For more than a thousand years, engagement rings have been used to symbolize lifelong commitment and everlasting love. When you purchase an engagement ring you are making a purchase that is meant to last a lifetime, which is why for many people an engagement ring is one of the most expensive purchases they’ll ever make. In 2023, the average price of an engagement ring is approximately $5,000, but many are worth much more.
While engagement rings are supposed to be worn until death do you part, not all marriages are meant to last forever. When your relationship has reached its end, you may find yourself with an engagement ring or other jewelry that can fetch you quite a bit of cash. Before you head to your local dealer to sell your engagement ring, it’s helpful to understand how the value is calculated to ensure you get the best price.
Factors That Impact Engagement Ring Value
Fine jewelry, like engagement rings, is usually made from a combination of precious metals and precious or semi-precious gemstones. The metal used to craft your ring is often not the most valuable component; the stone or stones used to make an engagement ring typically hold the most value. Diamonds are the most traditional and class precious stone commonly featured in engagement rings, and it is usually the diamond that has the greatest influence over the value of your ring. When a jeweler appraises your ring, they will inevitably appraise your diamond based on four factors: cut, color, clarity, and carat weight.
Cut
It is a common misconception that a diamond’s cut refers to its shape when in actuality the term refers to the symmetry of the stone, the sharpness of its angles, and its brilliance. The cut of a diamond is graded on a scale: poor, fair, good, very good, or excellent. Your dealer will assign your diamond one of those values which will play a key role in the valuation of your ring.
Color
Diamonds are largely perceived as bright, clear, brilliant stones, however, diamonds come in a vast assortment of colors, ranging from a dark yellow or brown to perfectly colorless. The color of a diamond is crucial to determining its price, as colorless diamonds are the most valuable. Each diamond will be assigned a grade on a scale that ranges from D to Z, with D referring to a colorless diamond.
Clarity
The most valuable diamonds are the ones that are free of imperfections. Clarity is a term that addresses the number of imperfections that are present within the diamond. In the same way that they assigned a grade for cut and color, diamonds are assessed on a scale that measures clarity. Clarity ratings range from I3 to FL; I3 refers to diamonds that contain black and white speckled inclusions throughout while refers to stones that are altogether flawless. The closer to flawless a diamond is, the more it is worth.
Carat Weight
Another popular misconception surrounding diamonds is that the carat weight indicates the size of the stone when in actuality it indicates its physical weight. Many people are surprised to learn that two stones can have the same carat weight and be entirely different sizes based on their cuts. As a result, the cut of a diamond often has a much greater impact than the carat weight when assessing the value of an engagement ring.
Make Gold Rush Your Trusted Source For Selling Your Engagement Ring
For more than twelve years, Gold Rush has been the go-to destination for those looking to sell engagement rings. Our team of specialists prides itself on providing world-class customer service in a professional, discreet, and comfortable environment. Gold Rush is proud to offer free consultations that culminate in all-cash offers. We’ll guide you through the process of selling your engagement ring step by step, and we’ll always offer you the highest possible payout. When you’re ready to close a chapter on your past relationship or simply sell jewelry, allow our team of knowledgeable specialists to advise you from start to finish. Gold Rush is standing by and ready to help you secure the best price for your engagement ring.
