Should I sell my engagement ring? If I do what is the best way to do so?

Question

It is such a beautiful ring, tiffany set in platinum over 2 carats and GIA certified, appraised for approx $20,000. This is probably the only piece of jewelry like this I will ever possess, but the sale of this ring would really help me out of a financial jam I am in right now and I kept the ring from a break up about 5 years ago. It does have sentimental value, but I am facing a foreclosure, and in collections on 5 credit cards due to being laid off in January, still not working yet. Should I sell it? I took it to a place where they gave me a loan of $5000 to hold it until Jan, now I need to get the $5000 to get it out and the balance when I deliver it to whoever buys it. Does anyone know a reputable place in NYC that will pay what it is worth? What else can I do to get out of debt?

Answer 1

I would say sell it but shop around.

If you need money quickly there is this website call Prosper (www.prosper.com) that could help loan you some money lower than banks to pay off everything.

Answer 2

Your ring has no more sentimental value. Tell that to your self. You have broken the relations 5 years ago, and I see no reasons of claiming of any sentimental value. It will only remind you a loss, a desperate relationships. Whatever is the true reason of the break up the truth is there is no more expected reconciliation on such long partition.

However be happy, because that ring though no sentimental value has a MONETARY VALUE. One of your respondent is correct, the least you can sell that jewelry is 50% of the appraise value but depends you can have somebody interested on its design to get it fast at 70% so you say 20K shall be about 15K$. If your loan is 5K$ plus interests you shall still be convenient with less than 10K$, good enough than thinking of sentimental value of no person representing it to you anymore.

Offer them to any of your good Friends and other referrals from your inner circles...before you offer it to others you don't know. By the way be very care to entrust that jewelry that you may lost it by mistake of entrusting it, and maybe the stone will be change or the gold will be rub out of weight. Good luck!

Answer 3

The appraised value is the "insured value", what the appraiser says the insurer would have to pay out in order to replace the ring. If you were to sell your ring, you would get "melt" or wholesale value, which is only about 25-50% of what you paid.
To establish resale value, go to a high end retailer like Tiffanny and ask 2 questions: what would they buy it for and if they had a ring like this what would they sell it for. This at least gives you realistic benchmarks when you try to sell it. To maximize your opportunity, try selling it on consignment through a reputable retailer or sell it privately on e-bay.

Answer 4

hi properly with a hoop of that fee first element you're able to do is get a appraisal finished on it so which you have further workplace work showing the present envisioned fee of the ring.. the fee of the ring is going to make it extra frustrating to sell on ebay ,craigslist and different avenues like that .. Is the ring insured? when you have your appraisal attempt taking it to an outstanding jeweler or somebody who sells custom rings they might have an interest in figuring out to purchase the ring.. i'm going to could help you already know they are going to probaly no longer pay you something on the area of what it incredibly is properly worth Alot of jewelers are continually searching for diamonds for a good fee so which you will advise they purchase it & take stones out & soften the gold / some furnish consignment recommendations besides additionally you may attempt going to a supplies sale broking provider & seeing if there fascinated in figuring out to purchase it or auctioning it off in case you quite need to sell or no longer it incredibly is arranged to take an excellent fee decrease maximum folk have not got that kind of money circulate yet an determination determination is itemizing it on your interior of sight information paper in classifieds yet be certain somebody is with while showing the ring .. only be careful on who & the place you point out the fee of the ring human beings do loopy issues for money recently I wish I had a concrete answer for you it incredibly is totally no longer elementary by way of fee of your ring i could hate so you might unfastened plenty money on certainly one of those efficient ring sought after Bride

Answer 5

Do not expect to get 'what it's worth', in terms of appraised value. Jewelry such as you described generally sells for about half of its appraised value. Sad to say, jewelry is a very poor investment in terms of holding value.

Answer 6

sell it or break it down to a smaller piece to retain a memory and sell the rest. you broke up and kept it. if you need the money and do not feel that attached... sell it. just not on ebay. find a reputable jewler.

Answer 7

if the relationship is 0ver go ahead sell it if its wat u really want but if u feel u really l0vd dat pers0n even th0ugh u guys r 0ver id say keep it unless u really need da m0ney there r n0 exceptions
xoxo mEliSsa

Answer 8

as long as the relationship is over i would say sell it.

Answer 9

sell it and enjoy the proceeds