Best way to sell diamond ring?

[HayGan]

I'm looking to sell my engagement ring due to divorce (no I don't want to keep it for my kids). The diamonds have more value than the gold. I assume that it is best to take it to different jewelers to get quotes? Any suggestions on negotiations in such a transaction? I'm not selling because I need to sell it but because I want to sell it. I'll hold on to it if I don't think that I'm getting a fair price.

 

[Lisa71]

I sold mine after my divorce from my first spouse and had a horrible time with getting a good price as many did not want a"used" ring (bad luck I guess). Call around and be prepared to take your time.

 

[Vickibean]

What about donating it? Take the tax write-off.

I donated mine to a local women's shelter for a charity auction.

Pick whatever charity would have irked your ex the most.

 

[apirateslifeforme]

I went to 3 different jewelry stores. All of them offered me about the same amount (within $10 of each other), so I finally just took them up on it. I admit I didn't get very much for it, but I was divorced 6 years ago, I'm remarried and I just wanted to be rid of the thing (as an aside, I sold my wedding ring 2 years after the divorce as well).

 

[Darcy03231]

Because the mark-up in jewelry is so high used pieces don't tend to bring much for resale. I know at the local jewelry auctions we go to stuff tends to go for pennies on the dollar unless it has a brand name associated with it like Rolex or Tiffany, and even those items don't go anywhere near retail.

 

[bumbershoot]

Although the diamonds might have *cost* more than the gold originally, in order to realize their value you would need to find a buyer for them. And I haven't yet met a jeweler who will buy loose gems for anything even close to what they would sell them for.

Honestly I'd hold on to the ring or at least the diamonds, and later have something made from them. My stepdad and mom did that; made a necklace for me from their old wedding and engagement rings. At the time it was lovely. And then the late 80s ended and the monstrosity they made for me went out of style (it was made in Miami and it seriously looked like something a dealer from Miami Vice would wear, LOL), and years later I wanted to sell it. The gold was worth FAR more than the 3 diamonds were, so I still have the diamonds in a baggie and used the money from the gold. Same for the diamonds from my grandmother's engagement ring. (they were added on later as my grandpa could afford them, and I wasn't a fan of the look so I went back to the original ring) There was just NO money in the loose stones.

 

[HayGan]

Thanks for the info everyone. I'm also thinking of having the gold melted down and making the center stone into a necklace for myself. I don't harbor any bad feelings about the ring (or the marriage) - it just seems a waste to just be sitting in my jewelery box

 

[disneymom2003]

Realistically you will only get about 50% of what it is worth because it is used. That being said I would take it out of the setting ( you can then sell the setting) and have it set into a necklace. That is what I would do.

 

[Darcy03231]

Thanks for the info everyone. I'm also thinking of having the gold melted down and making the center stone into a necklace for myself. I don't harbor any bad feelings about the ring (or the marriage) - it just seems a waste to just be sitting in my jewelery box

Is there a reason you don't want your children to have it? I saved my engagement ring and wedding band (which also had diamonds in it) from my first marriage and had it re-sized gave it to our daughter on her 21st birthday. She was beyond thrilled.

 

[Lisa71]

I like your idea to have it melted down! Great idea. My friend got the stones from her grandmother's ring and added for her own wedding set.

 

[lost*in*cyberspace]

I agree; have the diamonds removed use the diamonds and gold to make another piece of jewelry.

 

[Sagginit]

i have three sets of diamonds from my father as my brother did not want any. two were transformed from other pieces.

i would look into having earrings or a necklace made. keep in mind you might be able to sell the gold setting to a jeweler who can then apply it towards a setting they have in stock for the necklace instead of melting it down.

 

[wendow]

Is there really no good way to sell diamonds? I have a friend going through a divorce. She needs the cash from her diamonds and needs to sell rather than just having them made into something else.

 

[Janepod]

Is there really no good way to sell diamonds? I have a friend going through a divorce. She needs the cash from her diamonds and needs to sell rather than just having them made into something else.

Her options:

Sell to a jeweler. She won't get much, but she'll get the $ same day.
Sell to a "we buy gold" place. Some buy stones, some don't. Again, she won't get much, but she'll have cash the same day.

If choosing between the two, she'll get about the same either way unless the ring is a brand name (e.g., Tiffany) or really terrific stones, like 1.5+ D-F.

She can sell on ebay - providing she has documentation on the ring (carat weight, appraisal, etc.) She'll get more but it will take longer.

She can sell on Craigslist - she'll get the most, but it could take months.

Engagement rings are a terrible return on investment. They only resell for a fraction of the original purchase price.

 

[wendow]

Her options:

Sell to a jeweler. She won't get much, but she'll get the $ same day.
Sell to a "we buy gold" place. Some buy stones, some don't. Again, she won't get much, but she'll have cash the same day.

If choosing between the two, she'll get about the same either way unless the ring is a brand name (e.g., Tiffany) or really terrific stones, like 1.5+ D-F.

She can sell on ebay - providing she has documentation on the ring (carat weight, appraisal, etc.) She'll get more but it will take longer.

She can sell on Craigslist - she'll get the most, but it could take months.

Engagement rings are a terrible return on investment. They only resell for a fraction of the original purchase price.

Thank you! We've been discussing how to do this so I'm going to pass along your info

 

[HayGan]

Is there a reason you don't want your children to have it? I saved my engagement ring and wedding band (which also had diamonds in it) from my first marriage and had it re-sized gave it to our daughter on her 21st birthday. She was beyond thrilled.

Well, I have boys so there is no desire for mom's ring for one of them. Plus, I don't like the idea of passed down jewlery for an engagement ring. I would like something that is unique to their relationship. Too many problems if the ring is an heirloom on the groom's side if the relationship goes south. Just a personal preference.

 

[FINFAN]

Well, I have boys so there is no desire for mom's ring for one of them. Plus, I don't like the idea of passed down jewlery for an engagement ring. I would like something that is unique to their relationship. Too many problems if the ring is an heirloom on the groom's side if the relationship goes south. Just a personal preference.

I don't know if you have any other jewelry or items passed down, but we have items set aside for DD and DS to use when they see fit...to be melted down for their future jewelry. Not saying it will be wedding rings, but something they would like to have that is made from items that were in the family. It was actually my DD's idea even tho she does not plan to marry, she does like shiny stuff, lol.

 

[Mama Who]

I have a wedding set from a very bad first marriage which did not produce children. I have decided to give the rings to a dear friend's husband so he can have the stone set into something else for her for an anniversary. While I cannot stomach the thought of ever wearing that stone myself, it would bring her joy and it's a gift he couldn't afford otherwise.

 

[DVC4FUN]

Well, I have boys so there is no desire for mom's ring for one of them. Plus, I don't like the idea of passed down jewlery for an engagement ring. I would like something that is unique to their relationship. Too many problems if the ring is an heirloom on the groom's side if the relationship goes south. Just a personal preference.

How about holding onto it for a granddaughter in the future? I used to love going thru my memere's jewelry box and trying on all the rings when I was a kid. Now I have one of her jewelry boxes with some of the pieces I look through for sentimental sake every now and again. For a granddaughter you could also as others have said have the stones reset into necklace or earings. Something a granddaughter might really cherish.

 

[CandleontheWater]

How about holding onto it for a granddaughter in the future? I used to love going thru my memere's jewelry box and trying on all the rings when I was a kid. Now I have one of her jewelry boxes with some of the pieces I look through for sentimental sake every now and again. For a granddaughter you could also as others have said have the stones reset into necklace or earings. Something a granddaughter might really cherish.

If you don't need the money I think this is a very nice idea. My dad was an only child and when my father's mother passed I inherited her jewelry (being the only granddaughter). I cherish her pieces and every time I wear them I feel close to her. She passed before my wedding, but I was able to wear her engagement ring on my right hand on my wedding day, and it was so special to me.