An engagement ring is a different story. Obviously, you wouldn’t want to post an ad selling this item on your social networking accounts as this creates a lot of turmoil and intrigue. Your potential market in sites like Facebook will consist of your family and friends. So if you want to avoid answering annoying and repetitive questions, social media is not the way to go.
If you still plan to sell online, this leaves you with “free” ad posting sites like eBay and Craigslist. The beauty of these sites is that you have a wide range of potential market that visits them specifically to buy products and services, or to sell them. eBay has around 162 million users which makes it an attractive option. With eBay, you can even put up your item in an auction, which is the best way to hike up the price. Craigslist, on the other hand, lets you specify the locality in which you want your ad posted. If you want to post your ad for an engagement ring in a different city for privacy, you can absolutely do so with both sites.
There is a lot of downside with online postings though. With eBay, the first 50 listings are free but once your product has been bought, it charges you with a 10% commission on the total amount of sale. Although this is cheap if you put into account the reputation, security, support, and technical expertise that come with posting on their website, it is still money out of your pocket. There are also instances of eBay scams wherein the buyer claims that the product delivered to them is not as advertised, which will result in an item return and refund. The buyer then sends in a different item or brand than the one you sent out. For an item as precious (or as expensive) as an engagement ring, this is a big risk to take.
The same can be said about Craigslist. Although the beauty of the site is that it directly connects you with the buyer in your locality, there are also inherent risks that come with it. Craigslist is open-for-all listings and is accessed by scammers and fraudsters on a regular basis. Unlike eBay, the payment process with a Craigslist transaction is left to the discretion of the buyer and the seller. This results in multiple cases of bouncing checks and fraudulent wire transfers.
This leaves you, then, with local stores or pawnshops that buy and sell products. This is your best bet when selling your engagement ring. Choose one which has a strong reputation and has been around for a long time. It not only has a physical location where you can take your product, but also, the payment is upfront. It makes for a quick and seamless transaction with someone you can trust. These shops have reputations to uphold and the risks are reduced to a minimum. Since you are speaking face-to-face with a person, you can also request the seller to keep the transaction quiet to protect your privacy. And in the case of pawnshops, you can open the possibility of retrieving your item by just pawning it first, then paying for it later.