Author Topic: What to do with a "used" engagement ring?  (Read 2301 times)

panda

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What to do with a "used" engagement ring?
« on: November 04, 2019, 09:29:03 AM »
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« Last Edit: January 22, 2020, 08:32:33 AM by panda »

Boofinator

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Re: What to do with a "used" engagement ring?
« Reply #1 on: November 04, 2019, 09:37:30 AM »
That sucks. Sorry.

The Mustachian answer would be to accept the sunk cost (in this case the massive amount of depreciation) and to sell the ring for what the market will bear. The gift to yourself of a $2k watch is probably not the Mustachian option.

ReadySetMillionaire

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Re: What to do with a "used" engagement ring?
« Reply #2 on: November 04, 2019, 09:38:20 AM »
If this were me, the watch would remind me of the ring, and I would end up getting rid of the watch, too. So I'd definitely take the cash.

DeepEllumStache

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Re: What to do with a "used" engagement ring?
« Reply #3 on: November 04, 2019, 09:44:36 AM »
Iím sorry things turned out that way :(

Make sure there wonít be any sort of legal issue surrounding the ringís disposition. Get a second estimate from a different jewelry store or try your luck on Craigslist. Take the cash.

PGSD

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Re: What to do with a "used" engagement ring?
« Reply #4 on: November 04, 2019, 10:54:02 AM »
I'd probably craigslist it. You'll get more money and someone would get a better ring than they could afford paying. Win win.

Blonde Lawyer

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Re: What to do with a "used" engagement ring?
« Reply #5 on: November 04, 2019, 11:03:38 AM »
Do you have a close family member with a milestone birthday coming up? If so, could you use the $2k credit to get a joint gift and have siblings or others give you cash towards their share of the gift? Could you take the store credit and re-sell it? So sell $2k in store credit for $1800?

neo von retorch

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Re: What to do with a "used" engagement ring?
« Reply #6 on: November 04, 2019, 12:08:16 PM »
We were on the other end - we bought a used engagement/wedding ring set from https://www.idonowidont.com/

They act as escrow and appraiser. We bought a "$3900" ring set for something like $1500. So I don't know if that beats what you're getting offered from the jewelry store, but it might be worth looking into.

iris lily

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Re: What to do with a "used" engagement ring?
« Reply #7 on: November 04, 2019, 07:13:30 PM »
Make sure there wonít be any sort of legal issue surrounding the ringís disposition. Get a second estimate from a different jewelry store or try your luck on Craigslist. Take the cash.
No legal issues and enough years have passed by that the statute of limitations has passed as well. Second store basically offered the same valuation for trade, but weren't too interested in outright purchases.

How many years? Itís possible that the ring is not old  enough to be vintage and desirable because of that, but itís new enough to have a setting that is outdated and unwanted.
« Last Edit: November 05, 2019, 07:14:42 AM by iris lily »

Omy

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Re: What to do with a "used" engagement ring?
« Reply #8 on: November 04, 2019, 07:37:16 PM »
Would resetting the stone be an option (some time in the future)? I'd be inclined to keep it for some future use.

Goldy

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Re: What to do with a "used" engagement ring?
« Reply #9 on: November 04, 2019, 08:39:01 PM »
I find EBay to be a really good place to sell precious metals and rings because they always pay at or above spot price.  Iíd be leery about selling it to a cash for gold type of jewelry store.

iris lily

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Re: What to do with a "used" engagement ring?
« Reply #10 on: November 05, 2019, 07:18:04 AM »
How many years? Itís possible that the ring is not all enough to be vintage and desirable because of that, but itís new enough to have a setting that is outdated and unwanted.
Statute of limitations for any gift laws is six years, so fine there. The ring is Edwardian, so 1890 to 1915 for that.

Ooooooooo! I love Edwardian rings and they are popular now and have been for a few years. I say sell the thing before this fashion falls out of favor.

For this ring, the complete setting is important, for those who are advising her to dig out the diamond and sell it independantly or place it in new setting.

YttriumNitrate

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Re: What to do with a "used" engagement ring?
« Reply #11 on: November 05, 2019, 07:36:54 AM »
I'd go with Ebay over Craigslist. There probably aren't that many people in your local area who are A) Looking for engagement rings, B) in the size you are selling, C) in the style you are selling, and D) in the price range you are selling, so Ebay will advertise to a much larger audience.

For what its worth, I bought my wife's engagement ring off Ebay (used, of course).

neo von retorch

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Re: What to do with a "used" engagement ring?
« Reply #12 on: November 05, 2019, 08:07:06 AM »
I'll say it again in case it was missed ;)
Consider https://www.idonowidont.com/

Advantages:
 - targeted for exactly the kind of jewelry you're selling
 - they act as escrow for the jewelry / payment to ensure both sides are protected
 - they appraise the jewelry which helps provide assurance to the buyer that they are getting a banging deal

More information as a seller - https://www.idonowidont.com/how_it_works#how-to-sell

It does look like, at your price point, their commission might make it a tougher sale. So I guess I'd poke around existing listings and get a feel for whether you'd sell it for a large enough premium over eBay to make it a good choice.

neo von retorch

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Re: What to do with a "used" engagement ring?
« Reply #13 on: November 06, 2019, 06:15:30 AM »
Good luck! I hope it's a good recommendation. I realize most recommendations I make are from that one time I used that one service and nothing went wrong. Ha! But we were very happy going through there, and I hope you get the best price for your ring!

cincystache

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Re: What to do with a "used" engagement ring?
« Reply #14 on: November 07, 2019, 01:50:01 AM »
If all else fails, go with your original inclination and throw it in the lake ;-) or donate it to a worthy charitable cause.

DaKini

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Re: What to do with a "used" engagement ring?
« Reply #15 on: November 08, 2019, 03:57:51 AM »
Quote
I think that throwing money away might be even less mustachian than buying an engagement ring in the first place. :D
I somethimes imagine me throwing money away in this setting:
- go to smokers corner
- wait till they pull out their cigarettes
- pull out a 5 Ä bill
- light it and watch it burn whith a face looking as normal as if i would do this regularly once a day

But why on earth do people buy such expensive engagement rings?
And then even more expensive ones when marrying?
I really dont understand.

My engagenent rings set was about 800 Ä for 585 gold and one with a diamond, and we even reused them as weding rings (already planned so at purchade time).

Malcat

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Re: What to do with a "used" engagement ring?
« Reply #16 on: November 08, 2019, 04:44:36 AM »
Quote
I think that throwing money away might be even less mustachian than buying an engagement ring in the first place. :D
I somethimes imagine me throwing money away in this setting:
- go to smokers corner
- wait till they pull out their cigarettes
- pull out a 5 Ä bill
- light it and watch it burn whith a face looking as normal as if i would do this regularly once a day

But why on earth do people buy such expensive engagement rings?
And then even more expensive ones when marrying?
I really dont understand.

My engagenent rings set was about 800 Ä for 585 gold and one with a diamond, and we even reused them as weding rings (already planned so at purchade time).

*Shrug*

Why do people buy anything that isn't absolutely necessary.

I don't understand caring about what my countertops are made of, and yet tons of people feel totally comfortable spending thousands on pieces of rock.

OP: I've had a few of these rings in my time (long story) and I sold the ones that had negative feelings and rather poetically accepted the ridiculous loss of value as symbolic.

Sell it for whatever you can get and start moving on.

iris lily

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Re: What to do with a "used" engagement ring?
« Reply #17 on: November 09, 2019, 07:29:03 AM »
Thanks for all of the face punches for those of us who like an occasional nice ring. Not.  It is obligatory in any thread about engagement rings.

 That said, I find that people in my circle of acquaintance arenít realistic about the worth of used jewelry and they seem oddly frozen with fear that they wonít get ďwhat it is worth ď.

Hereís the thing: today you have an object and no money. If you sell that object that you simply do not want any more, it you will be up that amount of money. Why worry if you donít ďget what itís worth.Ē 

 I take small pieces of jewelry that Iím letting go to the Gold buyer in a mall and sell it for melt value. I am up $15 or $25. I am rid of dinky things I have to take care of. My life is simplified and I have cashola.  Win-win.
« Last Edit: November 09, 2019, 08:50:50 AM by iris lily »