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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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