a police station.

 

Protect Yourself During the Sale

If you ship the ring to a buyer, document everything about the sale, including photographs of its condition before it leaves you. Track your package, so you know when the buyer receives the ring. Require electronic payment or cash.

 

Keep it Insured

While the ring is under your ownership, keep it insured by Q Report. With engagement ring cover, your ring will be protected from loss, theft and damage. To learn more about our insurance, get in touch with us, or obtain a free online quote today.

 

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Engagement Ring Budget Calculator

What you need to save to meet your timeframe and budget is:

This has not taken cut, colour, clarity or carat, your financial situation or your partners taste into account. There are many factors that can reduce or increase the value of an engagement ring.


Not sure where to start?

Speak with one of our Q Certified Jewellers to find out what you can afford, what your partner is looking for and what will financially work best for you.

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