Buying an engagement ring on eBay: Top 10 tips

When it comes to romantic gifts, nothing quite rivals jewelry, and an engagement ring is an ultimate symbol of love. They can be a considerable financial investment, however, and it is not always easy to find the desired ring at a suitable price.

In terms of affordability and getting value for money, it’s difficult to beat the internet’s biggest online auction site, and buying an engagement ring on eBay can save you hundreds, or in some cases, thousands of dollars. But the thought of spending so much money over the internet can be intimidating – so I put together this top 10 tips list with the intention of helping people to maximize their savings and minimize the risks when buying a ring on eBay.

There are a number of places to look, if you want to get good value on an engagement ring, but eBay is the best, in my experience. There are two main reasons. The first is that eBay has a buyer protection program, this means that most transactions are covered if something goes seriously wrong (see 10). The second reason why I would recommend eBay is that it’s generally so much cheaper than anywhere else. This is because an online jewelry merchant doesn’t have all the overheads that a bricks and mortar store has, plus there aren’t multiple middlemen, each adding on a markup. The online jewelry merchant can therefore still make a profit, while you pay less.

As well as merchants, you will also find engagement rings being sold by individuals on eBay. They might be selling their ring because they have become divorced, or their engagement was broken, or they inherited the ring from a relative and decided that they didn’t want it. Whatever the reason, as with the merchants, you will often find that there are opportunities for great value deals that you wouldn’t find elsewhere.

Be sensible by following the tips below and you can make major savings on your engagement ring without taking any excessive risks. The money that you have leftover can then be used for your wedding.

1. First of all, make sure that you know what your fiancée-to-be’s preferences are regarding rings. This might mean doing some detective work, asking her friends and relatives about her tastes and whether she likes yellow or white gold, silver, or platinum. The three most popular styles of ring at present are: diamond solitaire rings, diamond solitaire rings with accents, and diamond three-stone rings.

2. To find engagement rings on eBay, go to the ‘Jewelry and Watches’ section, and then ‘Engagement and Wedding’, followed by ‘Engagement’ and then select the type of ring that you are after. You can click the category boxes on the left to narrow your listings more. Alternatively, use the eBay search box, using specific words to define the type of ring that you want. Don’t be afraid to spend one or two days exploring engagement rings on eBay before you make a bid on anything, especially if you don’t buy regularly on eBay. You can keep an eye on individual items by using the “Watch this item” function to see how the bidding works.

3. Research the seller using the buyer feedback section on eBay. I would generally want a feedback score of at least 98% when buying an engagement ring on eBay. Read the previous buyers’ feedback comments too. Email the seller with any additional queries that you have and see how quickly and efficiently they respond.

4. Make sure that the eBay engagement ring you plan to buy comes with a certificate of authenticity. Visit websites like Diamond Grading, GIA and Pricescope and do some research, if you are at all unsure. These sites are a great resource for diamond buyers generally and will give you an understanding of the essentials of the trade.

5. Once you have decided that you are interested in a ring, decide what the maximum is that you are prepared to pay for it in advance and then stick to that maximum. You can start with a low bid and go higher, but try to resist the temptation to get drawn into a bidding war and go above your maximum.

6. Check with the seller that the ring pictured on eBay is the actually one that is being sold. Sometimes the big traders use a generic stock photo - usually that’s because it’s less trouble for them if they sell a lot of rings, rather than any sort of deceptiveness. Contact them and ask for a photo of the actual ring being sold, if that’s the case.

7. Take a close look at the seller’s returns policy and make sure that you can get your money back if you are not satisfied. I personally wouldn’t buy from any seller who has an ‘all sales final’ policy. It is perfectly reasonable to want to have the opportunity to check out the engagement ring and make sure that it is the one that you paid for.

8. Remember to include the delivery costs when you are calculating how much to bid for the ring - if you paying a lot of money, ensure that the seller will insure the engagement ring when it ships.

9. Make sure that you pay forthering using eBay - sales conducted outside of eBay are not covered by eBay protection program (see 10). Use payment systems like PayPal, as instant cash wire transfer services are not safe if you are sending money to people that you don’t know.

10. eBaby have a buyer protection program which is meant for situations such as you not receiving the ring that was described on eBay, or you not receiving the ring at all. The program can cover the cost of the ring and the shipping costs in situations where you qualify. For more information on eBay Buyer Protection and what it does and doesn’t cover, see here.