Best way to sell engagement ring??

topsytopsy

Hi all,
I have been looking around here for years but never really posted anything... My finances had always been pretty good except I shopped a bit more than I should and saved a bit less... When I got together with my ex though he had lots of debts which I helped him deal with and get rid of, although that is getting off topic...
Basically, I don't know if this is the right place to post this but thought you would have some great ideas.... My ex proposed in October 2012 and then left me in September 2013. We sorted out a separation agreement which was reasonably fair, and I have been left with the engagement ring.
It cost £1,300 when he bought it, so I naively thought I'd be getting close to £1,000 when selling it back to them or another jeweller, however the highest offer I have had so far from a jeweller has been around £350!!!!
I even have a valuation from the jeweller he bought it from to say it is now worth £1,965 but don't know how to get the most money from it by selling it....
Jewellers and pawnbrokers so far have been offering under £350 so my next thought was eBay, with a reserve on it, but I don't know how many men would buy one off there (plus I didn't know if I should say it was used, as to me that would be back luck!!)... Also, I have small fingers, so it is only a size H which would be far too small for a lot of people.
Another jeweller suggested going to Hatton Garden in London, go in all the jewellers and ask how much they would buy it off me and go with the best offer.....
I realise I would not get the full valuation price for the ring, but just want to try and get as much as possible, given the amount of money I spent on my ex over the past 8 years...
Any ideas would be very welcome....
Thank you.

topsytopsy

Sorry, I possibly should have said, the ring is 18ct white gold brilliant cut claw set twist diamond solitaire ring, with a 0.37ct diamond, according to the description!

Poppops

topsytopsy wrote: »

Sorry, I possibly should have said, the ring is 18ct white gold brilliant cut claw set twist diamond solitaire ring, with a 0.37ct diamond, according to the description!

I work for a company with many thousands of employees and we have a buy and sell website. It is really well known that engagement rings, like unworn wedding dresses, don't sell.
People don't want to think that their relationship may go the same way yours has and are superstitious about it.

I personally wouldn't market it as an engagement ring for that reason. I also suspect you may struggle to sell for a good price to an individual as people make a day of choosing their ring now.

I would definitely be looking at a jewellery shop and do your research and take the best offer you can.

natlie

weight it on an electronic kitchen scale and compare prices with cash for gold companies, my white gold engagement ring 9 carats was £110 bought and cash for gold quoted £80


Nat

debtdawg

2nd hand engagements rings just don't sell for a lot. When I was ring shopping with DH, I couldn't believe the difference between new rings in mainstream jewellers and 'vintage' (2nd hand!) ones in the little jewellery shops - it was a no brainer when I chose my ring (which I love btw!). Mine is 18ct white gold with a .25ct teardrop diamond and cost under £200!

If the jeweller is claiming it's now worth close to £2k, then surely they'd be snapping it up at £1k, with the potential of making nearly £1k on it?

Wentthedaywell?

A jeweller told me that they sell modern second hand jewellery for not much more than the scrap value and they stock it just to draw people in. The mark up on new stuff, especially that with a big emotional appeal like an engagement ring, is enormous.

BillJones

As others have said, the mark-up on retail is huge, and the high figure that yours is "worth" would be the selling price for a new one like it today. Unfortunately that's not the same as you will be offered for it.

I'd be surprised if you could not negotiate a jeweller up to about £500, from £350, if you told them that you were going or sell to the highest bidder, but you should not fixate on the retail price, as you don't have access to that market when selling a used ring.

cabriolean

Engagement rings don't sell well because it's considered bad luck. TBH it looks like an engagement ring, you might be better off with breaking the stigma by getting the stone removed and selling it as a loose diamond, then selling the ring empty as a customisable ring, or set with a different stone so it isn't an engagement ring or as scrap metal.
Check prices before you do anything

DigForVictory

+1 for give consideration to selling stone & metal separately. As ever, research first!

topsytopsy

Thanks everyone for your messages.
Debtdawg, unfortunately the jeweller he bought it from have said if the ring was unworn they would buy it back for pretty much the selling price, but they don't sell rings that have been worn so would take the stone out & need to reset it which apparently costs them about £1,000.
I had wondered about taking the stone out so I'll look at that option more closely in terms of costs too...
Thanks again!!