by Ashley
Let me preface this post by saying that I am NOT ready to sell my ring(s) just yet. But I’d like to crowd-source some info and get opinions from those who have been there/done that on what worked or what to avoid.
Let’s talk rings. Engagement rings, specifically.
When hubs and I split up, we each kept our own rings. I typically wore just my wedding band – a thin solid gold band. While I LOVED my engagement ring, I found it to be a little too big and gaudy. It’d often snag fabrics and just get in the way in general. Plus, it was white gold and while I like the color white gold, the rhodium plating wears off with use (unlike a platinum band or yellow gold band, for comparison) so I never wanted to wear it when I was jogging or working out, etc. In total, I usually wore my actual engagement ring only once or twice a month. All the rest of the time, I just wore the solid gold wedding band.
When talking to a girlfriend recently, she brought up the idea of selling my engagement ring. Maybe it sounds naive, but the thought honestly had not even occurred to me. And although I don’t feel like I’m in a place to run out and sell my ring today…..I do think it’s prudent to start gathering information on the best ways to go about selling one’s old ring. I still have the original paperwork. The ring’s retail price was originally $6,000. Even if I could only sell it for half that amount….I could really use the $3,000-ish it might fetch.
But in talking to a couple other divorced ladies, many of them commented that they were only able to get a couple hundred bucks for their wedding rings. It doesn’t seem worth if if that’s the going rate. I definitely don’t expect to get retail value….but I’m not going to sell a $6,000 ring for $500 either.
What are your thoughts? Have you had good luck (or bad luck) with any specific sites or services? I’ve read that online resale is the way to go (in contrast to going to a local pawn shop or jewelry store where they just melt it down and give you the price of scrap gold). But it feels scary to sell a ring online – I’d want to make sure it’s a super reputable site, etc. I’d love to hear any tips or suggestions/recommendations the BAD readership may have!
Hi, I’m Ashley! Arizonan on paper, Texan at heart. Lover of running, blogging, and all things cheeeeese. Freshly 40, married mother of two, working in academia. Trying to finally (finally!) pay off that ridiculous 6-digit student loan debt!
I’ve never tried selling jewelry, but I’ve heard that pieces like engagement rings really don’t have much resale value.
Your friends are right, resale value on diamonds is abysmal. I doubt you could get the $3,000 you are hoping for. I did sell my engagement ring from my first marriage and got around $200 for a $1,500 ring (this was the early 2000s). Have you thought about saving it to give to one of your girls someday?
To honor your past love, why not have it transformed into a necklace, pendant, etc.?
If they aren’t sentimental, sure sell them. You may not get much but if you need the money, why not.
There is a website called “I do now I don’t” that you should research —they sell a lot of them.
Or, you could save it and have it made into a pendant for you or your girls to wear someday.
this is where i sold my rings from my first marriage it was easy.
I agree that you might be able to get more than some people say. The internet has changed things up. Do you have the diamond certification? If so, this really helps. My father in law had a jewelry store. When he died, we were able to sell some lose stones this way. Didn’t get full value but it was worth selling rather than keeping in a drawer.
I sold a $5000. Ring for about $1200 after several negotiations at a pawn shop. They just melt down the metal and wholesale the stone. I may have gotten more selling to an individual but, didn’t want the time/hassle/buyers flaking out etc. It didn’t have sentimental value for me and I haven’t regretted it.
I wouldn’t be in a rush to sell the diamond at a big discount. My thought would be to hold on to it for your daughters. A reputable jeweler should be willing to take it in exchange for another piece of jewelry. Perhaps you could trade for diamond earrings for yourself. Or two smaller stones (pendant necklaces) for your daughters.
Your ring isn’t worth $6k. It’s only worth what someone is willing to pay.
Are you absolutely certain that it will end in divorce? If not, and asuming you dont need the money for rent, I would just wait. I probably would just keep it anyway. Markup on jewelry is huge, and resale is low. You may only end up with $1,000. May be better just to keep the stone for another piece someday.
It’s ironic you post this on what would have been my 14th anniversary (we divorced 5 years ago). I ended up pawning my rings about two years post divorce. I only got $200 for them, but at that point it wasn’t about the money, it was about purging my life of things I no longer wanted to hold on to. I took the money and got a tattoo.
You will know when you are ready to get rid of them. It shouldn’t be a financial decision because in the end, it’s not about how much money you get but freeing yourself of their significance. I have no regrets that it took me a couple years before I was ready and I love my tattoo symbolizing my freedom.
Be kind to yourself, the first year is really awful.