Getting engaged was probably one of the most exciting times in your life, unless of course you are one of the unlucky ones and the engagement hasn’t gone according to plan. Picture: Needpix
Getting engaged was probably one of the most exciting times in your life, unless of course you are one of the unlucky ones and the engagement hasn’t gone according to plan.
The likes of receiving a “No” to the magic four letter question, or being caught in a cheating scandal, are just a few of the chilling scenarios that you likely never thought would happen to you, but are now your reality.
If you do find yourself in this situation, how do you sell the engagement ring?
1. Sell it back to the fancy retailer it was bought from
While this sounds like the easiest and most economic option, be aware that the investment realised of a commercially mined diamond could take generations, according to Anthony Matthews, founder of Shiny Rock Polished, one of South Africa’s largest online jewellery stores.
“The retailer will add a mark-up to the raw materials and have overheads that need to be covered. If the purchase was made recently, there will be no investment value,” explained Matthews.
That being said, if you bought your ring from a professional retailer, they may offer a buyback programme.
This route may require less admin on your end, but keep in mind that the buy-back price will be considerably lower than the original purchase price.
2. Sell it to a local jeweller
A local jeweller may have lower overhead costs than large retailers, which could contribute to you receiving a better resale value.
However, there is no guarantee and it depends on the jeweller's financial capacity to buy back the ring as well as the current market trend for your type and cut of diamond.
3. Use an online marketplace
Online marketplaces, such as Facebook Marketplace or Gumtree, provide access to a larger audience, which means a higher likelihood of finding a buyer.
However, this may attract the attention of potential fraudsters. Going this route can be considered time-consuming as well as risky, but it all boils down to how badly you want to rid yourself of that ring. Will you get the price you are looking for? Unlikely.
4. Sell it to a friend
Selling your engagement ring to someone you know means you don't have to spend time searching for a buyer, and there is definitely the added element of trust.
However, things can get awkward fast when it comes to money and negotiations within the circle of trust.
You will have to get an official appraisal of the ring, and Matthews warns that you are unlikely to be offered the appraisal amount.
5. Keep the ring and give it a makeover
By remaking your engagement ring into another piece of jewellery, you will retain the most value and give yourself, and the ring, a fresh start.
“Makeovers range from anything such as melting the entire piece down to start again, to simply adding something extra.
“For example, you could get 1.5 to 2 carat lab-grown diamond or roughly a half-carat mined diamond of fairly high commercial quality. Now that’s some bling worth adding to your ring!” Matthews commented.
The main out-take from Matthews is to rather enjoy the jewellery than wait for the ring to appreciate in value.
“It’s likely that you’ll spend a lot of time trying to sell it, and be disappointed in the end with what you sell it for,” he concluded.
Source: https://wwd.com/accessories-news/jewelry/lvmh-luxury-ventures-investment-israeli-lab-grown-diamond-maker-lusix-1235203950/