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| A friend of mine who is still married is thinking about selling the diamond out of her wedding ring (but keeping the ring) and replacing it with a cheaper stone. She and her husband are wanting to expedite the home building process and selling her stone would help them get out of debt so that they can move forward. Her husband is indifferent as he would like to keep the stone but would also like to get out of debt and build a home for their family (3 kids).
I know that it is none of business and would like to not have ANY input but she asked what I thought and to be honest, it's a super tough situation and not my decision to make.
What would you do? What should I tell her? |
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 Shelter Dog Lover
Posts: 10277
| Sell it, it is just an object. I am probably the odd gal here in that jewelry is not my thing, I don't where any kind and hardly where my wedding ring. It is beautiful and I love it, just don't wear it. |
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Location: Not Where I Want to Be | Honestly if you have to sell your ring to build a house, you probably don't need to build a house.
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Shelter Dog Lover
Posts: 10277
| 1DSoon - 2017-06-15 4:10 PM Honestly if you have to sell your ring to build a house, you probably don't need to build a house.
Good point, you are like my husband, you see the bigger picture. |
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I just read the headlines
Posts: 4483
| rodeomom3 - 2017-06-15 4:08 PM
Sell it, it is just an object. I am probably the odd gal here in that jewelry is not my thing, I don't where any kind and hardly where my wedding ring. It is beautiful and I love it, just don't wear it.
I agree.  |
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I just read the headlines
Posts: 4483
| rodeomom3 - 2017-06-15 4:31 PM
1DSoon - 2017-06-15 4:10 PM Honestly if you have to sell your ring to build a house, you probably don't need to build a house.
Good point, you are like my husband, you see the bigger picture.
Yep, good point, but if selling the stone will get me completely out of debt so I can start saving to get a house, I'd sell it. |
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 Elite Veteran
Posts: 898
Location: Idaho | 1DSoon - 2017-06-16 2:10 PM
Honestly if you have to sell your ring to build a house, you probably don't need to build a house.
I agree. I would say set you building your house aside for a little bit, get yourself out of debt, build your credit, save some money then go ahead and buy your house.
Edited by DashNDustem 2017-06-15 4:56 PM
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Elite Veteran
Posts: 629
| To me I can honestly see both sides. I realize it's an object, but to me, my ring is what my husband picked for me, and knew I'd love, and used to make the biggest change in his life. I think theres a difference in selling a ring to feed your family because you are starving, than to buy (build) something you want.
However, I can also see that it can be looked at as, their new home was the ultimate "gift" to her. I don't think that's really worded right, but maybe you get the idea. He gave her the ring years ago, and now, he's "given" her a home.
And, my first thought, was how big is this rock, that it will build a house?
If it were me, if the ring was only going to get them the last couple thousand they need to finish off a nice down payment, I'd wait and save. If this thing is $20000 or something, I'd think about it. Although, I think my husband could say, I could sell the horses and have a down payment on a house too. |
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 Proud to be Deplorable
Posts: 1929
| Just because she may have paid a lot of money for the stone she is talking about selling does not mean she will get anywhere near what she thinks. Used Diamonds will only bring wholesale prices or below. My Mother was in this business for over 60 years and you would be shocked at how little they are worth when you have to sell. There are exceptions but the stone has to be near perfect. So selling it to build a house I don't think it will happen IMO. |
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 A Somebody to Everybody
Posts: 41354
Location: Under The Big Sky Of Texas | rodeomom3 - 2017-06-15 4:08 PM Sell it, it is just an object. I am probably the odd gal here in that jewelry is not my thing, I don't where any kind and hardly where my wedding ring. It is beautiful and I love it, just don't wear it.
Same here jewelry is not my thing either not into the bling at all, so I would say sell the stone if it makes them feel better since they sound like they need the money, but I'm with 1Dsoon selling that one stone sure not going to get you anywhere on building a house, lol. |
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 Own It and Move On
Location: The edge of no where | I'm just looking for suggestions to get decent money for a ring.... I know it won't bring anything close to what was paid, but any ideas are welcome. |
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Proud to be Deplorable
Posts: 1929
| MS2011 - 2017-06-15 4:56 PM
I'm just looking for suggestions to get decent money for a ring.... I know it won't bring anything close to what was paid, but any ideas are welcome.
Find a Diamond broker and have it graded. Most Brokers know which jewelers buy and reset used stones. |
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 Warrior Mom
Posts: 4400
| jbhoot - 2017-06-15 4:46 PM
Just because she may have paid a lot of money for the stone she is talking about selling does not mean she will get anywhere near what she thinks. Used Diamonds will only bring wholesale prices or below. My Mother was in this business for over 60 years and you would be shocked at how little they are worth when you have to sell. There are exceptions but the stone has to be near perfect. So selling it to build a house I don't think it will happen IMO.
I know that first hand! When I got divorced I went to sell my ring and they only offered me $300 for it... he paid 7k for it ( so he said anyway, probably a lie lol!) But yeah I ended up selling it to a friend for $500, guess she felt sorry for me at the time. |
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Nut Case Expert
Posts: 9305
Location: Tulsa, Ok | rodeomom3 - 2017-06-15 4:08 PM Sell it, it is just an object. I am probably the odd gal here in that jewelry is not my thing, I don't where any kind and hardly where my wedding ring. It is beautiful and I love it, just don't wear it.
You are definitely not the odd girl out. I have no feeling about jewelry in general. Will be married 49 years on June 28th and have not worn a ring for the last 40 or so. The MARRIAGE is what counts, the ring is just an object. |
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Location: Not Where I Want to Be | want2chase3 - 2017-06-15 6:27 PM jbhoot - 2017-06-15 4:46 PM Just because she may have paid a lot of money for the stone she is talking about selling does not mean she will get anywhere near what she thinks. Used Diamonds will only bring wholesale prices or below. My Mother was in this business for over 60 years and you would be shocked at how little they are worth when you have to sell. There are exceptions but the stone has to be near perfect. So selling it to build a house I don't think it will happen IMO. I know that first hand! When I got divorced I went to sell my ring and they only offered me $300 for it... he paid 7k for it ( so he said anyway, probably a lie lol! ) But yeah I ended up selling it to a friend for $500, guess she felt sorry for me at the time.
anyone that has bought Jewlery from a retail store has paid several, several times what it's really worth.
Jewelry probably has one of the highest retail mark ups of any item.
Never buy retail. On anything but Jewlery especially. |
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 Scooters Savior
Location: "Si Fi" Ville | If the diamond is a carat or above, get a GIA certificate on it. Cost is about $100. It will add value and credibility to the stone. You can put it in an updated popular style and most common ring size and can add value if you know someone who will do you a solid and can get you a deal. I know a lot of ways to come by mountings other than an outright retail situation. If I can help, pm me. |
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 Thick and Wavy
Posts: 6102
Location: Nebraska | Diamonds aren't worth very much unless they're really big. I used to work for someone who bought scrap gold and he literally had a bucket of diamonds. |
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 Veteran
Posts: 146
| How much debt are they talking about that a ring will get them out of it. Either it isn't that much debt or the ring is a really big GIA diamond that's worth a lot.
If the diamond isn't Hollywood worthy, big carets that are flawless and GIA certified, then it probably won't bring all that much, so either they don't have a lot of debt or if they do selling the ring won't make that much of a dent in it.
What they need to do is get a handle on their spending, come up with a sound plan to pay off their debt (selling the ring if possible or not). Selling the ring is a one time fix, sounds like they need to learn to manage their money better or they will just find themselves back in debt. Buying a house will only guarantee they will be indebt once again. Buying the house is one thing but there are plenty of expenditures that come with it besides the mortgage and getting indebt can happen quickly.
They need to take a good long look at their money situation, come up with a budget and stick with it. They need to be realistic about buying the house too. I only say all this because when you start doing things like selling wedding rings to pay off debt you need to look at how you spend and budget money (understandable there are life events that can throw you into debt such as illness, etc. and not a result of poorly managed spending).
Edited by 4Horse 2017-06-16 7:48 AM
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 You get what you give
Posts: 13030
Location: Texas | I wish I could wear my engagement ring more but with the work I'm doing I would just destroy it I'm sure.
IDK the size of her stone or the value of the ring or what kind of money she needs to get out of debt and whatnot.. but I just don't know if the money she would get is worth it. Like if she just needs a few thousand, is it worth going through all the hassle of appraising the stone, selling stone, picking out new cheaper stone, etc...
I would hate to ever have to sell my ring just because I know how much thought my fiance put in to picking it out and what he sacrificed so he could get me the ring he thought I deserved.. which was way nicer than what I thought I deserved. But that being said man if we were ever in such a financial crisis that we were about to get in a serious bind, then I would sell it. I don't think I would sell it just to expedite home building. |
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Elite Veteran
Posts: 729
Location: south central usa | expect to get maybe 10-15% of what it originally sold for...jewelry is not an investment. gold is..not pretty gold. there is actually a smaller/less profitable market for USED diamonds. If he paid less than $8 -10k for it, I'd think the sentimental aspect would outweigh the $500-$1000 they may receive when selling.
estate jewelry is a different animal, but then you are also talking about 1D NFR horse type $$$. friend has an item that is appraised at $85k and the best offer they've had is $15k and that was melting the gold down and putting the two solitaire 3 carat diamonds in a separate piece
BUT - everybody has a different financial situation and if that is what they feel they need to do---have at it--we all have our own bills and subsequent means to pay those bills. |
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 Expert
Posts: 3815
Location: The best kept secret in TX | I would suggest your friend find a financial advisor to help her cut costs from her life in order to pay off the debt faster. If one diamond is going to make or break a house being built she needs to reasses her financial situation and look for ways to cut unnecessary costs elsewhere.
You'd be amazed how expensive walmart is compared to stores like Aldi and Sams on certain items. I used to spend $180-$200 for two weeks worth of food. I now spend about $75-80 for two weeks worth and buy things like laundry detergent, deodorant, tooth paste, etc from Sam's in bulk. We canceled all our magazine subscriptions that were costing us extra, canceled one of our amazon prime memberships to share just one family account, canceled our netflix, turned our internet down, switched plans on our cell phones, canceled all our little 10 dollar here, 20 dollar here memberships to random places like Ipsy and some tool club my husband used to get in the mail and are in the process of refinancing our cars for a lower interest rate. No more snacks and drinks when we stopped for gas. No more eating out every other night because it's convienent, no more. We have money in the bank now. Before we were living paycheck to paycheck. It's so nice to be able to say yes, we can go on a double date with you tonight, or yes, dinner is on us tonight. Or to just be able to afford our bills easily. It's nice to be able to do that.
It's hard but we had to turn our debit cards off for a while and take cash simply because swiping a card is so much easier than looking at what cash you have left when you buy something. We had a set amount we could spend per week each in order to save money for awhile and it worked. We have a nest egg and we're working on saving money for a down payment on our own home to build right now.
Talking to a financial advisor will really open your eyes to where your money is going. |
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 Elite Veteran
Posts: 1119
| We bought my ring from someone on Craigslist, met at a jeweler and had them make sure it was legit and give us an appraisal. The receipt for the ring said they paid $11,000 for it and the jeweler's appraisal came in just under that. We asked what the store would buy it for and they said $1800, so we offered her $2000 and she took it.
When I was looking for rings on Craigslist, we didn't give a second thought to anything that wasn't at least 25% of what they paid for it.
I guess I'm mostly just agreeing with everyone here that has said used diamonds aren't worth much. I guess if it were me, I'd keep the ring and just figure out a different way to pay off the debt. Without knowing their whole financial situation, I can't imagine that an extra $5k or less is really going to speed the process up that much. |
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 Money Eating Baggage Owner
Posts: 9586
Location: Phoenix | I wouldn't. Resale on jewelry is crap. |
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 Extreme Veteran
Posts: 312
Location: KS | I wouldn't.
My ring is probably the only piece of expensive jewelry I will ever get from the love of my life, which I'm completely fine with. It has more sentimental value than anything to me. I'm not wearing a 50K-100K ring on my finger either and that's what I feel it would have to be worth to ever even think about getting rid of it. |
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 BHW Resident Surgeon
Posts: 25351
Location: Bastrop, Texas | Not enough information here for me to really give an opinion.
How much debt?
What does she think she can get for the stone?
How long will it take for them to save enough for say a 20% down payment on the house?
Are they building the house, or buying one? If they are building, how do they plan on financing it?
I don't think it's ever a mistake to sell the diamond and replacing it with a simulated diamond. Some of those are just as nice in appearance as a diamond. There's nothing wrong with selling the diamond to pay off debt. I can't comment on whether or not building or buying a home would be a good idea at this point. Too many unknowns. |
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BHW Resident Surgeon
Posts: 25351
Location: Bastrop, Texas | MissouriJen - 2017-06-16 10:55 AM
We bought my ring from someone on Craigslist, met at a jeweler and had them make sure it was legit and give us an appraisal. The receipt for the ring said they paid $11,000 for it and the jeweler's appraisal came in just under that. We asked what the store would buy it for and they said $1800, so we offered her $2000 and she took it.
When I was looking for rings on Craigslist, we didn't give a second thought to anything that wasn't at least 25% of what they paid for it.
I guess I'm mostly just agreeing with everyone here that has said used diamonds aren't worth much. I guess if it were me, I'd keep the ring and just figure out a different way to pay off the debt. Without knowing their whole financial situation, I can't imagine that an extra $5k or less is really going to speed the process up that much.
When you think about it, there's no such thing as a "used diamond".
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 Forever Young
Posts: 6768
Location: relocated to Texas | I worked in a fine jewelry store for about 5 years after we sold our business, helping out a good friend of ours who owned it. I can tell you this, diamonds can be a good investment if you know how to buy them. But, if your friend paid retail for the diamond she is considering selling and is expecting to get close to what she paid for it...well, good luck. She would most likely get a third of what she paid for it and that is if it is a quality, GIA certified stone. Then she is going to buy a cheaper stone to put in her ring. I am sure she will have to pay retail for that stone. Not sure if she is considering a lessor quality diamond or a created stone (there are many different ones on the market) but she needs to factor in that cost. Then there will be a cost to remove her stone and reset the new one in her ring.
Tell her she needs to consider all these things before selling her stone. Unless it is of considerable size (not talking a carat) it probably would not be worth it and would not net her enough $$ to help much with buying a house.
Edited by Hollywood's Fan 2017-06-18 12:10 AM
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Forever Young
Posts: 6768
Location: relocated to Texas | Bear - 2017-06-18 10:47 PM MissouriJen - 2017-06-16 10:55 AM We bought my ring from someone on Craigslist, met at a jeweler and had them make sure it was legit and give us an appraisal. The receipt for the ring said they paid $11,000 for it and the jeweler's appraisal came in just under that. We asked what the store would buy it for and they said $1800, so we offered her $2000 and she took it.
When I was looking for rings on Craigslist, we didn't give a second thought to anything that wasn't at least 25% of what they paid for it.
I guess I'm mostly just agreeing with everyone here that has said used diamonds aren't worth much. I guess if it were me, I'd keep the ring and just figure out a different way to pay off the debt. Without knowing their whole financial situation, I can't imagine that an extra $5k or less is really going to speed the process up that much. When you think about it, there's no such thing as a "used diamond".
There really is no such thing as a "used" diamond. Mountings, yes. But the actual stones, if they have not been damaged in any way, no. Many jewelers will take in trades, or buy diamonds from individuals (for pennies on the dollar of the retail price) . They will reset those diamonds in a new mounting and sell them. |
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 Keeper of the King Snake
Posts: 7617
Location: Dubach, LA | SNAP. That must be a big stone to get them out of debt and build a house. Sell it. |
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Industrial Srength Barrel Racer
Posts: 7264
| jbhoot - 2017-06-15 4:46 PM
Just because she may have paid a lot of money for the stone she is talking about selling does not mean she will get anywhere near what she thinks. Used Diamonds will only bring wholesale prices or below. My Mother was in this business for over 60 years and you would be shocked at how little they are worth when you have to sell. There are exceptions but the stone has to be near perfect. So selling it to build a house I don't think it will happen IMO.
This - EXACTLY. I'm not sure where you would go to get anywhere NEAR what was paid for it. Sure not a Pawn Shop and I'm not sure if jewelry stores would buy it either. |
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Expert
Posts: 3815
Location: The best kept secret in TX | To give you an idea:
Was talking to hubby about this thread this weekend. He said when he got divorced he sold her ring. He paid $11k for that particular ring because the one he proposed with "wasn't large enough" for her....
He went to sell it at the jewlery store he bought it from and was offered $900.... He had it appraised and up online for over 6 month before someone contacted him to buy it. He had it listed for well over half off what he paid and had the appraisal and original receipt posted as well...
He got $1800 for it from an individual. Lol
Edited by IRunOnFaith 2017-06-19 10:36 AM
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 Off the Wall Wacky
Posts: 2981
Location: Louisiana | I don't think I could ever part with the ONE THING my husband put the most thought into choosing for me.
He is not a gifter, doesn't shop. Most gifts I pick out and he buys, or I give him a couple options and he picks one so I'm kinda surprised haha.
But my diamond he put so much thought and real effort into picking the perfect one. He did in in secret. I know everything, so that was an accomplishment in itself!! I am never surprised and he managed to surprise me for the proposal.
It's valuable enough yes, it would pay off some debts. But not valuable enough to be life changing to sell it. It's worth more than that to me.
Edit: I guess what I'm trying to say...if we needed money to build a house, we'd be better off to sell a barrel horse. Or a couple rope horses. Or several mama cows. The ring wouldn't get us nearly as far as other things we own and could potentially sell if we really needed the cash.
Edited by dashnlotti 2017-06-19 11:51 AM
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 Not Afraid to Work
Posts: 4717
| IRunOnFaith - 2017-06-19 10:35 AM
To give you an idea:
Was talking to hubby about this thread this weekend. He said when he got divorced he sold her ring. He paid $11k for that particular ring because the one he proposed with "wasn't large enough" for her....
He went to sell it at the jewlery store he bought it from and was offered $900.... He had it appraised and up online for over 6 month before someone contacted him to buy it. He had it listed for well over half off what he paid and had the appraisal and original receipt posted as well...
He got $1800 for it from an individual. Lol
Maybe MissouriJen bought it  |
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Expert
Posts: 3815
Location: The best kept secret in TX | stayceem - 2017-06-19 11:49 AM IRunOnFaith - 2017-06-19 10:35 AM To give you an idea:
Was talking to hubby about this thread this weekend. He said when he got divorced he sold her ring. He paid $11k for that particular ring because the one he proposed with "wasn't large enough" for her....
He went to sell it at the jewlery store he bought it from and was offered $900.... He had it appraised and up online for over 6 month before someone contacted him to buy it. He had it listed for well over half off what he paid and had the appraisal and original receipt posted as well...
He got $1800 for it from an individual. Lol Maybe MissouriJen bought it
LOL!!! If it was, they drive a hard bargain! Hubby said he had to fight for the $1800 LOL the gentleman who bought it wanted to give him $1500.... Hubby said he had to fight for the $1800. This was about 4ish-5 years ago.  |
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 Roan Wonder
Location: SW MO | I'm not blingy at all. But I think your wedding ring is something special. If you had to sell it it would be a different story. My wedding ring is a plain gold band. That's what I picked out when we got married, so I wouldn't have to take it off. This Aug. I will have been married 32 years & I've never once had my ring off. I know my husband's love for me won't end if I take it off but it's just special to me. |
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 Independent Cuss
Posts: 3977
Location: Dearing, GA | I don't think the resale value is there for the diamond, but in case it is, I say go for it. My stone is moissanite (research it!) and my ring cost 1/4 of what it would've with a diamond. No one knows the difference and we saved a ton of money. |
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A Somebody to Everybody
Posts: 41354
Location: Under The Big Sky Of Texas | This thread is going on 5 years old, it got bumped up  , so I'm betting the ring has been sold by now.. I cant believe that Spam is still bumping up these old threads. |
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Expert
Posts: 1314
Location: North Central Iowa Land of white frozen grass | I don't think spam is bringing these old posts up. I think the moderator is. Trying to get more traffic. |
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A Somebody to Everybody
Posts: 41354
Location: Under The Big Sky Of Texas | BS Hauler - 2022-04-01 5:42 PM
I don't think spam is bringing these old posts up.
I think the moderator is.
Trying to get more traffic.
LOL, I dont think a Mod would be bumping these old threads up. I agree on the slow traffic, not much going on here now adays. |
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What do you think about selling your wedding ring?