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Selling a wedding ring after divorce (1 Viewer)

offdee

offdee

Footballguy
Very nice ring that was paid $12K for....now sitting in a lock box collecting dust (with all gem certification papers) and no future use for it. And she doesnt want to reimagine the stones into another piece of jewelry (necklace, different ring setting). She just wants to sell it and move on.

I believe she went into one jeweler a couple years ago to inquire.....they offered $3K, she was discouraged and back into the lock box. I fully realize getting anything close to $12K by selling it is not gonna happen, but what is the best way to go about it to get the best return?

 
fantasycurse42 said:
What type of paperwork does she have, for example, is it a GIA stone?
Click to expand...
I'll have to check to make sure, but let's say it is a GIA stone for discussion here. Know they got it at a high end, exclusive place where celebrity sports and entertainers get custom jewelry made (for whatever that's worth)

 
Last edited by a moderator:
Baloney Sandwich said:
Is it insured? If so, she should "lose" it
Click to expand...
I think the ex was paying for the insurance on it still (in hopes of reconciling someday), but she told him many times it was a waste of his money because its just sitting in a safe and never going to be worn again. Im guessing the insurance isnt up to date. In any event scamming isnt in her nature and she wouldnt be comfortable with it....she wants to just do this right and move on.

 
offdee said:
Very nice ring that was paid $12K for....now sitting in a lock box collecting dust (with all gem certification papers) and no future use for it. And she doesnt want to reimagine the stones into another piece of jewelry (necklace, different ring setting). She just wants to sell it and move on.

I believe she went into one jeweler a couple years ago to inquire.....they offered $3K, she was discouraged and back into the lock box. I fully realize getting anything close to $12K by selling it is not gonna happen, but what is the best way to go about it to get the best return?
Click to expand...
3k? She go see Rick Harrison?

Aren't diamonds one of the things that retain their value or even go up after time?

I would try to find a place that takes in jewelry and go to a couple of them even if you have to drive a few hours.

 
offdee said:
fantasycurse42 said:
What type of paperwork does she have, for example, is it a GIA stone?
Click to expand...
I'll have to check to make sure, but let's say it is a GIA stone for discussion here. Know they got it at a high end, exclusive place where celebrity sports and entertainers get custom jewelry made (for whatever that's worth)
Click to expand...
The key issue with jewelry is that it is more one of a kind sorta stuff (unless we're talking strictly precious metals where the metal itself has a fluctuating value, or diamond prices have gone through the roof), so assuming the values of the stone or metals is comparable to when purchased, she's gonna take a bath. It isn't like reselling an expensive watch where we know what the demand for said watch is.I'd recommend as my first step an eBay or comparable site, set a realistic price, and post all documentation. Find some other jewelry related marketplaces and try selling there.

Eventually, a pawn store will be the last option, but if in no hurry, you should be able to do better, it might just take a few months.

 
Last edited by a moderator:
Baloney Sandwich said:
She should look to sell it on eBay or something similar for 6-7K.
Click to expand...
That has been a consideration. Is the best way to go about this to just show pics of the ring (obviously) and also a pic of the certification paperwork? Any other ways to prove on there all is legit for perspective buyers?

Other note is we'd be setting up a new Ebay account to do this so no real history of past successful deals, etc. Don't want this in any way to appear like a scam.

 
fantasycurse42 said:
offdee said:
fantasycurse42 said:
What type of paperwork does she have, for example, is it a GIA stone?
Click to expand...
I'll have to check to make sure, but let's say it is a GIA stone for discussion here. Know they got it at a high end, exclusive place where celebrity sports and entertainers get custom jewelry made (for whatever that's worth)
Click to expand...
The key issue with jewelry is that it is more one of a kind sorta stuff (unless we're talking strictly precious metals where the metal itself has a fluctuating value, or diamond prices have gone through the roof), so assuming the values of the stone or metals is comparable to when purchased, she's gonna take a bath. It isn't like reselling an expensive watch where we know what the demand for said watch is.I'd recommend as my first step an eBay or comparable site, set a realistic price, and post all documentation. Find some other jewelry related marketplaces and try selling there.

Eventually, a pawn store will be the last option, but if in no hurry, you should be able to do better, it might just take a few months.
Click to expand...
Appreciate the thoughts. Definitely in no hurry to sell. The ring is one with a nice center stone, but also the band is fully covered in smaller diamonds (diamonds inset in platinum bands...both engagement band and wedding band)
 
Last edited by a moderator:
offdee said:
Baloney Sandwich said:
She should look to sell it on eBay or something similar for 6-7K.
Click to expand...
That has been a consideration. Is the best way to go about this to just show pics of the ring (obviously) and also a pic of the certification paperwork? Any other ways to prove on there all is legit for perspective buyers?Other note is we'd be setting up a new Ebay account to do this so no real history of past successful deals, etc. Don't want this in any way to appear like a scam.
Click to expand...
You should find a friend that has an account to sell it for you then.

 
Is there a diamond district type location in your area?

Those places are highly competitive and offer better rates than any jewelry or pawn shop.

 
comfortably numb said:
offdee said:
Very nice ring that was paid $12K for....now sitting in a lock box collecting dust (with all gem certification papers) and no future use for it. And she doesnt want to reimagine the stones into another piece of jewelry (necklace, different ring setting). She just wants to sell it and move on.

I believe she went into one jeweler a couple years ago to inquire.....they offered $3K, she was discouraged and back into the lock box. I fully realize getting anything close to $12K by selling it is not gonna happen, but what is the best way to go about it to get the best return?
Click to expand...
3k? She go see Rick Harrison? Aren't diamonds one of the things that retain their value or even go up after time?

.
Click to expand...
There was a good Freakonomics podcast on this issue about a year ago. Short answer: no, not even a little bit.

 
Sorry man, diamonds are a sham. Once they're sold, nobody wants them. What chick wants a "used" ring from a failed marriage to commemorate your life together? Might as well be ####### her with used rubbers.

Jewelry stores know this as well. It's all a house of cards.

 
thecatch said:
comfortably numb said:
offdee said:
Very nice ring that was paid $12K for....now sitting in a lock box collecting dust (with all gem certification papers) and no future use for it. And she doesnt want to reimagine the stones into another piece of jewelry (necklace, different ring setting). She just wants to sell it and move on.

I believe she went into one jeweler a couple years ago to inquire.....they offered $3K, she was discouraged and back into the lock box. I fully realize getting anything close to $12K by selling it is not gonna happen, but what is the best way to go about it to get the best return?
Click to expand...
3k? She go see Rick Harrison? Aren't diamonds one of the things that retain their value or even go up after time?

.
Click to expand...
There was a good Freakonomics podcast on this issue about a year ago. Short answer: no, not even a little bit.
Click to expand...
This. Diamonds are a scam. ROI is on par with used college textbooks back in the day. I know I'm dating myself with that. Get off of my lawn!!

Gold is a little different.

 
If you buy diamonds at these little mom and pop shop in some Asian district, you get a much better deal and can probably resell for 80 plus percent. Lots of Asian buy diamonds for savings and investing and the markups at those places are minimal if you negotiate the price and pay cash.

 
jon_mx said:
offdee said:
fantasycurse42 said:
What type of paperwork does she have, for example, is it a GIA stone?
Click to expand...
I'll have to check to make sure, but let's say it is a GIA stone for discussion here. Know they got it at a high end, exclusive place where celebrity sports and entertainers get custom jewelry made (for whatever that's worth)
Click to expand...
Take the $3k. The markup at those places is obscene.
Click to expand...
:goodposting:

It's going to be sitting in the lock box awhile otherwise.

 
[icon] said:
Sorry man, diamonds are a sham. Once they're sold, nobody wants them. What chick wants a "used" ring from a failed marriage to commemorate your life together? Might as well be ####### her with used rubbers.

Jewelry stores know this as well. It's all a house of cards.
Click to expand...
This.

I would be shocked if she got 6K for it anywhere.

 
Unless its a name brand high end ring.....Cartier, tiffany's, Tacori etc it will be hard to sell. Probably not gonna get much more than the 3 grand offered.

 
jon_mx said:
offdee said:
fantasycurse42 said:
What type of paperwork does she have, for example, is it a GIA stone?
Click to expand...
I'll have to check to make sure, but let's say it is a GIA stone for discussion here. Know they got it at a high end, exclusive place where celebrity sports and entertainers get custom jewelry made (for whatever that's worth)
Click to expand...
Take the $3k. The markup at those places is obscene.
Click to expand...
Yup. I know a jeweler - he makes a fortune buying rings/stones at 1/10th what was paid for them.That's the reality with selling jewelry - there's no resale market. No woman wants used jewelry.

There is a market where you can get better value - you gotta melt down the gold, and sell the stones loose to people who buy that kind of thing.

 
Had a similar situation about a decade ago. Ex-wife actually returned the ring separate from the settlement. Typical guy thought ... I figured that I would just re-use it in the future. In time, after it came up in casual convo with several individuals lacking a y chromosome, it became clear that my thought process was flawed.

What I learned:

The value of the piece of jewelry was divided between the value of the stone(s) and the value of the precious metal

The retail markup on jewelry is significant.

There are lots of people out there who will purchase your valuable at a discount.

When I purchased the ring, I basically bought the diamond. It was a little over 3 karats ... I spent over $18k on the stone and a minimal amount on a white gold setting. When I decided to sell, I looked at what similar stones were going for on the retail market and found that they were going for around $23k.

First, I brought it to a nice jewelry shop near my home. I think my initial offer was $5k cash but I do remember they offered me a significantly higher amount in trade. Ok, that was an option.

I listed it on ebay and craigslist. Here I received a lot of interest from diamond brokers from all over the country. I met with 2 of them. Even though they ultimately gave me insulting offers, it was nice because they confirmed the paperwork that I had received when I purchased it.

As with selling anything on craigslist, I just continued to disseminate out the scams and lowballers and continued to repost after expiration. Around 3 months in I sold it for $14k to an AA pilot. Before the sale, I had researched appraisers near me. We met at one, the gemologist confirmed the stone and we made the deal. Later he pix messaged me images of his happy wife.

 
I disagree with folks attitudes toward jewelry in here. My father bought my mother a beautiful 1.5 carat diamond ring about 2-3 years before they ended up getting a divorce. My mother kept the ring and unfortunately passed away. I wanted to have the stone and put into a new setting and presented that to my wife as a wedding ring. She loved/loves it and always felt it was special.

It's been 15 years and we are thinking about a new setting and making a new ring this year, a renewal going forward if you want. We love the fact we already have a beautiful diamond that is not so big it attracts tons of attention, yet it is large enough to where you do notice it.

I'm shocked so many think diamonds are worthless. You can always melt the gold and make a new setting, the stones are harder to get. And a good one, not the imperfects that fill a lot of the mall jewelry stores which is another thing...go to the place in town where 20 jewelers are all under the same roof and you are not paying mall prices for things that should cost half of that.

Anyone that doesn't want those old used diamonds or rings, just send them here and I will find a new use for them.

 
Been going through this myself as we settle my grandmothers estate.

There are different types of appraisals. Odds are the appraisal value of this ring is a 'if I need to replace it' price, which seems to align with not only retail, but worst case scenario retail (highest price of precious over last x# of years).

Figure on maybe a 1/4 of that price if you're selling it to someone that needs to mark it up themselves to make money (pawn / jeweler)

We've found that the easiest way to go about selling lesser valuable stuff, as were holding on to the higher end things.

The one thing to consider is that if that ring has a named attached to it, say Tiffany and Co, that's probably included in the appraisal price, but seems to help the resale value. People are a sucker for known names

 
Ministry of Pain said:
I disagree with folks attitudes toward jewelry in here. My father bought my mother a beautiful 1.5 carat diamond ring about 2-3 years before they ended up getting a divorce. My mother kept the ring and unfortunately passed away. I wanted to have the stone and put into a new setting and presented that to my wife as a wedding ring. She loved/loves it and always felt it was special.

It's been 15 years and we are thinking about a new setting and making a new ring this year, a renewal going forward if you want. We love the fact we already have a beautiful diamond that is not so big it attracts tons of attention, yet it is large enough to where you do notice it.

I'm shocked so many think diamonds are worthless. You can always melt the gold and make a new setting, the stones are harder to get. And a good one, not the imperfects that fill a lot of the mall jewelry stores which is another thing...go to the place in town where 20 jewelers are all under the same roof and you are not paying mall prices for things that should cost half of that.

Anyone that doesn't want those old used diamonds or rings, just send them here and I will find a new use for them.
Click to expand...
Is there a part of the story where you try to resell the diamond, thus making it relevant?

 
comfortably numb said:
offdee said:
Very nice ring that was paid $12K for....now sitting in a lock box collecting dust (with all gem certification papers) and no future use for it. And she doesnt want to reimagine the stones into another piece of jewelry (necklace, different ring setting). She just wants to sell it and move on.

I believe she went into one jeweler a couple years ago to inquire.....they offered $3K, she was discouraged and back into the lock box. I fully realize getting anything close to $12K by selling it is not gonna happen, but what is the best way to go about it to get the best return?
Click to expand...
3k? She go see Rick Harrison?

Aren't diamonds one of the things that retain their value or even go up after time?

I would try to find a place that takes in jewelry and go to a couple of them even if you have to drive a few hours.
Click to expand...
:lmao:

 
massraider said:
Ministry of Pain said:
I disagree with folks attitudes toward jewelry in here. My father bought my mother a beautiful 1.5 carat diamond ring about 2-3 years before they ended up getting a divorce. My mother kept the ring and unfortunately passed away. I wanted to have the stone and put into a new setting and presented that to my wife as a wedding ring. She loved/loves it and always felt it was special.

It's been 15 years and we are thinking about a new setting and making a new ring this year, a renewal going forward if you want. We love the fact we already have a beautiful diamond that is not so big it attracts tons of attention, yet it is large enough to where you do notice it.

I'm shocked so many think diamonds are worthless. You can always melt the gold and make a new setting, the stones are harder to get. And a good one, not the imperfects that fill a lot of the mall jewelry stores which is another thing...go to the place in town where 20 jewelers are all under the same roof and you are not paying mall prices for things that should cost half of that.

Anyone that doesn't want those old used diamonds or rings, just send them here and I will find a new use for them.
Click to expand...
Is there a part of the story where you try to resell the diamond, thus making it relevant?
Click to expand...
I wouldn't be so quick to get rid of it. Gold has actually been going up in case you hadn't noticed over the last 10+ years. It was around $350 an ounce when I was a kid, think it's a bit more than that now.

I'm not saying jewelry is a sound investment, paying retail is terrible but I don't think getting rid of the ring based on the fact "A woman doesn't want used gold/diamond" is ridiculous and I would steer clear of most women who had that attitude about it.

Every woman is entitled to a retail priced ring for their wedding? Just take the stones and have them reset and it's a brand new ring. Diamonds are forever, didn't you get the memo?

 
A bunch of my grandmothers 'crap' had decorative, single cut diamonds in them. 3 different jewelers told me based on that cut and the quality of the stones, they were worthless. I essentially ended up selling the rings for the value of the gold.

 
Walking Boot said:
offdee said:
FairWarning said:
I would never sell it on eBay. There are way too many scams involving chargebacks.
Click to expand...
Can you expand on this a bit more...what does this mean exactly?
Click to expand...
You sell something on ebay

The buy pays with paypal

You ship the item

The buyer gets it

The buyer tells paypal it never arrived

Paypal takes the money back from you

You have no recourse to dispute the claim

There's pretty much no evidence that paypal will accept that the item arrived. Shipping confirmation? "Item was stolen off my porch." Signature? "Forged." It doesn't matter. Paypal sides with buyers 99.999% of the time and will always refund the full price. You're SOL.
Click to expand...
Hmm, interesting. Thanks for the heads up. That wouldn't be good

 
How is it possible that a thread created by Offdee about some divorced chick has gotten this many replies without one asking for a pic of said chick or at least a rating

 
Last edited by a moderator:
James Daulton said:
How is it possible that a thread created by Offdee about some divorced chick has gotten this many replies without one asking for a pic of said chick or at least a rating
Click to expand...
I just assumed if someone bought her a $12k ring she was at least an 8. Pics for confirmation would be nice.

 
Walking Boot said:
offdee said:
FairWarning said:
I would never sell it on eBay. There are way too many scams involving chargebacks.
Click to expand...
Can you expand on this a bit more...what does this mean exactly?
Click to expand...
You sell something on ebay

The buy pays with paypal

You ship the item

The buyer gets it

The buyer tells paypal it never arrived

Paypal takes the money back from you

You have no recourse to dispute the claim

There's pretty much no evidence that paypal will accept that the item arrived. Shipping confirmation? "Item was stolen off my porch." Signature? "Forged." It doesn't matter. Paypal sides with buyers 99.999% of the time and will always refund the full price. You're SOL.
Click to expand...
This crap happened to me when I was flipping cellphones A few years back. Ridiculous that I can ended up giving away an iPhone for free and there was no recourse.

Was furious and this actually hurt my reliability score on eBay.

 
offdee said:
Baloney Sandwich said:
She should look to sell it on eBay or something similar for 6-7K.
Click to expand...
That has been a consideration. Is the best way to go about this to just show pics of the ring (obviously) and also a pic of the certification paperwork? Any other ways to prove on there all is legit for perspective buyers?

Other note is we'd be setting up a new Ebay account to do this so no real history of past successful deals, etc. Don't want this in any way to appear like a scam.
Click to expand...
You really think someone is gonna pay $6k-$7k on eBay for a ring? Of course people will think it's a scam.

 
Eminence said:
Walking Boot said:
offdee said:
FairWarning said:
I would never sell it on eBay. There are way too many scams involving chargebacks.
Click to expand...
Can you expand on this a bit more...what does this mean exactly?
Click to expand...
You sell something on ebay

The buy pays with paypal

You ship the item

The buyer gets it

The buyer tells paypal it never arrived

Paypal takes the money back from you

You have no recourse to dispute the claim

There's pretty much no evidence that paypal will accept that the item arrived. Shipping confirmation? "Item was stolen off my porch." Signature? "Forged." It doesn't matter. Paypal sides with buyers 99.999% of the time and will always refund the full price. You're SOL.
Click to expand...
This crap happened to me when I was flipping cellphones A few years back. Ridiculous that I can ended up giving away an iPhone for free and there was no recourse.Was furious and this actually hurt my reliability score on eBay.
Click to expand...
I'd hunt the guy down if I were you. Hopefully it turns into a BlueOnion type scenario

 
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