Selling Your Wedding Ring After a Divorce in Los Angeles
The end of a marriage can bring many emotions. Once the marital settlement agreement is finalized, it can be emotionally cathartic and financially beneficial to sell your wedding ring. However, you may not have the first idea of where to begin or how to ensure you’re getting a fair price.
Here’s what you should know about selling your wedding ring after a divorce in Los Angeles.
Decide How to Sell Your Ring
When it comes to selling a wedding ring, you can quickly become overwhelmed with the many options for where and how to sell it.
You can sell a wedding ring in Los Angeles to:
- Auction houses
- Online shops
- Independent online buyers
These options all come with pros and cons.
Using an online diamond purchaser is both cost and time-effective because you don’t have to wait around for a buyer to find your ring. This is an issue when you try to sell a ring yourself, whether you sell directly online or use an auction house to facilitate the sale.
A safe second option is to use a reputable Los Angeles jewelry store. However, jewelry stores tend to have less purchasing power. This means they usually have stricter requirements for the types of rings they buy. Factors like the value and style of your ring might mean that a jewelry store isn’t willing to buy it.
The takeaway here is to choose your selling priority.
For speed, use a pawnshop, but expect not to receive the ring’s full amount. For convenience, you can try a local jeweler, but know they might not be interested. For the highest price, you can try selling online, but this can take a long time, and the ring might never sell. For a guaranteed sale at a fair price without long delays, an online diamond or jewelry buyer is the safest option.
Do Your Research
Once you’ve decided on how to sell your ring, you’ll need to narrow down the options. Whichever method of selling you choose, you’ll need to vet the possible buyers.
Initial research should look at:
- Online reviews showing past client experience
- BBB accreditation
- Gemological Institute of America (GIA) certification
- Clearly outlined process of valuation and offer
Research that includes these points should help ensure you’re working with companies with a good track record. You can expect that they will conduct business professionally and give you a fair offer for the ring’s value.
Once you’ve settled on a few good options, begin the process of having the ring valued. To get the best price, go through valuation with two or three companies before selecting the buyer with the highest offer.
Be Prepared for the Resale Value to Be Low
The process of selling a wedding ring is straightforward. If you’ve done your research and chosen a reputable buyer, you should receive a fair offer and payment without much trouble.
However, selling a wedding ring after divorce can sometimes come with surprises. The biggest one has to do with value.
Oftentimes, sellers expect a ring to bring a value similar to the amount they paid for it. This is rarely the case. When a wedding ring is purchased new, it’s usually sold for double or triple the manufacturing costs. This is how diamond and jewelry vendors turn a profit.
However, a ring marked up far past the manufacturing cost means that what you initially paid is not the true value of the stone or the setting. Knowing this in advance can help you avoid disappointment when you receive offers far below what you expected.
You might not have any idea what a fair price for the ring should be. Opting for accredited buyers and waiting for multiple offers is the best way to ensure you get a fair price when selling a wedding ring in Los Angeles.
Contact the family and divorce law firm of Berenji & Associates for help today.
If you’re going through a divorce, you need a strong team on your side fighting for your rights. Call Berenji & Associates today to know how we can assist you.
Beverly Hills Office
9595 Wilshire Blvd Ste 959
Beverly Hills CA 90212