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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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