Let’s face it. Engagements have a way of not working out and when they don’t, many women end up with a valuable platinum engagement ring. If you find yourself in that situation, what should you do with your old ring, which could be worth a lot of money?
Engagement rings are similar to cars, because once they are used items, their value falls. Yet there are still ways to recoup at least half of their retail value, often more. Let’s consider some of your options.
Should You Return the Ring to Your Former Fiancé?
This is a personal question - one that we can’t answer for you. But depending on the nature of your relationship with the man you were once intending to marry, it might be the honorable thing to do. You won’t realize any cash for the ring of course. But again, this is a decision that is up to you. If you do not want to return the ring to your former fiancé, consider the following questions and options.
Did the Ring Come with a Return Guarantee?
If you are lucky, your fiancé might have purchased your ring from a jeweler that will take it back, for at least a percentage of its original price. If your ring came with original packaging or documentation, it will not be difficult to find out the name of the jeweler where it was purchased. If it didn’t, your task is a bit more difficult, though not impossible. If you take your ring to a reputable jewelry store and explain your situation, chances are that someone at that retailer will be able to tell you where it was purchased. You can then visit that jeweler and ask whether the ring was purchased with a return guarantee. Even if the ring was not sold with a guarantee, the jeweler that sold it might be willing to buy it back from you at a fair price.
Can You Sell the Ring on eBay?
If you search for the term “platinum engagement ring” on eBay, you will find lots of them for sale. Those listings can give you at least a rough idea of what your ring is worth and if you decide to, you can sell it there.
How Much is the Diamond Worth?
Don’t forget that in most cases, engagement rings are made up of two valuable parts: the platinum ring itself and the gem it contains. A reputable jeweler can look at your ring and let you know how much the gem is worth, along with the ring itself. Of if your ring contains a big diamond, you might want to visit an appraiser to find out its value. (Look for jewelry appraisers in your area.) That appraiser or jeweler should be able to give you some advice about where you can get top dollar. Just be sure to get several opinions from several sources - you don’t want to fall victim to a dishonest individual who offers to buy your ring for much less than it is worth.
Should You Sell the Ring at a Walk-in Store or Pawnshop?
You can take your ring to a “we buy gold” kind of store or a pawnshop. The advantage is that you can get cash quickly. The disadvantage is that you could end up getting paid considerably less than the ring is worth. Or that you could get more money simply by selling the ring on eBay. We don’t recommend this approach. But you know your financial circumstances and if you want to get some cash quickly, it is an option.
Can You Get Your Hands on Several Used Engagement Rings?
Maybe you have been engaged more than once and have several rings. Or maybe you have three or four friends who have also had engagements that ended, and who have rings too. If you do, get together with your friends and work as a team. Call Specialty Metals Smelters and Refiners at 800-426-2344, tell us what you have, and inquire about our testing services. We will explain how we will evaluate those rings, recycle them, and send you prompt payment.
Moving from a Broken Engagement to a Better Place . . .
Okay, nobody wants to break off an engagement. Although we are in no position to tell you how you should feel after your breakup, we can help you get top dollar from your old engagement ring. It could even be that getting top dollar for your ring will help you feel just a little bit better about what you have been through.