If you have a diamond engagement ring that you no longer need or have inherited, and wish to sell, then it is important to be very careful in the process of doing so.

Finding the right person for your item is vital to getting a good price, and selling such valuable items can very occasionally lead to dangerous situations. By following these five simple steps, you can ensure that the transaction is a smooth one and that you are happy with the price you get.

Step 1: Find a reputable diamond engagement ring buyer

Finding a reputable buyer for your ring is central to your sale: they are more likely to provide a decent price and you can be sure that everything is above board. Survey the antiques scene in your local area, speak to local people who are in the know and find the right person for you. You can also look online and read ratings, comments and other testimonials to find the right choice.

Step 2: If you trust the buyer, they should be willing to come to you, or else meet you in a secure public location

If you have found a good buyer, they should be able to come to you to evaluate the item, or you can meet them in their shop or another public location. If you don’t trust the meeting area or find that their behaviour is in any way strange, pushy or unusual, then do not visit them. Likewise, do not give too much information on the ring, or yourself, in advance. This may sound overly cautious, but safety is important when dealing with valuable items.

Step 3: Let them evaluate your ring and give you a competitive price

Being experts in diamonds, antiques or jewellery, they should be able to fairly and thoroughly inspect the item and give you a quote for it. If you are unhappy with the amount, then you are free to walk away. Likewise, you can always find a second opinion at a valuing centre and inform them of the amount.

Step 4: If you’re happy, they’ll pay you within one or two working days

If you are happy with the amount, dealers should pay you within a few working days, if not immediately. Ensure that you have the necessary documentation and receipts to prove that you have given them the item, and received the money. If they don’t provide you with the proof that you require, do not give them the ring.

Step 5: Use your money to go on a shopping spree, buy a gift, go on holiday or even pay off debt

After the deal is complete, you can spend the money on whatever you want! A sudden influx of cash can help enormously with bills or debt, or even pay for a shopping spree or gifts. It’s completely up to you.