Best way to sell a used wedding ring?

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jimmyrules712
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Best way to sell a used wedding ring?

Post by jimmyrules712 » Mon Apr 27, 2015 7:40 am

Not sure if this qualifies as personal finance or consumer, I'll try finance.

I have a family member who is in a hard situation. Her husband cheated on her and then divorced her. She's struggling to make ends meet on her own. She wants to know how to get the most money for selling her wedding/engagement ring. The only options I'm aware of at the top of my head are pawn shops and maybe ebay. Anyone know of another option that might pay out a little better? It wasn't an extremely expensive ring so I'm not expecting it to pay out much. I'm guessing new they paid somewhere between $500 and $1,000 for it about 10 years ago.

dailybagel
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Re: Best way to sell a used wedding ring?

Post by dailybagel » Mon Apr 27, 2015 7:45 am

I read a success story in which a person consigned the ring to a jewelry store, paying a significant commission when it eventually sold there. That might have been in a bogleheads thread.

If you are searching for advice online, don't forget to search for "sell engagement ring", as that is probably a more common scenario.

dolphinsaremammals
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Re: Best way to sell a used wedding ring?

Post by dolphinsaremammals » Mon Apr 27, 2015 7:50 am

I have a gold ring that originally cost $400 decades ago. It's larger than the average woman's wedding ring. I don't wear it any more because it's too small. I shopped it around to jewelery stores. The offers ranged from $60 from one place that insisted it was 10K to a jeweler I know to be reputable who tested it as 24K and offered about $115. I still have the ring. I may sell it eventually, but the offers feel like ripoffs. Then again, I have no idea how much it is actually worth.

I would stay away from ebay. I've heard too many stories about sellers being ripped off and ebay doing nothing.

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midareff
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Re: Best way to sell a used wedding ring?

Post by midareff » Mon Apr 27, 2015 8:03 am

dolphinsaremammals wrote:I have a gold ring that originally cost $400 decades ago. It's larger than the average woman's wedding ring. I don't wear it any more because it's too small. I shopped it around to jewelery stores. The offers ranged from $60 from one place that insisted it was 10K to a jeweler I know to be reputable who tested it as 24K and offered about $115. I still have the ring. I may sell it eventually, but the offers feel like ripoffs. Then again, I have no idea how much it is actually worth.

I would stay away from ebay. I've heard too many stories about sellers being ripped off and ebay doing nothing.

Pretty rare to have a ring made in 24K since it's at that purity it is to soft for jewelry, especially a ring. Typical for rings is 10K-14K, with hanging jewelry going to 18K.

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N1CKV
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Re: Best way to sell a used wedding ring?

Post by N1CKV » Mon Apr 27, 2015 8:18 am

I see lots for sale on local for sale groups through Facebook. I imagine Craigslist is another option. Depending on documentation available you may choose to meet at a reputable jewelry dealer that can assure the buyer of the authenticity and value (of course that would cost something).
I have met a lot of people that claim to love money, but they also seem to be the same people that are in the biggest hurry to get rid of it.

Jack FFR1846
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Re: Best way to sell a used wedding ring?

Post by Jack FFR1846 » Mon Apr 27, 2015 8:23 am

Try several jewelry stores and pawn shops. Remember that a ring bought at full retail of $1000 will likely go on sale after Christmas for $500 and probably cost the shop $200 to buy. If that's the case, expect offers around $100.

The jeweler offering the money now is not the one ripping you off. The one who originally sold it for $1000 may have.
Last edited by Jack FFR1846 on Mon Apr 27, 2015 8:24 am, edited 1 time in total.
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wilked
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Re: Best way to sell a used wedding ring?

Post by wilked » Mon Apr 27, 2015 8:23 am

Step 1, determine it's rough value
Step 2, take this number and divide by either 4 or 8 depending on how quickly you wish to sell
Step 3, list on craigslist

MrKnight
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Re: Best way to sell a used wedding ring?

Post by MrKnight » Mon Apr 27, 2015 11:23 am

There is a website called Idonowidont.com

Once sold, the website holds the money and ring until they validated authenticity.

I've bought a $3,000 ring off of it. I would recommend it.

AWH_CPA
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Re: Best way to sell a used wedding ring?

Post by AWH_CPA » Mon Apr 27, 2015 11:37 am

I bought my wife's engagement ring on craigslist. It was purchased from a national jewelry store (Jareds) originally so I had the seller meet me at Jareds. I had them authenticate that the ring was in fact the one listed on their receipt and that the laser inscription on the diamond matched the serial number on the GIA rating etc.

I then paid the guy via cashiers check with a little contract that we both signed and had notarized. The Jared receipt listed the engagement ring and diamond at over 9K. I paid 5k. Best part was I was really only going for the diamond but my wife ended up choosing the exact same setting in the store that the ring was already in. So I lucked out on that one.

Craigslist might be a good place, but you need to be careful to take the precautions because there are a lot of scammers out there.

flyingbison
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Re: Best way to sell a used wedding ring?

Post by flyingbison » Mon Apr 27, 2015 11:40 am

I sold one wedding band for $10 at a pawn shop. The second one I traded to a friend for some beer.

jpelder
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Re: Best way to sell a used wedding ring?

Post by jpelder » Mon Apr 27, 2015 11:45 am

Based on semi-personal experience (wife is a jeweler), they'll get much more money selling it privately than to a store. Most jewelers buy rings for scrap metal and a fraction of the diamond's sale price, e.g: a standard-size men's 18K ring will retail for ~$300 and scrap value is roughly $50

11111010001
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Re: Best way to sell a used wedding ring?

Post by 11111010001 » Mon Apr 27, 2015 12:00 pm

We got the best value for my wife's first ring via Craigslist.

The jeweler route didn't work for four years (consignment) so we eventually got it back from them when they were going out of business. I posted it on Craigslist for probably six months for about $400 less than the appraisal (for the diamond) . Got way more than what the the jeweler wanted to pay out to us. We did have the certification paper work so that helped immensely.

Got a couple of bites, most flaked out when I told them it had to be a cash deal and they'd have to met me at the another jeweler so they could get the ring appraised. I also didn't want to get mugged, etc in the parking lot :D

The person who bought it actually left it with the same jeweler to be set into a different ring.

Everyone was pleased with the deal.

dolphinsaremammals
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Re: Best way to sell a used wedding ring?

Post by dolphinsaremammals » Mon Apr 27, 2015 12:28 pm

midareff wrote:
dolphinsaremammals wrote:I have a gold ring that originally cost $400 decades ago. It's larger than the average woman's wedding ring. I don't wear it any more because it's too small. I shopped it around to jewelery stores. The offers ranged from $60 from one place that insisted it was 10K to a jeweler I know to be reputable who tested it as 24K and offered about $115. I still have the ring. I may sell it eventually, but the offers feel like ripoffs. Then again, I have no idea how much it is actually worth.

I would stay away from ebay. I've heard too many stories about sellers being ripped off and ebay doing nothing.

Pretty rare to have a ring made in 24K since it's at that purity it is to soft for jewelry, especially a ring. Typical for rings is 10K-14K, with hanging jewelry going to 18K.
It's handmade, so presumably the maker could use anything he liked. The jeweler who tested it said 24K. The one who did not said what you said.

Buffetologist
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Re: Best way to sell a used wedding ring?

Post by Buffetologist » Mon Apr 27, 2015 4:00 pm

Interesting thread. Just commenting so that I can find it again.

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Abe
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Re: Best way to sell a used wedding ring?

Post by Abe » Mon Apr 27, 2015 4:18 pm

It's hard to sell pre-owned jewelry. I have had some success on eBay. You need to find out if it is 10k, 14k, or whatever and have the diamond checked to see if it is real. Put all this information in your listing along with the weight of the rings. You should not list it for less than the melt value. Most pawn shops will offer you 30% to 50% of the melt value.
Slow and steady wins the race.

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Matahari
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Re: Best way to sell a used wedding ring?

Post by Matahari » Mon Apr 27, 2015 4:49 pm

I'm sorry about your family member's situation.

Unfortunately, the resale value of used jewelry is very low. If her jewelry is in good condition, (but given the relatively low value of her jewelry) she can try Ebay or Craigslist but people there are also looking for good deals. Pawn shops will give her the lowest value.

The gold meltdown value will depend on the carat-purity of the metal.
The value of any stones will be hard to recover, but may be worth pursuing if there is a center diamond.

You might also consider visiting http://www.pricescope.com and reading its page about diamond resale values. Pricescope is generally a pro-consumer website.

http://www.pricescope.com/journal/consu ... g_diamonds

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Mrs.Feeley
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Re: Best way to sell a used wedding ring?

Post by Mrs.Feeley » Tue Apr 28, 2015 1:26 am

Ebay or Craigslist is probably the best bet as others have said. A friend tried to sell her diamond engagement ring. It evidently had a very nice diamond and she had appraisal papers stating that it was worth several thousand dollars nearly thirty years prior when she got it. Even though gold was at an all-time high none of the jewelers she took it to offered her more than $100-$250 including the jeweler who custom-made it years before. Jewelry doesn't usually have a lot of resell value.

DualIncomeNoDebt
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Re: Best way to sell a used wedding ring?

Post by DualIncomeNoDebt » Tue Apr 28, 2015 3:42 am

Jewelry = ripoff. Buy a piece at retail, then turn right around and attempt to sell it at another jewelry store. You'll be lucky if you're offered 10% of the price you paid not five minutes ago.

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Mrs.Feeley
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Re: Best way to sell a used wedding ring?

Post by Mrs.Feeley » Tue Apr 28, 2015 5:48 am

DualIncomeNoDebt wrote:Jewelry = ripoff. Buy a piece at retail, then turn right around and attempt to sell it at another jewelry store. You'll be lucky if you're offered 10% of the price you paid not five minutes ago.
You just can't convince people of that reality. It's sad and amazing. Everyone thinks their diamond ring is going to increase in value.

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