General Question

bellusfemina's avatar

How can I get the most money for my old wedding ring?

Asked by bellusfemina (808points) July 14th, 2010

The diamond is 1 karat and appraised at 5,000 (US) like 10 years ago, and the person paid 1,500 for the platinum setting. I’m just wondering what I could do to get the most money for the ring.

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6 Answers

Sariperana's avatar

Well obviously research what others similar are going for, also explore the options of selling the materials seperatly… And keep in mind that due to sentimentalities, you may actually think it’s worth more than what it really is.

SuperMouse's avatar

I pawned mine and got to next to nothing for it – so all I know for sure is to stay away from pawn shops. To be fair I didn’t really care about the money, I just wanted that thing gone.

dpworkin's avatar

Very difficult to get anything fair in the jewelry business. Best way: reputable auction house – at least the dealers will have to compete with one another and you might get a retail customer bidding. Down side: Fees and maybe it doesn’t make the reserve and you get it back.

marinelife's avatar

You are not going to get the appraisal value or even the retail value for an old ring. Think half at best.

gorillapaws's avatar

That industry seems like such a scam. I could understand if it were a car that’s been driven for 10 years, but diamonds are supposed to be forever right? It really makes me think I could probably get a good deal buying one used when the time comes (sorry @bellusfemina I’m not in the market yet).

Why do they drop in value so much? Are they deliberately over-appraised? or is simply the case that the demand for used rings is so low that they need to be highly discounted to sell?

dpworkin's avatar

They are an artificial market. Their value is advertised to be intrinsic, but it is not. The De Beers family manipulates the price by holding $Billions in stones back. They are worth half what you pay if you are fortunate and weren’t ripped off; that means a dealer will pay you ¼ of the retail value.

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