Should I Sell my Old Engagement Ring Legal, Financial & Practical Questions Answered

Should I Sell my Old Engagement Ring? Legal, Financial & Practical Questions Answered

A diamond might be forever, but that does not necessarily mean it should remain with the same person forever. Selling an engagement ring when a relationship has ended is a sensitive situation; fortunately, there are a few options available to make life a little bit easier. 

Here are a few of the commonly asked questions when it comes to selling an engagement ring.

Can I legally sell my engagement ring?

The short answer is yes. Engagement rings are considered gifts and therefore the ring is yours to sell as you see fit. If the relationship has ended amicably (or even if it hasn’t) it is usually accepted by both parties that the engagement ring belongs to the person who received it.

The reality can be a bit more complicated, particularly if you are going to court. In a perfect world, yourself and your ex-partner will both agree to the sale of the ring. If you have any concerns, speak to a family lawyer before selling. 

How much will I get when I sell my engagement ring?

The price will be calculated on the quality, whether the diamond is certified, the market at the time and the condition. It is unlikely that you will make money on the ring, unless the diamond is incredibly rare (such as a D-IF, for example or an unusual piece from a top-end jewelry house). When a jeweller buys a ring, they are generally only looking at the centre stone, which they will set in a new ring and re-sell. If your ring has a very ornate setting, you are likely to lose more money than a ring with a simple setting but a high-quality central diamond. 

Shop around and get a few different quotes both in-stores and online to work out a benchmark price. 

The relationship ended but I don’t want to sell the ring – what can I do?

If you are happy to keep wearing the ring there is no reason why you can’t continue to do so. However, another great option is to have the ring made into a piece of brand new, custom jewelry. This could be a brand-new ring, a necklace…whatever the jeweller feels is possible. Take a look at the custom jewelry from to get an idea of what can be achieved. 

Where should I sell my engagement ring?

Pawn shops, e-bay, second-hand jewellers, auction houses…the list goes on. Deciding where to sell your ring depends on the ring itself. If the diamond is exceptional and certified, auction houses and expert jewellers are the best way to go. If it is more generic, without certification or if the diamond is damaged, pawn shops or e-bay are a better idea. 

The key is to know what you are working with. Have an independent appraisal done, speak to some experts and do some research online to find out what similar items are selling for – this is the best way to make sure you don’t get ripped off. 

And finally, is it bad luck to sell an engagement ring?

There are a lot of superstitions surrounding weddings, rings and engagement but selling an engagement ring can be a great step towards the next chapter of your life. Whether you choose to sell, re-purpose or hand down your engagement ring, jewelry can quickly take on a new life – and so will you.

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