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Please help, where can I sell my (ex) engagement ring?

(17 Posts)
glitter89owl Thu 18-Aug-16 20:57:16

Hi all,

New to Mumsnet but I have been a lurker for ages. Split from my fiancé last year, didn't see it coming but that's a whole other story...

Basically, due to his behaviour (and the quick time in which he flitted out of the country) I've been left with my (ex) engagement ring. And I wonder if any Mumsnetters will know what the best way to sell it is?

Over a year on from the break up I haven't sold it yet, but I really need the money now and am looking at options to sell it (it's also depressing to look at!)

The ring was only worn for nine months, it's a 1.03 carat diamond princess cut, white gold. I have the receipt and valuation, it cost him £5500 to buy in 2014 but at the time but was valued at £12,500.

Has anyone sold their engagement ring before? Or are there any jewellers online able to help out? It's obviously lost meaning now, but it was precious at the time and I would hate to be underpaid for it.

I live near a lot of jewellers because I am close to a city, but is there a 'best practice' way to approach this or negotiate a price?

Realise this might sound a bit 'grabby' but please don't judge, this split is the worst thing that's ever happened to me and I am trying to move on with my life so looking to sell something I was essentially given as a gift I guess.

Please help, I'm not sure where to start!

SquidgeyMidgey Thu 18-Aug-16 20:59:39

Sounds like a cracker of a ring, I would go to one of the better independents and ask their advice. Go to a few so you don't get ripped off. I hope shifting it helps you like you want it to.

JoMalones Thu 18-Aug-16 21:01:31

Go to a few independent jewellers. Just to warn you, you will probably be offered about 2k. eBay is another option. Good luck

microscope Thu 18-Aug-16 21:03:06

Heard an interesting programme about selling jewellery on radio4 a while ago. Upshot was not to expect more than 10-20% of what you got for it sad good luck

takingthep Thu 18-Aug-16 21:06:58

Speaking as a jeweller I would have it remade into a pendant or something pretty.

Feel free to PM me if you want an offer for the stone...

Thingywhatsit Thu 18-Aug-16 21:10:35

Do you know what clarity the stone is? Cos that will affect price. The size of the stone isn't the most important thing it's the clarity of them. The valuation may tell you if you have a copy of it?

Do your research before you go and get it valued if you can before you start looking to sell it. It might cost you a bit £50 or so, but will give you a great start in getting a decent price for it. I know money is tight, so if you can emotionally afford to do it, go into a jewellers and say you want it altered or something and then get the jeweller to give you all the information you can get out of them!

Then armed with this info do some research on market prices based on the stone alone.

Having nearly married a goldsmith (I stupidly threw my engagement ring he made me at him) I know how much they like to find bargains and of course they will offer you the lowest price they can get away with and if your really strapped for cash you might be tempted by a stupid offer.

Hugs for you too - as its a real emotional thing to do. If you get more details on the stone pm me them and I will see if I can find out the current cost price for you .

FTS123 Thu 18-Aug-16 21:12:28

I sold mine and my wedding ring, cost £2000 total, got £200 for both in the end confused

AnchorDownDeepBreath Thu 18-Aug-16 21:14:40

The ring was only worn for nine months, it's a 1.03 carat diamond princess cut, white gold. I have the receipt and valuation, it cost him £5500 to buy in 2014 but at the time but was valued at £12,500.

You're unlikely to get anywhere near that, unfortunately - engagement rings devalue quickly. Most people get about 15% of the purchase price.

Take it to a jewellers for a valuation - an independent jeweller will probably give you the best price. Compare to online scrap prices, just incase. Once you know the value, you can decide whether to try selling on eBay instead, if you've got all the certifications.

Generally though, you'll probably get a couple of hundred for it. You won't get anywhere near the insurance valuation. Many people won't buy secondhand engagement rings, it seems unlucky. Secondhand rings are difficult anyway, most people would rather buy a smaller diamond/cheaper style new ring than get a more expensive secondhand one.

Good luck.

crayfish Thu 18-Aug-16 21:19:42

I sold mine on eBay (it was to a jeweller though). Mine was only 0.48 carat but it was a very good stone and I had the certificates and stuff, it was set in platinum.

It was worth over £2000 I think, I got £650 which I was pleased with but was nowhere near what it cost.

Yours sounds like a corker though so you might get a better result but you will probably still get nowhere close to its value.

glitter89owl Thu 18-Aug-16 21:21:51

Thanks for all your great advice, what a nice welcome to Mumsnet.

Thingywhatsit the clarity of the stone is VVS and the colour is F/G according to the valuation which I've just dug out. The valuation said the replacement value is actually £11,750 so I was seven hundred or so out on my first post^.

I will have a look at market prices based on what similar rings are being sold for, based on these is there an average percentage of the market price that jewellers will offer or does it vary?

Thanks for the hugs, gutted you threw your engagement ring at the goldsmith! I think I will take my Mum along for emotional support. x

yettiLEGS Thu 18-Aug-16 21:23:01

Ask for a price to sell it and a price to pawn it. Usually the pawn price is higher and you get the option to buy it back if you want if not a little extra cash in your pocket.

Thingywhatsit Thu 18-Aug-16 21:59:57

I will ask ex what price he could get a stone like that for.

Basically when a jeweller or goldsmith buys it, they aren't necessarily looking at what they could sell the ring on for, as pre loved engagement rings aren't everyone's cup of tea! However they might make something new out of it, or want a stone exactly like you have so will happily buy it for slightly less than what they could get it for from a diamond dealer.

Some jewellers will use it as a pension pot for themselves if the stone is good. I knew where all the pensions stashes were in the house!

We used to have all sorts in the house that ex had brought. Gold would be melted down and used for wedding rings for family/mates etc, diamond earrings would end up in rings.

And sometimes buyers don't know they are buying 2nd hand. With a very good polish things can look brand new. My mum got some lovely earrings for her birthday recently and thinks my ex made them..... He didn't as his mate (another jeweller) had brought them off a customer and sold them to us as they were just what my mum wanted. They only cost us half of their retail value.

Theknacktoflying Thu 18-Aug-16 22:10:13

Give it back .... it isn't yours to sell ...

MsMarvel Thu 18-Aug-16 22:19:19

Theknack, it was given to her as a gift, of course it is hers to sell.

My ex fiance asked for the ring back when we split up, as he was skint and wanted to sell it. As it was me that ended things I wanted to keep the peace so gave it back, even the proposal and ring had been a birthday present...and it was my mum who put down and paid the deposit for it. So i was secretly quite happy when he told me he had struggled to even sell it at all, never mind get anything near what he paid.

But the value of mine was nowhere near yours, im sure you will get something decent for that, even if it ends up being a small percentage of what was actually paid. At the end of the day, if you are not going to wear it Any more, getting something for it is better than is sitting doing nothing.

TwistNshout Thu 18-Aug-16 22:24:52

You could take it to an auctioneers - I think Bonhams has regional offices, if you're not in London.

They'll give you a free auction valuation so you'll know what it's worth.

glitter89owl Thu 18-Aug-16 22:30:22

Thingywhatsit: Thanks for your help I would really appreciate that, definitely given me a greater insight into why jewellers might be looking to buy a stone/ring.

Theknacktoflying: Trust me this is not something I have taken lightly, which is why I have left it until now. It was given to me and my ex (v financially stable) could not have been more passive about what I done with it, he moved on before I even knew our engagement was over.

concertplayer Sat 20-Aug-16 17:38:26

What about Hatton garden (london) ? There are tons of diamond dealers
there !!

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