Obvious fact number 1 – A divorce is an upsetting time for all involved.
What is less obvious is that out of the 2.5 million marriages in the US each year, almost 50% end in divorce. Eighty percent of all engagement involve the purchase of a diamond engagement ring, that’s a lot of diamonds going to waste.
What do people do with all these unwanted used engagement rings and used diamonds? Surprisingly the majority are put away in a jewelry box or a safe and then never see the light of day again.
Obviously the engagement ring from a broken marriage has plenty of baggage. The thought of selling a used ring or used diamond can lead to more stress and more heartache, so naturally people don’t want to think about it.
If you are willing to think about, then I have the following advice
Who does the jewelry actually belongs to?
The rightful owner is determined by a number of factors such as how it was given, local jurisdiction and reason for marital dissolution. There are some crazy local laws in this country, so I would recommend the starting point is to consult a family attorney to determine ownership.
Are you emotionally ready to deal with this?
If you are reading this article, then you are taking the right steps to find closure. Whether you decide to sell engagement ring, re-purpose it or to throw it into a river, make sure you are emotionally ready to go through the process.
Store it safely
Although you may want to forget about it, store it in a safe place. Do you have a safe at home? Many people keep their jewelry in a safe at a bank. One thing for sure is that you don’t want to fall victim to the sock drawer monster.
Do you know what it worth?
Most jewelry stores or buyers will be able to give you a rough estimate of what your jewelry is worth. You can get it appraised, but keep in the mind that the appraisal price is the replacement value and not the resale value. If you try to sell it to your local jeweler of pawn shop, you will be lucky to get 25% of what it originally cost. As for the cash for gold companies, they are not even worth mentioning unless you think getting 5% of the original cost is a good deal.
Where will I get price for my used jewelry?
The solution for getting the maximum price when you sell an engagement ring or a used diamonds is pretty simple. Independent buyers who are looking for your very ring or similar size diamond will offer you the best prices. Finding these buyers is the tricky part, however there are a couple of reputable websites out there who bring buyers and sellers of used jewelry together. The most popular website is called Have You Seen the Ring and they have a good rating with the Better Business Bureau.
