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Selling an engagement ring

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  • Gloomendoom
    Gloomendoom Posts: 16,551 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    I took a ring to sell. Recent insurance vert of £10k- had cost about £5k a number of years before. Was offered £600 and specialist jewellery auction reckoned it would get £800. Apparently giant rubies are out of fashion and the only value was in the diamonds and platinum. Wasn't mine luckily.

    Therein lies the problem. Insurance valuations just reflect the replacement cost, not what the piece is actually worth if you want to sell it.

    I think the OP's friend may be in for an unpleasant surprise.
  • 74jax
    74jax Posts: 7,930 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Do I read it as the ring is only a week old?

    Can he not return it to the shop, most engagement rings have this options when bought?
    Forty and fabulous, well that's what my cards say....
  • dwtmahdc
    dwtmahdc Posts: 68 Forumite
    Part of the Furniture 10 Posts Combo Breaker I've been Money Tipped!
    thanks for the replies everyone.
    i think i'll set his expectations.

    things aren't going well for the poor guy right now :(
  • KRB2725
    KRB2725 Posts: 685 Forumite
    Part of the Furniture
    Beaverbrooks rings are generally very expensive for what they are, the stones aren't usually the best quality.

    Tiffany & Co rings sell for between a third and half of retail price as a general rule (have bought a few second had over the years) and their diamonds are high quality.

    In all truth I think your friend would be lucky to achieve 4 figures. Sorry.
  • peachyprice
    peachyprice Posts: 22,346 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    74jax wrote: »
    Do I read it as the ring is only a week old?

    Can he not return it to the shop, most engagement rings have this options when bought?


    No, he bought it late last year (post#1)
    Accept your past without regret, handle your present with confidence and face your future without fear
  • 74jax
    74jax Posts: 7,930 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    No, he bought it late last year (post#1)

    Sorry, blonde moment.
    Forty and fabulous, well that's what my cards say....
  • fierystormcloud
    fierystormcloud Posts: 1,588 Forumite
    Ebay. ......
    cooeeeeeeeee :j :wave:
  • amistupid
    amistupid Posts: 55,997 Forumite
    Part of the Furniture 10,000 Posts Photogenic I've been Money Tipped!
    Think of the money they've saved on a wedding. :)
    In memory of Chris Hyde #867
  • LilElvis
    LilElvis Posts: 5,835 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    amistupid wrote: »
    Think of the money they've saved on a wedding. :)

    It would have been zip if the bride's parents were going to pick up the tab :D
  • Slinky
    Slinky Posts: 11,041 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    The reality is since it was a gift, the lady was perfectly legally entitled to keep it, so anything he gets is a bonus.
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