How to sell an engagement ring?

snow

TECHNOKID wrote: »

The watch might perhaps be easier to sell???

I doubt that he would gain anything there and most likely would be trading down in resale value, his best bet is to probally as Mark mentioned sell the store credit for 75% or so of its value that would give him approx $1500.00 to put towards the loan which would knock down the loan quite a bit, he isnt going to do better than that even if he sold the ring to someone who really wanted it.

Then sell something else to gather up the balance of the loan that 27% interest is kiliing him fast. No matter how bad a beating he might take on selling some non essential item quickly it still would have to be better than the interest on the loan in the long run.

Maybe see if you cant get another loan on a retirement account or something similiar to pay that damn thing off.

REGARDS SNOW

TECHNOKID

snow wrote: »

I doubt that he would gain anything there and most likely would be trading down in resale value, his best bet is to probally as Mark mentioned sell the store credit for 75% or so of its value that would give him approx $1500.00 to put towards the loan which would knock down the loan quite a bit, he isnt going to do better than that even if he sold the ring to someone who really wanted it.

Then sell something else to gather up the balance of the loan that 27% interest is kiliing him fast. No matter how bad a beating he might take on selling some non essential item quickly it still would have to be better than the interest on the loan in the long run.

Maybe see if you cant get another loan on a retirement account or something similiar to pay that damn thing off.
REGARDS SNOW

I believe you are right except of course for your statment in bold :eek:

snow

TECHNOKID wrote: »

I believe you are right except of course for your statment in bold :eek:

Yes it would suck to have to borrow against an annuity or retirement fund but it should be a very low interest rate on a loan of that type and he would actually make money if he had to continue to pay 27% interest for very many more months.

Desperate times call for desperate measures sometimes.

REGARDS SNOW

Janne

nadams wrote: »

Interesting thought on the store credit, Mark.

Here's the specs on the stone:

Weight: 0.59ct
Shape/Cut: Round Brilliant
Color: H
Clarity: VS2
Measurements 5.59 - 5.43 x 3.18 mm
Est. Retail Rep. Value: $2,740.00

Why you paid so much? It is selling for 1234 USD http://www.eternitydiamonds.com/diamond_detail.php?id=381415&ref=pricecope

Here is a good site for diamond prices.
http://www.pricescope.com/diamond-search-results/
http://www.diamondregistry.com/price.htm

Sorry that you got screwed by the shop and girlfriend.

snow

Janne wrote: »

Why you paid so much? It is selling for 1234 USD http://www.eternitydiamonds.com/diamond_detail.php?id=381415&ref=pricecope

Here is a good site for diamond prices.
http://www.pricescope.com/diamond-search-results/
http://www.diamondregistry.com/price.htm

Sorry that you got screwed by the shop and girlfriend.

I dont think he got screwed by the jewelry store, they have to make a profit also, they have a storefront to pay for once you add in all the costs associated with that like haviing over a million $$ in stocking the store with inventory that sits for long periods of time then throw in the mount and the costs of setting the stone the profit isnt as much as ypu might think.

How many people actually buy a loose stone from a wholesaler then pick out a mount and have it set? very few I can assure you even think about it.

The real **** came from the finance company that charges 27% :eek:



REGARDS SNOW

snow

Janne wrote: »

Why you paid so much? It is selling for 1234 USD http://www.eternitydiamonds.com/diamond_detail.php?id=381415&ref=pricecope

Here is a good site for diamond prices.
http://www.pricescope.com/diamond-search-results/
http://www.diamondregistry.com/price.htm

Sorry that you got screwed by the shop and girlfriend.

I dont think he got screwed by the jewelry store, they have to make a profit also, they have a storefront to pay for once you add in all the costs associated with that like haviing over a million $$ in stocking the store with inventory that sits for long periods of time then throw in the mount and the costs of setting the stone the profit isnt as much as you might think. The biggest money makers for jewelry stores are items like cocktail rings that may have a carat or two of melle in them that they paid $100.00 a carat for and sell for 2-3k and smaller items like pendants chains etc.

How many people actually buy a loose stone from a wholesaler then pick out a mount and have it set? very few I can assure you even think about it.

The real **** came from the finance company that charges 27% :eek:



REGARDS SNOW

danger boy

post it on Craigslist.. and see if you get any hits on it.. sell if for say.. $2,399 or so.. basically it's only slightly used or price it at $1,999 if you can go that low..

here is the important safety part.. if you have an interested buyer.. meet them in a very public place with lots of people around. DO NOT ever invite anyone over to your house at any cost. you'll get jacked and maybe shanked over that rock..

good luck Noah.. i feel for ya.. maybe some dude would like to make a pair of earrings for his wife's anniversary gift out of that gem

Janne

snow wrote: »

I dont think he got screwed by the jewelry store, they have to make a profit also, they have a storefront to pay for once you add in all the costs associated with that like haviing over a million $$ in stocking the store with inventory that sits for long periods of time then throw in the mount and the costs of setting the stone the profit isnt as much as you might think. The biggest money makers for jewelry stores are items like cocktail rings that may have a carat or two of melle in them that they paid $100.00 a carat for and sell for 2-3k and smaller items like pendants chains etc.

How many people actually buy a loose stone from a wholesaler then pick out a mount and have it set? very few I can assure you even think about it.

The real **** came from the finance company that charges 27% :eek:



REGARDS SNOW

I would not be too worried if my inventory was gold....... It would be worth 3 times as much if I bought it in 2005 Reminds me of the song "The only way is up"

HB27

Any chance of a reconcilliation? Maybe you two can work it out.
If she's got a job you both can make payments and the sting of the interest won't hurt so bad.
Personally I'd rather take the hit on the $$$ than get married but that's another story.
Sorry it didn't work out for you and wish you the best all the way around.
JerryJ12 is getting hitched in a day or two. I wonder IF he's got a ring. He's got a bunch of tubes and amps. Maybe you guys could do some trading and come out.

nadams

HB27 wrote: »

Any chance of a reconcilliation? Maybe you two can work it out.
If she's got a job you both can make payments and the sting of the interest won't hurt so bad.
Personally I'd rather take the hit on the $$$ than get married but that's another story.
Sorry it didn't work out for you and wish you the best all the way around.
JerryJ12 is getting hitched in a day or two. I wonder IF he's got a ring. He's got a bunch of tubes and amps. Maybe you guys could do some trading and come out.

I waited a month before considering getting rid of the ring. Been feeling things out with the relationship, and it's just not going to happen. We both agree, which is why I'm trying to get rid of it now.

We actually just got back from a pre-planned vacation together. While we remain friends, it's obvious that we broke up for the right reasons. I realise having to deal with this high-interest loan is going to be a lot cheaper in the long run than getting married and divorced.

Next time, I'll be a lot more cautious to pop the question... Too bad they stopped putting rings in the cracker jack boxes. Maybe I can still find a quarter vending machine somewhere.

billbillw

nadams wrote: »

I waited a month before considering getting rid of the ring. Been feeling things out with the relationship, and it's just not going to happen. We both agree, which is why I'm trying to get rid of it now.

We actually just got back from a pre-planned vacation together. While we remain friends, it's obvious that we broke up for the right reasons. I realise having to deal with this high-interest loan is going to be a lot cheaper in the long run than getting married and divorced.

Next time, I'll be a lot more cautious to pop the question... Too bad they stopped putting rings in the cracker jack boxes. Maybe I can still find a quarter vending machine somewhere.

Buy used next time. You gave the jewelers a huge profit this time, don't do it again.

danger boy

well you could always keep the ring, pay it off and give it to your next gf down the road.. if things move towards getting married.. have it resized if it doens't fit of course.

just a thought.

nadams

danger boy wrote: »

well you could always keep the ring, pay it off and give it to your next gf down the road.. if things move towards getting married.. have it resized if it doens't fit of course.

just a thought.

I've seen several people suggest it... but I don't think I'd be able to do that. The ring as it is meant something special in the previous relationship. Call me sentimental, but I wouldn't be able to see someone else wear it.

TECHNOKID

nadams wrote: »

I've seen several people suggest it... but I don't think I'd be able to do that. The ring as it is meant something special in the previous relationship. Call me sentimental, but I wouldn't be able to see someone else wear it.

Agreed, not counting that if the other GF finds out it was met for another girl well, probably divorce before mariage or at least some long time hardship to come and haunt you for years to come. It is kind of easy for men to be practical but for women practical is rarely associated with romance and love. Remember... Men are from Mars while women are from Venus

rtart

nadams wrote: »

I've seen several people suggest it... but I don't think I'd be able to do that. The ring as it is meant something special in the previous relationship. Call me sentimental, but I wouldn't be able to see someone else wear it.

That diamond has been here for millions of years and will be here long after you are gone. It may have belonged to a drug dealer before being set in your ring.:eek:

It may one day belong to someone else...probably will. My point is, try not to get caught up in the emotion...that happened once, and here we are.

It's not the ring or the diamond that matters, its the relationship. The stone is just a piece of "lucky carbon". My mother's engagement ring is special because it was hers for a lifetime. That's not your situation. It was never "hers".

Get the stone reset into a ring you will enjoy. Wear it, and if one day you find another "Ms. Right", reset it and give it to her. Then it will have been "yours", and special because of it.

BTW, be thankful that you still have the ring...she could have kept it!

All that said, I'm sure sorry you are having a bad time. Hang in there...it only takes ONE girl to be the one. You have millions of "possibles"..just have to meet her.

polktiger

Not the best solution, but take it to a pawn shop and see what they will give you for it. Take the certification with you.

But, I would not let the ring out of your sight. Some of those guys can swap out a stone pretty fast.

bsoko2

Have it mounted on a ear stud and wear it.

TECHNOKID

bsoko2 wrote: »

Have it mounted on a ear stud and wear it...

...so you can look lik a stud!

PhantomOG

snow wrote: »

How many people actually buy a loose stone from a wholesaler then pick out a mount and have it set? very few I can assure you even think about it.

wow... this thread really makes me realize how a little research probably saved me a bunch of money. When I got engaged I did a ton of research on diamonds (pricescope is an awesome site), and bought a loose stone from a wholesaler in NY. Then took it to my local jeweler to have it set. I got an amazing rock (AGS0) for an equally amazing price. My jeweler was very impressed with the diamond and admitted he couldn't even come close to that price. In fact, I had a very hard time even find local jewelers who carried high quality AGS cert'ed diamonds I was interested in.

Good luck selling the jewelry. I don't know what your credit score is, but my recommendation would be to find a good credit card with a 0% balance transfer offer to pay off the loan. Then take your time selling it to a private party at a good discount off of retail.

BigMac

Hi. I buy gold and diamonds every day.....it's part of my job (pawnbroker). In the Richmond area everyone is in the same boat, they want to sell their ring for as much as possible. Only problem is.......everyone is selling and almost nobody buying. We pay the most out of any store in Richmond for precious metals and we hate to tell people the news about diamonds or any stone for that matter. Unless it's 3/4-1 carat graded we don't even look at them. Rings with small diamonds are worthless right now basically. Everyone in town is sitting on a buttload of them. Sure the stores will sell you a diamond ring with small stones BUT, try and sell it back to them and you will get a small fraction of what you paid after the return period is over. My advice, if you don't need to sell a diamond to live, hold on to it till the economy recovers or at least until Christmas time when you'll have a better chance of a decent resell. Good luck.

cheif pontiac

I wouldn't buy a Tag. You will lose even more money. Rolex holds its price, if you had bought a Submariner 25 years ago it would be worth double now. Look into a pre-owned Breitling or Omega.

At least she didn't insist on a 20k ring.

sucks2beme

nadams wrote: »

I've seen several people suggest it... but I don't think I'd be able to do that. The ring as it is meant something special in the previous relationship. Call me sentimental, but I wouldn't be able to see someone else wear it.

Save the stone, sell the ring. Then You can get a new setting when the time comes. Or make one very fancy tie clasp.