When an engagement or marriage goes awry, one of the most painful things is to look down and see your engagement ring staring back at you. Begin the healing process by ridding yourself of the ring. By knowing your options, you can make an informed decision that makes sense for you, both personally and financially.
1. Have the Diamond Reset
In some instances, you may decide that you want to keep the diamond, but not the ring. For example, if the ring is a family heirloom, you may not want to part with it. Salvage the diamond and rid yourself of the emotional trauma by having the diamond reset into a different piece of jewelry. Right hand rings and pendants are two popular options that you can easily customize to fit your sense of style.
When having your diamond reset, make sure to understand the associated costs and procedure. Some jewelers make the jewelry "in house" (at the store), while others send the jewelry away to an outside party. Do your research so you select the option that makes you most comfortable.
2. Sell the Engagement Ring
If the ring has no sentimental value to you, you can sell your engagement ring. Don't expect to get retail value for the ring. It is estimated that engagement rings lose 50 percent of their value the minute they leave the jewelry store. When reselling the ring, you may only receive 25 percent of the original retail cost.
One place to sell your engagement ring is a jewelry buyer. These establishments specialize in purchasing your old jewelry. The transaction is quick and easy, and you usually have the money the same day you sell the ring.
Another option is to sell the ring through a private party transaction, using an auction site or community sales page. This option may take a while due to the stigma that surrounds buying used engagement rings.
3. Donate the Ring
Use your engagement ring to spread a bit of good karma by donating the ring to a charitable organization. Depending on the organization, it may sell your ring to raise funds or it may have it dissembled for scrap value. Though the specifics vary based on your financial situation, you might be able to secure a deduction from your taxes for your charitable donation.
No one enters a marriage or engagement expecting it to end. If it does, know that you have several choices for getting rid of or repurposing your engagement ring. Whether you decide to reset the diamond or get rid of the ring entirely, you can begin the process of moving on from your former relationship. For more information, contact local professionals like Jeffrey-Private Jeweler.