How do I sell an engagement ring?

[millionaireshortie]

It has lots of small diamonds making up the band and the centre diamond is quite small. It cost £1,500 just 2 years ago but I can't say it's a particularly great looking ring so don't think it would sell as is.

Can you sell off small diamonds separately?
I don't expect to recoup much of the money at all but where can I get even anything for it?

Any ideas?

Many local jewellers buy and sell second hand but they usually only give scrap value. You might be better getting it valued at the jewellers then listing it on eBay.

I tried to do the same with my old engagement ring and the most I was offered, out of 4 different valuations, was £75. I know the ring is worth significantly more so I didn't bother selling it. One day the sale value may increase, or I can use the gold for something else, but it felt like robbery to give a £2000 ring away for less than 5% of its worth.

If I was going to try to sell it, I would list it on Ebay. It may take a long time to sell, but I think its the best bet.

it felt like robbery to give a £2000 ring away for less than 5% of its worth.

The thing is that these rings are worth nowhere near £2k to begin with. Buying a brand new diamond ring is like buying a brand new car - the second you take it out of the shop the value plummets.

You'll need to lower your expectations, in my experience jewellery never fetches what it sold for previously unless it is something very special or with a very big stone that can be re-used.

I had mine melted down with the wedding ring and fashioned into something else I liked. There was leftover gold which covered most of the cost of the workmanship too! I think I paid £30!

£2000 ring away for less than 5% of its worth.
It wasn’t worth £2000, though. That is what you paid for it, not what it was worth.

Second hand jewellery sells as well as second hand wedding dresses...

@Frariedeamin oh that's an interesting idea. Did you reuse the diamond?

Thanks for the replies ladies - it's as I thought, it's pretty much worthless.

I’m in the same boat. £3k one carat diamond ring and I was offered £47 for it at a pawn shop. I’ve still got it in a drawer. I was told if it was one solid diamond I might have more luck selling it but because it’s a band full of smaller diamonds I’ll struggle to sell it. If I ever get married again I’ll be buying a £50 plain gold ring.

@thefourgp Annoying isn't it! I'll not waste any more time on it anyway.

It is annoying but sadly true. I worked in an auctioneers years ago. It used to be that auction resale value was around 10% of retail cost. I couldn't sell my £1100 ring for £80. One day I'll get it made into a pendant for a necklace.

The good thing is when I got engaged again we bought one from auction for a fraction of what it would cost in the shops.