Selling an engagement ring

LondonJo

I know I should have looked into this before I agreed, but as part of the settlement with my ex on our flat, I kept the engagement ring. Now I've come to sell the ring, I'm being quoted 20% of the market value. Does this sound right?! As new, it would cost £5k & the various places I've tried have said it's a lovely diamond, good platinum band, nice set etc but it's such a limited market I would be lucky to get £1K for it.

I really need the money at the moment so if that sounds right I guess I'll go ahead... Wish I'd got the car now!!!

Thanks!

neneromanova

best bet is put it on ebay, say it's a £5k ring and try there. sorry to hear it didn't work out.

mizzbiz

That sounds about right to be honest. I'm looking for one at the moment on Ebay and i'm looking at a couple of rings, one £1300 new and one £2000 new, and i'm not looking to pay more than £300. I know it's not the news you want to hear but if it's a beautiful ring and it's pictured and sold right, you may well get a bit more, but not much more than a grand I would say.

Horace

Legally, you should give the ring back to him as you have split - why not ask him to buy the ring off you and then let him have the problem of selling it?

The problem is that although the ring was bought for £5K - as a second hand ring it isnt worth that. Try asking a few jewellers (try independent ones as opposed to chains such as H Samuel) and see if they can sell the ring for you? If you are in London then take it to Hatton Garden as they have lots of independents there who may be prepared to pay more for it or will sell it for you. If you are in Birmingham, however, take it to the Jewellery Quarter.

Mme.Hibou

Horace wrote: »

Legally, you should give the ring back to him as you have split .

Not true, you shouldn't be giving legal advice if you're not sure what you're talking about, sorry.
http://www.family-solicitors.co.uk/adoption-and-engagement.htm

Also she's already said it was part of her settlement, so even if the above didn't apply, the ring would be hers.

Horace

Lydia82 wrote: »

Not true, you shouldn't be giving legal advice if you're not sure what you're talking about, sorry.
http://www.family-solicitors.co.uk/adoption-and-engagement.htm

Also she's already said it was part of her settlement, so even if the above didn't apply, the ring would be hers.

I also noted that the ring was part of her settlement but felt that it was still right to voice my opinion. If you bothered to read further you will see that I have made suggestions as to how she can sell her ring.

Actually, I was told this by my solicitor (she is a specialist in family law and having been engaged herself had to return the ring when she split) so I think Lydia that I felt able to say that legally the ring should be returned to the fiance.

Nowhere have I professed to be legally trained - I was merely offering an opinion and obviously I was mistaken when I thought that this was an open forum - so I will quote forum rules "Remember, this is an open forum! Anyone can post so always exercise caution when acting on info"

Miss_Ratty

You did say "Legally", when that isn't so, perhaps you should have made it clearer. It can "legally" also depend on the situation (who split with who etc.), but that isn't the issue, its about how to sell the ring, not to make judgement on what you think is right or wrong.

I would suggest trying to sell it privately - during these times a retailer will offer you the very bare minimum for any jeweller, and they stand to make a profit when it is sold on. Try selling it privately (with any documents you have etc. detailed), and set a reserve if you think it is worth more. Its always good to ask a jeweller for a valuation based "on insurance purposes" as opposed to letting them know you are planning to sell it - believe me the prices vary drastically! Then use that as a selling point when you list privately. Best of luck!

rene2b

anyway back to the ring!
i bet its worth more in scrap(im not saying its scrap)just people on ebay buy broken/wearable gold for alot of money
weigh it and have a look on ebay for scrap that as sold that weighs the same as yours
sorry to hear your news

Floss

I would second Horace's suggestion to go to either Hatton Garden or the Birmingham jewellery quarter and have it valued for sale by several different jewellers.

I also think it would be worth more in scrap value, as allegedly the price of gold is very high ATM.

LondonJo

Thanks for all your advice on this... will see what happens. Sounds like the price offered was about right - really surprised as at the time we saw it as an investment and were careful to buy a diamond with good gradings, a certificate etc. I know for next time!!!