Got divorced how to get most value for exes wedding ring

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Nasman
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Got divorced how to get most value for exes wedding ring

Post by Nasman » Sat May 09, 2020 6:45 pm

Don’t know anything about wedding rings. Bought my ex a wedding ring that I paid about 10k 11 years ago. Looking to sell it, how do I go about this?

mortfree
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Re: Got divorced how to get most value for exes wedding ring

Post by mortfree » Sat May 09, 2020 6:47 pm

There was a website called. I do, now I don’t.

See if they still let you list rings there

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Sandtrap
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Re: Got divorced how to get most value for exes wedding ring

Post by Sandtrap » Sat May 09, 2020 8:05 pm

Pawn Shop?
Jewelry Store?
Ebay?
Save for another time in the future. . .. perhaps have the stone reset?

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sergeant
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Re: Got divorced how to get most value for exes wedding ring

Post by sergeant » Sat May 09, 2020 8:08 pm

How did you get it from her? I would donate it to charity. Bad mojo to do anything else.
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stoptothink
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Re: Got divorced how to get most value for exes wedding ring

Post by stoptothink » Sat May 09, 2020 8:14 pm

sergeant wrote:
Sat May 09, 2020 8:08 pm
How did you get it from her?
That's what I would like to know. Every divorced woman I know (including my ex) kept the ring. That was a good reminder for me to not buy an expensive one the second time around.

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Re: Got divorced how to get most value for exes wedding ring

Post by AerialWombat » Sat May 09, 2020 8:29 pm

.....
Last edited by AerialWombat on Sun May 17, 2020 2:51 pm, edited 1 time in total.

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BB76
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Re: Got divorced how to get most value for exes wedding ring

Post by BB76 » Sat May 09, 2020 9:21 pm

I sold some family heirloom jewelry as well as a diamond ring my wife just didn't care for a few years ago. My primary suggestions are don't sell to a pawn shop as you could definitely get more from doing a little legwork and don't try to sell it yourself online as you open yourself up to potential fraud and being taken advantage of by unscrupulous buyers. Sites like eBay nearly always take the buyer's side in a dispute so if a buyer tries to backtrack and rip you off after receiving the piece, you will receive little recourse from eBay.

I don't remember the exact service / site I used, but it was a type of online diamond broker, something similar to Worthy.com and AbeMor.com. You'll take a hit off retail price, but they're intending on making money via the reset and/or resale. Do a little homework on similar services and find the one with whom you're most comfortable. Ask any questions upfront as you will obviously have to send in the piece prior to payment. If I remember correctly, I communicated as many details about the jewelry I had and received a preliminary estimate. They sent prepaid packaging materials so I could send everything insured and track-able. Following receipt, they sent a "firm" offer which I negotiated up slightly due to previous comments from a local jewelry appraiser. They accepted and sent a check.

Good luck. :beer
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Katietsu
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Re: Got divorced how to get most value for exes wedding ring

Post by Katietsu » Sat May 09, 2020 9:36 pm

Or, if you want to try locally first, look for a jeweler that specializes in estate jewelry or in custom jewelry.

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ResearchMed
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Re: Got divorced how to get most value for exes wedding ring

Post by ResearchMed » Sat May 09, 2020 9:49 pm

Katietsu wrote:
Sat May 09, 2020 9:36 pm
Or, if you want to try locally first, look for a jeweler that specializes in estate jewelry or in custom jewelry.
Yes.

And does there happen to be any other jewelry item you or a family member might want?
(Oh, perhaps a $5k watch? :twisted: )
Or something like a grandfather clock, crystal lamp or light fixture, silver flatware, etc.?

If there is, it would probably work best if you could find such an item at a non-chain jeweler, someone who deals with their own jewelry.
If they could re-sell the stone, perhaps in a new setting they design, or such, you might get the best price from them.
I've done that twice, although it didn't involve anything like an engagement ring.

Whatever you do, try very hard to get an offer from at least two jewelers/etc., and then either take the best, or try to get them to up their offers.

And this strategy only has a chance of "working" to your benefit if there truly is something else that you or someone close *really* want, and you'd buy it anyway. Or even something you/they really wanted but might not have purchased, but now would, and would then enjoy very much.

RM
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HomeStretch
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Re: Got divorced how to get most value for exes wedding ring

Post by HomeStretch » Sat May 09, 2020 10:40 pm

Good advice, above. Don’t be surprised when the offers you receive are much lower than your initial purchase price.

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cheese_breath
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Re: Got divorced how to get most value for exes wedding ring

Post by cheese_breath » Sat May 09, 2020 11:03 pm

stoptothink wrote:
Sat May 09, 2020 8:14 pm
sergeant wrote:
Sat May 09, 2020 8:08 pm
How did you get it from her?
That's what I would like to know. Every divorced woman I know (including my ex) kept the ring. That was a good reminder for me to not buy an expensive one the second time around.
I can't imagine her just giving it back I have visions of her throwing it in his face. Otherwise she would be the one asking where she could sell it.
The surest way to know the future is when it becomes the past.

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Re: Got divorced how to get most value for exes wedding ring

Post by whodidntante » Sat May 09, 2020 11:32 pm

I suggest an epic hike to send it to the fire of Mount Doom in Mordor.

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Re: Got divorced how to get most value for exes wedding ring

Post by 1130Super » Sat May 09, 2020 11:38 pm

Nasman wrote:
Sat May 09, 2020 6:45 pm
Don’t know anything about wedding rings. Bought my ex a wedding ring that I paid about 10k 11 years ago. Looking to sell it, how do I go about this?
If you live in MN I’d be interested

Carter3
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Re: Got divorced how to get most value for exes wedding ring

Post by Carter3 » Sat May 09, 2020 11:53 pm

Selling to a friend or friend of a friend may produce the best return. I have sold a few rings and what I've found was that diamond rings are typically worth about 20% of what you paid for them retail depending on the certification and if you have the certificate.

Is it a diamond ring?

Do not go the pawn shop route or random jeweler. You will come up on the really short end of that deal.

What worked best for me was to separate the stone from the setting and have the stone sold on consignment through a diamond wholesaler.

The metal (gold/platinum etc) I sent to midwest refineries. That way I could weigh the piece and look up the market price of the metal to calculate its value. Midwest refineries then sent me a check.

With this method I have recovered between 55-60% of the entire purchase price.

As mentioned above this is what I have found to work best for me.

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snackdog
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Re: Got divorced how to get most value for exes wedding ring

Post by snackdog » Sat May 09, 2020 11:54 pm

Save it for round two.

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Nasman
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Re: Got divorced how to get most value for exes wedding ring

Post by Nasman » Sun May 10, 2020 1:02 pm

stoptothink wrote:
Sat May 09, 2020 8:14 pm
sergeant wrote:
Sat May 09, 2020 8:08 pm
How did you get it from her?
That's what I would like to know. Every divorced woman I know (including my ex) kept the ring. That was a good reminder for me to not buy an expensive one the second time around.
To be honest I caught her cheating and took it off her hand when I found out. Threw her out of my house too, it is a long story but I got lucky in the divorce. She got about 155k total but I kept everything else. 155k is less than 7% of my net worth.

Mitchell777
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Re: Got divorced how to get most value for exes wedding ring

Post by Mitchell777 » Sun May 10, 2020 1:19 pm

I had two diamond rings that my grandmother bought at a jewelry store circa 1950 for a bit less than $300 each. I had no idea how to value or sell them so I had them appraised by a jeweler, who I told I would not sell them to, for $4K for both. That is an insurance value so I knew I would not get near that price. After getting a few quotes, the best offer I had for the nicest ring was $150.00. It cost almost as much to have them appraised as they were worth. The resale value is often not good and the internet has pulled down the value also.

Flora
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Re: Got divorced how to get most value for exes wedding ring

Post by Flora » Sun May 10, 2020 1:25 pm

Is it GIA certified? Is it a round diamond or a less desirable shape? Carats, color, clarity?

stan1
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Re: Got divorced how to get most value for exes wedding ring

Post by stan1 » Sun May 10, 2020 1:25 pm

Nasman wrote:
Sun May 10, 2020 1:02 pm
stoptothink wrote:
Sat May 09, 2020 8:14 pm
sergeant wrote:
Sat May 09, 2020 8:08 pm
How did you get it from her?
That's what I would like to know. Every divorced woman I know (including my ex) kept the ring. That was a good reminder for me to not buy an expensive one the second time around.
To be honest I caught her cheating and took it off her hand when I found out. Threw her out of my house too, it is a long story but I got lucky in the divorce. She got about 155k total but I kept everything else. 155k is less than 7% of my net worth.
Man up, sarge and stoptothink!

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TomatoTomahto
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Re: Got divorced how to get most value for exes wedding ring

Post by TomatoTomahto » Sun May 10, 2020 1:27 pm

snackdog wrote:
Sat May 09, 2020 11:54 pm
Save it for round two.
I’m not that superstitious, but I can imagine some resistance from the next candidate.
Okay, I get it; I won't be political or controversial. The Earth is flat.

illumination
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Re: Got divorced how to get most value for exes wedding ring

Post by illumination » Sun May 10, 2020 1:37 pm

Find an end user that wants the stone and not someone that wants to resale it. You really see what a scam jewelry is when you try and sell it back to them.

If you ever plan to get remarried, you don't have to tell wife #2 you reused the stone.

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Re: Got divorced how to get most value for exes wedding ring

Post by JediMisty » Sun May 10, 2020 1:42 pm

Nasman wrote:
Sat May 09, 2020 6:45 pm
Don’t know anything about wedding rings. Bought my ex a wedding ring that I paid about 10k 11 years ago. Looking to sell it, how do I go about this?
I had a relatively benign divorce. Offered my former husband the ring back. No shouting or nastiness. He declined. Later I realized I'd never wear them anyway. And too hard to get anywhere close to the "value" of them. Recently gave them to my son for him to gift as he chooses. 10k is a nice ring, probably. So a different story, I guess...

stoptothink
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Re: Got divorced how to get most value for exes wedding ring

Post by stoptothink » Sun May 10, 2020 1:55 pm

stan1 wrote:
Sun May 10, 2020 1:25 pm
Nasman wrote:
Sun May 10, 2020 1:02 pm
stoptothink wrote:
Sat May 09, 2020 8:14 pm
sergeant wrote:
Sat May 09, 2020 8:08 pm
How did you get it from her?
That's what I would like to know. Every divorced woman I know (including my ex) kept the ring. That was a good reminder for me to not buy an expensive one the second time around.
To be honest I caught her cheating and took it off her hand when I found out. Threw her out of my house too, it is a long story but I got lucky in the divorce. She got about 155k total but I kept everything else. 155k is less than 7% of my net worth.
Man up, sarge and stoptothink!
I never had the opportunity. We separated after an argument (I honestly thought we just needed a night apart to cool off), she drove to her parents and I literally never saw her again. I filed for divorce a few months later and dealt exclusively with her lawyer. That was nearly a decade ago. My guess is she sold it to support her expensive jeans or $100/bottle shampoo habit.

Wife #2 was not getting an expensive ring...and she was fine with that.

Calico
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Re: Got divorced how to get most value for exes wedding ring

Post by Calico » Sun May 10, 2020 2:51 pm

JediMisty wrote:
Sun May 10, 2020 1:42 pm
Nasman wrote:
Sat May 09, 2020 6:45 pm
Don’t know anything about wedding rings. Bought my ex a wedding ring that I paid about 10k 11 years ago. Looking to sell it, how do I go about this?
I had a relatively benign divorce. Offered my former husband the ring back. No shouting or nastiness. He declined. Later I realized I'd never wear them anyway. And too hard to get anywhere close to the "value" of them. Recently gave them to my son for him to gift as he chooses. 10k is a nice ring, probably. So a different story, I guess...
I had a similar situation. It was an amicable divorce, we mediated everything, etc. My ex just told me to keep the ring. I really don't want it and will never wear it again. I tried to sell it but was shocked at how little they wanted to give me for it. So I kept it and I am holding on to it and plan to have it remade into another piece of jewelry as a gift I can give our daughter for a special occasion.

If you can't sell it for a price you like, you could take that path. Have something made for someone else in your family as a gift.

Lookingforanswers
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Re: Got divorced how to get most value for exes wedding ring

Post by Lookingforanswers » Sun May 10, 2020 3:22 pm

If you are ever tempted to spend a lot of money on diamonds, this story is a must read. Long story but very entertaining, "Have You Ever Tried to Sell a Diamond?"

https://www.theatlantic.com/magazine/ar ... nd/304575/

Luke Duke
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Re: Got divorced how to get most value for exes wedding ring

Post by Luke Duke » Mon May 11, 2020 10:28 am

stoptothink wrote:
Sun May 10, 2020 1:55 pm
I never had the opportunity. We separated after an argument (I honestly thought we just needed a night apart to cool off), she drove to her parents and I literally never saw her again. I filed for divorce a few months later and dealt exclusively with her lawyer. That was nearly a decade ago. My guess is she sold it to support her expensive jeans or $100/bottle shampoo habit.

Wife #2 was not getting an expensive ring...and she was fine with that.
Wow. Sounds like you got lucky.

Goal33
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Re: Got divorced how to get most value for exes wedding ring

Post by Goal33 » Mon May 11, 2020 10:31 am

sergeant wrote:
Sat May 09, 2020 8:08 pm
How did you get it from her? I would donate it to charity. Bad mojo to do anything else.
I wonder if you could deduct the assessed value this way (that usually comes with the ring). AFAIK a 10k ring retail is probably worth 1k trying to sell, and might not even be easy to sell at that. 10k deduction likely more valuable.
A man with one watch always knows what time it is; a man with two watches is never sure.

stoptothink
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Re: Got divorced how to get most value for exes wedding ring

Post by stoptothink » Mon May 11, 2020 11:15 am

Luke Duke wrote:
Mon May 11, 2020 10:28 am
stoptothink wrote:
Sun May 10, 2020 1:55 pm
I never had the opportunity. We separated after an argument (I honestly thought we just needed a night apart to cool off), she drove to her parents and I literally never saw her again. I filed for divorce a few months later and dealt exclusively with her lawyer. That was nearly a decade ago. My guess is she sold it to support her expensive jeans or $100/bottle shampoo habit.

Wife #2 was not getting an expensive ring...and she was fine with that.
Wow. Sounds like you got lucky.
With #2, absolutely. With #1, I got taken to the cleaners financially, but was young enough to recover.

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Re: Got divorced how to get most value for exes wedding ring

Post by cheese_breath » Mon May 11, 2020 12:03 pm

Goal33 wrote:
Mon May 11, 2020 10:31 am
sergeant wrote:
Sat May 09, 2020 8:08 pm
How did you get it from her? I would donate it to charity. Bad mojo to do anything else.
I wonder if you could deduct the assessed value this way (that usually comes with the ring). AFAIK a 10k ring retail is probably worth 1k trying to sell, and might not even be easy to sell at that. 10k deduction likely more valuable.
"However, most consumers selling their jewelry are not profiting from the sale. They may receive money but no profit. Thus, since there is no profit, the tax liability is nothing. If you did significantly profit on the sale of jewelry, you are obligated to report that and pay taxes associated with the capital gain on that asset. Again, because, most consumers do not profit when they sell their jewelry, so there is no tax liability.

While there is no liability, you cannot write off the loss against your taxes either. Put another way, you cannot deduct the loss from the taxes. "


https://sellmy.jewelry/posts/sell-my-di ... plications
The surest way to know the future is when it becomes the past.

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Re: Got divorced how to get most value for exes wedding ring

Post by nigel_ht » Mon May 11, 2020 12:08 pm

whodidntante wrote:
Sat May 09, 2020 11:32 pm
I suggest an epic hike to send it to the fire of Mount Doom in Mordor.
Eagles. Eagles solve all of our problems.

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Re: Got divorced how to get most value for exes wedding ring

Post by hicabob » Mon May 11, 2020 12:08 pm

stoptothink wrote:
Sun May 10, 2020 1:55 pm
$100/bottle shampoo habit.
I didn't realize $100 shampoo existed, impressive! I feel like a big spender when I buy a bottle of Suave shampoo instead of using soap.

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cheese_breath
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Re: Got divorced how to get most value for exes wedding ring

Post by cheese_breath » Mon May 11, 2020 12:09 pm

nigel_ht wrote:
Mon May 11, 2020 12:08 pm
whodidntante wrote:
Sat May 09, 2020 11:32 pm
I suggest an epic hike to send it to the fire of Mount Doom in Mordor.
Eagles. Eagles solve all of our problems.
Or squirrels.
The surest way to know the future is when it becomes the past.

J295
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Re: Got divorced how to get most value for exes wedding ring

Post by J295 » Mon May 11, 2020 12:11 pm

I have sold jewelry (diamond rings, bracelets, earrings) as a bankruptcy trustee back in my pre-retirement days. Best results were putting them on an auction (auctioneer places them on an estate sale of high end property). Local jewelers and and local retail customers show up and bid. My auctioneer had a great following any typically on higher priced items already had a few parties willing to put in good value opening bids.

EnjoyIt
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Re: Got divorced how to get most value for exes wedding ring

Post by EnjoyIt » Mon May 11, 2020 12:28 pm

Nasman wrote:
Sun May 10, 2020 1:02 pm
stoptothink wrote:
Sat May 09, 2020 8:14 pm
sergeant wrote:
Sat May 09, 2020 8:08 pm
How did you get it from her?
That's what I would like to know. Every divorced woman I know (including my ex) kept the ring. That was a good reminder for me to not buy an expensive one the second time around.
To be honest I caught her cheating and took it off her hand when I found out. Threw her out of my house too, it is a long story but I got lucky in the divorce. She got about 155k total but I kept everything else. 155k is less than 7% of my net worth.
If $155k is 7% of your net worth, then the $10k ring that you will be lucky to get $2.5k for is a tiny tiny fraction of that.
Selling it will make you feel "good riddance" and maybe that is worth the sale. I really like the option to repurpose it for something else. I think that is what I would do if possible. Maybe a necklace for a daughter or daughter in law. Maybe a future engagement ring to be used by your son or grandson. Otherwise selling it on consignment as a single stone is the next best bet.

Maybe just sell the ring, get the $2.5k and make it rain at a strip club once they re-open (just kidding.)
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Goal33
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Re: Got divorced how to get most value for exes wedding ring

Post by Goal33 » Mon May 11, 2020 12:34 pm

cheese_breath wrote:
Mon May 11, 2020 12:03 pm
Goal33 wrote:
Mon May 11, 2020 10:31 am
sergeant wrote:
Sat May 09, 2020 8:08 pm
How did you get it from her? I would donate it to charity. Bad mojo to do anything else.
I wonder if you could deduct the assessed value this way (that usually comes with the ring). AFAIK a 10k ring retail is probably worth 1k trying to sell, and might not even be easy to sell at that. 10k deduction likely more valuable.
"However, most consumers selling their jewelry are not profiting from the sale. They may receive money but no profit. Thus, since there is no profit, the tax liability is nothing. If you did significantly profit on the sale of jewelry, you are obligated to report that and pay taxes associated with the capital gain on that asset. Again, because, most consumers do not profit when they sell their jewelry, so there is no tax liability.

While there is no liability, you cannot write off the loss against your taxes either. Put another way, you cannot deduct the loss from the taxes. "


https://sellmy.jewelry/posts/sell-my-di ... plications
I quoted the person who suggested donating it. That is different from selling it and deducting the loss.
A man with one watch always knows what time it is; a man with two watches is never sure.

LittleMaggieMae
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Re: Got divorced how to get most value for exes wedding ring

Post by LittleMaggieMae » Mon May 11, 2020 12:46 pm

I'm sure someone in this thread has mentioned that the ring (especially if it's diamond(s) ) will only fetch about 25% (maybe less) of what you paid for it. It might make a difference up/down depending on the what the setting is made from (platinum? gold? something else???) So it's still worth having a go at finding out it's potential selling price. Can you go back to the jeweler you bought it from and ask about selling it back (or trading it for something you want)?

i wouldn't discard, or put it in a drawer (to forget about it) or throw the ring away - as it's probably got a 1K and up value.

If you don't want to sell it/donate it (because of how much value it's lost) - can you distance yourself from the bad feels associated with the ring and it's parts, have the stone(s) made into something else? and then gift it to another relative/loved one who likes sparkly/shiny things? That's an added expense (re configuring the stone/setting) which might not be an option.

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Re: Got divorced how to get most value for exes wedding ring

Post by JLJL » Mon May 11, 2020 12:55 pm

1130Super wrote:
Sat May 09, 2020 11:38 pm
Nasman wrote:
Sat May 09, 2020 6:45 pm
Don’t know anything about wedding rings. Bought my ex a wedding ring that I paid about 10k 11 years ago. Looking to sell it, how do I go about this?
If you live in MN I’d be interested
This.

1130Super if this is for a gal then forever refer to Nasman as a "broker"

seppatown
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Re: Got divorced how to get most value for exes wedding ring

Post by seppatown » Mon May 11, 2020 3:34 pm

Ebay market is liquid and you will get FMV. Will need original certs for max value. Known premium brands can command a higher price. Take good photos. If all you have is the ring now, bring it into a shop to assess carat weight, cut, diamond grade, and setting material.

Don’t agree with assumptions that you’ll only get 20% back. Appraisals are all bs but the market sets consistent prices on secondhand engagement rings. The demand is there. Don’t waste time with in-person and one-on-one transactions if you’re looking to recoup max value.

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Re: Got divorced how to get most value for exes wedding ring

Post by bayview » Mon May 11, 2020 4:26 pm

Lookingforanswers wrote:
Sun May 10, 2020 3:22 pm
If you are ever tempted to spend a lot of money on diamonds, this story is a must read. Long story but very entertaining, "Have You Ever Tried to Sell a Diamond?"

https://www.theatlantic.com/magazine/ar ... nd/304575/
Interesting article. For anyone else reading it in growing confusion, it was written in early 1982. (Not a criticism.)
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TxAg
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Re: Got divorced how to get most value for exes wedding ring

Post by TxAg » Mon May 11, 2020 4:30 pm

When Vegas opens back up, take the money and let 'er rip. Either win big or feel good about flushing it all away (closure) :sharebeer

ChooseYourCharacter
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Re: Got divorced how to get most value for exes wedding ring

Post by ChooseYourCharacter » Mon May 11, 2020 8:27 pm

https://loupetroop.com/

Be prepared to give a big discount. 2nd hand jewelry is notoriously hard to sell. X1000 if it’s wedding jewelry from a failed relationship (stigma).

Watch out for scammers.

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Cubicle
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Re: Got divorced how to get most value for exes wedding ring

Post by Cubicle » Mon May 11, 2020 11:39 pm

Craigslist and/or facebook marketplace can help.
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cheese_breath
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Re: Got divorced how to get most value for exes wedding ring

Post by cheese_breath » Tue May 12, 2020 8:50 am

Goal33 wrote:
Mon May 11, 2020 12:34 pm
cheese_breath wrote:
Mon May 11, 2020 12:03 pm
Goal33 wrote:
Mon May 11, 2020 10:31 am
sergeant wrote:
Sat May 09, 2020 8:08 pm
How did you get it from her? I would donate it to charity. Bad mojo to do anything else.
I wonder if you could deduct the assessed value this way (that usually comes with the ring). AFAIK a 10k ring retail is probably worth 1k trying to sell, and might not even be easy to sell at that. 10k deduction likely more valuable.
"However, most consumers selling their jewelry are not profiting from the sale. They may receive money but no profit. Thus, since there is no profit, the tax liability is nothing. If you did significantly profit on the sale of jewelry, you are obligated to report that and pay taxes associated with the capital gain on that asset. Again, because, most consumers do not profit when they sell their jewelry, so there is no tax liability.

While there is no liability, you cannot write off the loss against your taxes either. Put another way, you cannot deduct the loss from the taxes. "


https://sellmy.jewelry/posts/sell-my-di ... plications
I quoted the person who suggested donating it. That is different from selling it and deducting the loss.
OOPs. :oops: Sorry. In that case I wonder if he'd need to have it appraised and deduct the appraised value rather than purchase price.
The surest way to know the future is when it becomes the past.

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