%#$S##%!!! The Engagement's Off and I Need to Sell The Engagement Ring!
Need to sell the engagement ring? You're not alone. Unfortunately, I've encountered numerous couples who've called the engagement off and need to sell the engagement ring in a jiffy. I've had at least four friends who have been in this situation. I am definitely a romantic but if it's not meant to be, better to know now before making a life altering commitment and realizing your mistake ten years down the road.
Nonetheless, my regrets to you if you are in this particular predicament. So what are your options if you need to sell the engagement ring?
Here's some more bad news (and don't kill the messenger please) Unless you are in the diamond business, diamonds are not an investment, particularly at the engagement-ring level....despite all the hooplah that you might hear from diamond retailers that diamonds appreciate over time, etc. Retail prices reflect a mark-up of 100 percent or more on engagement rings and white diamonds have tended to depreciate over time as they incur chips and go out of style. In other words, when you go to resell the bling, don't expect to get anything near to what you paid for it.
Well the first place most people go when they want to get cash in a hurry is the local pawn shop. You are likely to get the least amount of money via this route. The folks at the pawn shop know that you are coming to them because you are desperate to unload this bitter reminder of a once beautiful love story...and they know you want the cash and you want it right away.
A better place to try might be a jewelry store that specializes in selling estate jewelry. Shop your engagement ring around as you might get different estimates from these stores that could bring in hundreds if not thousands of additional dollars, depending on how nice the ring is to begin with.
There's always the local paper. This can be hit or miss. The odds are not in your favor as probably only about 10%-20% of those listing in the paper unload their goods. Nonetheless, you may be able to get more of your money back this way, versus selling to a pawn or jewelry shop. If you do decide to go this route, make sure to meet the prospective buyer in a well-lit public place. The last thing you need to have happen is to get mugged...you've got enough stress in your life with a broken engagement. Also, do not accept checks of any kind. Play it safe and request the money in cold hard cash, if the prospective buyer is interested in making a purchase.
Last but not least there is ebay. It's not easy to sell an engagement ring on ebay but it is possible. Check out my ebay article to find out about the highs and lows of dealing with the ebay marketplace:
If you're not getting anywhere near the price you would like, you may just want to consider holding onto it. After all, you could turn it into a beautiful pendant, bring it out on rainy days to look at, or save it for the next special person that comes along...
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