Ring value? 5 May 2020 at 9:14AM in Bankruptcy & living with it 12 replies 451 views

allthe7s

I was filling a bit more of the form out for BR yesterday and it asked for any valuable jewellry to be listed, I have a ring that was 1900 new but I've been wearing it for nearly a year, where can I take it to be valued? Will a second hand jewellers do it? Or is that not seen as accurate enough? 

Thanks in advance 

luvchocolate

That's a tough one..they usually look to take single items of £1000 or more your ring may have increased in value. 
People have given up engagement rings which is very sad. 

Willing2Learn

How would the OR discover your 'little white lie'?  That is what I want to know!!

(Just to add that deceiving the OR is a criminal offence!!)

Silvertabby

There's a big difference in 'insurance' value and 'sale' value of second hand jewellery.  In the case of the former, it's more like the cost of a similar replacement.  In the latter, it's normally just the scrap value of the gold/gemstone.

Perhaps take the ring to a couple of jewellers and ask how much they would give you for it?

mwarby

Willing2Learn said:

How would the OR discover your 'little white lie'?  That is what I want to know!!

(Just to add that deceiving the OR is a criminal offence!!)

If OP purchased for herself there will likely be a transaction on a bank or card statement, that the OR can see (they can ask you, or ask the bank)

Potbellypig

mwarby said:

Willing2Learn said:

How would the OR discover your 'little white lie'?  That is what I want to know!!

(Just to add that deceiving the OR is a criminal offence!!)

If OP purchased for herself there will likely be a transaction on a bank or card statement, that the OR can see (they can ask you, or ask the bank)

''I lost it''  

Silvertabby

mwarby said:

Willing2Learn said:

How would the OR discover your 'little white lie'?  That is what I want to know!!

(Just to add that deceiving the OR is a criminal offence!!)

If OP purchased for herself there will likely be a transaction on a bank or card statement, that the OR can see (they can ask you, or ask the bank)

But if the OR wants the ring to be sold then how much OP paid for it is irrelevant.  It's how much it would fetch as scrap value - and that will almost certainly be considerably less than the original cost.

luvchocolate

I think the post about proof of purchase was in reply to the possibility of the ring being *lost *

Willing2Learn

Sorry about that.  It was my fault that the 'lost' sentiment came about.  I cannot help.  I am a cockney rebel mate and it's how we live in the ghetto...

Minkym00

The OR will want it independently valued and will ask their agents to do this. 

Not sure why there is talk of ‘scrap value’ on a piece of jewellery. It’s not like it loses value like a mechanical item does. 

Willing2Learn

Minkym00 said:

The OR will want it independently valued and will ask their agents to do this. 

Not sure why there is talk of ‘scrap value’ on a piece of jewellery. It’s not like it loses value like a mechanical item does. 

Sorry Minkym00

That was my fault.  Apologies.