There are relationships in our lives that don’t always work out, it can be a friend, relative, co-worker, or even a spouse. And well… Some of these relationships have more baggage than others. In the case of a spouse, that baggage can have some real value to it. Typically with a divorce you’re splitting ways with that person and don’t want them as a regular part of your live, so what do you do with those valuable reminders that you see everyday. What do I do with that ring?
You can do whatever you want with the ring. You could throw it into the ocean to give you a sense of closure. Or you could sell it and take your F-You money to an island in the Caribbean where you can get a Swedish massage in your own tropical paradise by the local cabana boy while sipping mai-tai’s on your ex-husbands dime. But it’s up to you on how you close that chapter of your life.
When can I sell my ring?
First of all, if you were only engaged and were never actually married, there’s a good chance that you might not be able to sell the ring. Many states have ruled that the ring is considered a conditional gift in an engagement, and if you don’t get married, then the ring needs to be returned. The marriage would make the gift final.
If you realized it wasn’t right before you got married, look at it this way, that emotional roller coaster sucks but you dodged a bullet, consider yourself lucky that you didn’t go through a divorce.
If the marriage actually does happen then usually an engagement ring is considered a pre-marital gift and therefore, not subject to equitable distribution in the event of divorce. But, if the ring appreciates in value during the marriage then the increase in value could be considered marital property, just not the original cost of the ring.
I would recommend not doing anything until after you’re divorced. Once you’re divorced, if nothing has come up, then you can view it as a golden ticket to a new life without him (or her, but let’s face it women’s wedding bands are worth much more then men’s).
Also, apparently it’s fairly common for divorce attorneys to take wedding rings as retainers for their services. They value them for far less than they are worth because their clients may have no other way to pay for the divorce. If you can avoid this, then I highly recommend that you don’t give the ring up as collateral. (Sorry any lawyers out there, this is just what I hear.. and we all know that everything we see on the internet is true right?)
Read also: Wedding Dress: To Sell or Not to Sell?
How can I sell my wedding ring?
The first step is to determine what you can sell. Start by gathering all the charms you want to get rid of. You will then have to go and have them appraised in a specialized shop. Because not all gold is equal, it depends on its degree of purity expressed in carat.
You really only have 2 types of people you can sell to, the jewelry industry, or to the public. Think of it like you were selling a used car, you can trade it into the dealer and it’s convenient and more importantly, it’s done. But we all know that if you sell it on your own you’ll get more.
If you are trying to sell it on your own then the first thing you should do, is get it cleaned. This won’t cost too much to do and it will look better to prospective buyers.
Next you should get an appraisal. Just because your ex told you it was worth $X doesn’t mean it really was. I’m sure he thought he negotiated well, but that ring was marked up like bottled water.
Get a jeweler to tell you specifics, number of carats, cut, clarity, color, settings, size. You’ll probably know some of this already, but make sure you get all the information you can. Basically, pretend you are going to buy it, what details would you need to know as a buyer. I recommend going to multiple jewelers and having them all quote you prices, after this you will have a better idea of how much your ring is really worth.
Another sad thing about this step is that if you know the ring was purchased for $2000 at a specific jeweler, it’s likely that exact same jeweler will only buy it back for half of what you paid, sometimes maybe only 35% of what you paid. They won’t buy it unless they know they can make a large profit, and they marked it up a ton before you bought it the first time.
You could also have a consignment shop sell your ring for you. You will get a higher value, but at the same time they could take a 25-40% commission, also there’s no telling how long you might wait for it to actually sell, it could easily be years. Also make sure you trust the shop, you are leaving something very valuable with them. If they close up shop then you might lose the ring.
When it comes to selling your wedding ring, pawn shops are comparable to consignment stores. Pawn shops have been around centuries, with everyone from ancient Greeks and Romans to kings turning to them for a quick way to get cash for their valuables. Pawn shops are now well-regulated and generally safe venues to do business.
On the other hand, if you decide to pawn your jewellery, you’re unlikely to get much money for it. Even yet, pawn shops are a solid source of extremely fast cash if you need to liquidate your wedding rings and convert them to useful cash in a day or less.
A lot of individuals choose to sell their jewellery through internet auctions. Because the auctioneer handles the majority of the labour, it may be rather painless. However, auctions are time-consuming and cannot guarantee the greatest price for your ring. There may also be fees that reduce the amount of money you take home. Some auctions feature little or no reserves, which implies that even if a bidder bids low, the seller cannot reject the bid. If the bidding begins off low and there aren’t many bids, you can end up with a considerably lesser sum than you expected.
Friends or Colleagues
If you’re in a pinch and need money, and you have a buddy who is prepared to pay, selling an engagement ring could be the greatest option. Just be upfront about the price and payment terms, because lousy transactions and money squabbles are a surefire way to destroy friendships.
The benefit of selling your ring to a friend is that they are familiar with you. They may know what the ring means to you since they know about your engagement, marriage, and/or divorce. So, if you ever want to purchase back when things have calmed down, they will most likely let it. Just make sure you choose the right friend. Someone you can rely on to pay you fairly and may sell it back to you if required.
Selling it online
These days, you can sell anything online. You can try online auctions like eBay or even Etsy if you want. But there are a bunch of newer websites popping up specifically for this situation, one of them is ExBoyfriend Jewelry, each piece of jewelry on the site comes with a story as to why their ex was a loser or why their relationship ended. It can provide for some entertaining reading, but I have no idea how well things actually sell there.
If your wedding ring has at least a half-carat centre diamond and is expected to sell for more than $1,000, it can be listed on Worthy.com, an online marketplace where hundreds of qualified purchasers can bid on your item, potentially increasing the sale price.
Worthy is a great site for divorced and jilted people to auction off their pricey engagement and wedding rings. Worthy may be better at selling the stone in your ring than the ring itself, because many of the site’s purchasers appear to be professionals. Worthy claims to have modified its policy and is now selling the complete ring instead of only the centre stone. If you choose, it may grade the stone without removing it from the setting.
Another option is “I Do Now I Don’t”. This site also comes with pictures of the jewelry with descriptions, but once an item is sold, both the ring and the money are sent to the site, the “payment is then held in escrow by I Do Now I Don’t until a gemologist authenticates the item.” Once the item is authenticated the ring is sent to the buyer and the funds are released to the seller. The site then takes a 15% commission on the sale.
If you have a gold ring, you may easily sell it on CashForGold, provided the ring is worth less than $5,000, it’s an excellent choice since they’ll pick it up, analyze it, and pay you within 24 hours. This service is free, and if you don’t like what they have to offer, they will return your ring to you at no cost.
Their gold rates are up to three times higher than competitors’, and they have more than 35 years of expertise selling gold online. You won’t lose your ring since they collect, insure, appraise, and return it as needed. The difference is that their offer is set in stone. It’s not an auction system, so they’ll just play what the appraiser says. However, they do provide a 10% incentive.
ABE MOR is a family-owned firm that has been in the Diamond District of Manhattan for almost fifty years. They’ve carefully created an online buying method to assist customers from all around the world who want to sell diamond jewellery. ABE MOR is one of the fastest, fairest, and most secure jewellery buyers on the internet.
After filling out a simple form on the ABE MOR website with the specifics of your diamond, a professional will contact you within one business day with information on how to ship your ring fully insured and for free to their facility. You’ll receive a pretty reasonable offer from them, which you may accept and have paid out within one business day.
There are many other sites out there that do this so pick one that you feel comfortable with. Personally I like the idea of a site verifying the sales for me and collecting the money as well. You pay them a commission but it’s relatively small in comparison but you have less of a chance of being scammed.
Then there’s apparently a new trend that seems to be taking hold, and that is redesigning the ring into something new and sizing it to wear on your middle finger. It then becomes your new ‘F- you ring’ which I could see being somewhat satisfying. I guess that all depends on how things ended though.
Read also: 8 Ways To Bring Happiness Into Your Marriage
Where can I get the most money for my Wedding Ring?
The best venue to sell your wedding ring is determined by the type of ring it is. If you have a rare or distinctive ring design, you may definitely sell it at an auction or through a vintage jewellery store for a higher price. If you have a stunning diamond with an unattractive or antiquated band, you could be better off taking it to a diamond specialist who can dismantle the ring and repurpose the components for new jewellery.
In any case, it’s usually worth comparing pricing and looking at a few various selling possibilities. It’s not a bad idea to collect different quotations and choose the location where you can sell the ring for the maximum money.