Broken engagement - now what?

[Albert]

Hi,

A few months ago my ex and I decided to break off our engagement (very difficult process, but for the best). I am left with a Legacy ring I purchased for her at Tiffany''s for approx $8.2k. Since these forums were very helpful in purchase process, I''m hoping I can use it once again for the opposite purpose. Can anyone provide advice on how I can go about selling the ring (ideally in Boston) and recouping all or part of what I paid?

Thanks in advance!

Al

 

[neatfreak]

You'll never recoup all, or nearly all. The nice thing about the legacy is that it is in demand, so it'll be easier to sell and you won't lose AS much. You can do private things like ebay or craigslist, or you could also consign or sell to a place like Signed Pieces or Pearlman's Jewelers. That is where I would start personally.

Tiffany's also does have a broken engagement policy of some sort, but I believe it's 6 months?

But unfortunately be prepared to take a hit...so sorry to hear about your engagement.

 

[Moh 10]

Sorry to hear about this.

I'm also sorry to tell you you will not get anything near what you paid.

Next, whatever you do do NOT save it for your next engagement!!!!!!
Men may think this is a practical thing to do, once they learn how much money they lose by selling it.

Women see it a little differently, and be so angry that they "Go Titanic" with the ring!

PLOP

 

[Albert]

Thanks for the response although I''m dissapointed to hear I that I might have to take a big hit. Given that the same ring (1 year later) is selling for about $9k (10% more than what I bought it for), I figured I might be able to come close to breaking even. I''d be ok with losing 10-20% because I''m hoping for this not to be a long and involved process - hard enough as it is.

Are you''re comments based on experience or anecdotal evidence? Also, is craigslist really a viable alternative? Not sure if someone would really buy something of its value through the website.

Thanks agian.

 

[neatfreak]

Date: 11/29/2008 1:09:18 PM
Author: Albert
Thanks for the response although I'm dissapointed to hear I that I might have to take a big hit. Given that the same ring (1 year later) is selling for about $9k (10% more than what I bought it for), I figured I might be able to come close to breaking even. I'd be ok with losing 10-20% because I'm hoping for this not to be a long and involved process - hard enough as it is.


Are you're comments based on experience or anecdotal evidence? Also, is craigslist really a viable alternative? Not sure if someone would really buy something of its value through the website.


Thanks agian.

Somewhat personal experience and somewhat anecdotal. If you just look at what branded rings are going for on ebay, craigslist, signed pieces, etc. it's often about half of what retail is...

 

[John P]

Albert, so sorry to hear things did not work out.

The first thing to do is approach Tiffany & Co. Go to the store and the salesperson from whom you made the purchase. You already have a relationship with them. My understanding is that they have provisions depending on timeframe, etc. - no different than a number of top sellers. The location you purchased from is best positioned to work with you to determine what may be done.

Outside of that, the advice you have received is good. SP and Pearlman's are a good recourse and see a lot of educated traffic. I am also regularly shocked at what moves on my local Craigslist - though I am in Dallas and we are a bit crazy here.

Date: 11/29/2008 1:01:51 PM
Author: Moh 10
Women see it a little differently, and be so angry that they 'Go Titanic' with the ring!

PLOP

Nice visual - and I will vouch for that sentiment.

 

[cara]

The Tiffany''s name means you will be in a much better position than other guys with no-name rings, but still. Would you really buy a Tiffany''s ring from some guy with no storefront for only 20% less than retail? As Neatfreak said, check out the Signed Pieces website. They have a number of second-hand Tiffany''s pieces so you can get an idea for what the sell for from a reputable company with a storefront. And Pearlman''s jewelers will consign pieces as well. Those two have a very good rep on the boards.

I personally would not sell jewelry on craigslist - I don''t feel comfortable doing it but you might. And people do buy jewelry on ebay, but obviously the risk of fraud is a factor.

 

[Lorelei]

Date: 11/29/2008 1:27:05 PM
Author: John Pollard
Albert, so sorry to hear things did not work out.

The first thing to do is approach Tiffany & Co. Go to the store and the salesperson from whom you made the purchase. You already have a relationship with them. My understanding is that they have provisions depending on timeframe, etc. - no different than a number of top sellers. The location you purchased from is best positioned to work with you to determine what may be done.

Outside of that, the advice you have received is good. SP and Pearlman's are a good recourse and see a lot of educated traffic. I am also regularly shocked at what moves on my local Craigslist - though I am in Dallas and we are a bit crazy here.

Date: 11/29/2008 1:01:51 PM
Author: Moh 10
Women see it a little differently, and be so angry that they 'Go Titanic' with the ring!

PLOP

Nice visual - and I will vouch for that sentiment.

Albert I am so sorry also. Maybe you could consider consignment with a company like Pearlmans or SP as Sir John suggested?

Also ditto the nice PLOP visual!

 

[Moh 10]

Thanks.
I''ve been told I have a way with words.
But come to think of it, maybe they just said I was wayward.

 

[Lorelei]

Date: 11/29/2008 1:35:46 PM
Author: Moh 10
Thanks.
I''ve been told I have a way with words.
But come to think of it, maybe they just said I was wayward.

LOL!!!!

 

[John P]

Date: 11/29/2008 1:35:46 PM
Author: Moh 10

But come to think of it, maybe they just said I was wayward.

They said I was wayweird.

 

[Albert]

All,

Thank you for the information and advice! (I''ve received similar advice about women not being keen on the idea that their ring was purchased with funds from a returned ring - although I did not think it was ''going titanic'' severe).

I will go bye Tiff''s next weekend and see what they say. Depending on how that goes I''ll explore SP and Prealman''s. I really rather not use Craigslist and ebay if I don''t have too.

I''ll keep the board posted on results in case it can help anyone else...

Albert

 

[swingirl]

Regarding Craigslist, you''d be surprised at the people who comb it regularly looking for something specific. It''s just an alternative that doesn''t cost anything. If someone knows what they are looking for, they usually know the value and are willing to pay cash. Of course, you have to take precautions just like with any sale.

Sorry for your situation and I hope you are able to find a lucky buyer.

 

[neatfreak]

Date: 11/29/2008 2:03:05 PM
Author: Albert

All,

Thank you for the information and advice! (I''ve received similar advice about women not being keen on the idea that their ring was purchased with funds from a returned ring - although I did not think it was ''going titanic'' severe).


I will go bye Tiff''s next weekend and see what they say. Depending on how that goes I''ll explore SP and Prealman''s. I really rather not use Craigslist and ebay if I don''t have too.


I''ll keep the board posted on results in case it can help anyone else...


Albert

The funds aren''t the issue...it''s re-gifting the original ring that''s the issue!

 

[John P]

I have a friend who manages a Tiffany & Co so I rang her up to get an indication of what you may expect Albert. For an in-store purchase the return period is typically 30 days, but they do have a broken engagement assistance program for up to six months as neatfreak reported. If you’re within that time frame they will evaluate the ring for wear (which involves sending it to NY) and provide you with a refund amount based on that evaluation. She implied they are very reasonable about this. Outside of six months there's no guarantee but she strongly urges you to contact your original store and salesperson, regardless.

 

[mrssalvo]

Date: 11/29/2008 2:23:17 PM
Author: John Pollard
I have a friend who manages a Tiffany & Co so I rang her up to get an indication of what you may expect Albert. For an in-store purchase the return period is typically 30 days, but they do have a broken engagement assistance program for up to six months as neatfreak reported. If you’re within that time frame they will evaluate the ring for wear (which involves sending it to NY) and provide you with a refund amount based on that evaluation. She implied they are very reasonable about this. Outside of six months there''s no guarantee but she strongly urges you to contact your original store and salesperson, regardless.

I would definitely try tiffany''s first. You will do much better with a refund than selling it on consignment. SP''s and Pearlmans are great for a back-up plan. Pearlmans now takes 25% of the sale price though and I''m not sure what SP''s % is.

good luck..

 

[:)]

Go to Tiffany - I have a friend who was able to return a ring p/ a broken engagement for a restocking fee (I believe it was 10% of the original price he paid if I remember correctly - it was definitely no more than that) - this is much better than trying to sell it on your own...


ETA: I read the rest of the thread responses after I posted - my friends were quite beyond 6 months and Tiffany was very accomodating and still took the ring back so at least go and talk to them.

 

[gwendolyn]

Date: 11/29/2008 2:23:17 PM
Author: John Pollard
I have a friend who manages a Tiffany & Co so I rang her up to get an indication of what you may expect Albert. For an in-store purchase the return period is typically 30 days, but they do have a broken engagement assistance program for up to six months as neatfreak reported. If you’re within that time frame they will evaluate the ring for wear (which involves sending it to NY) and provide you with a refund amount based on that evaluation. She implied they are very reasonable about this. Outside of six months there''s no guarantee but she strongly urges you to contact your original store and salesperson, regardless.

That was really nice of you, John.

 

[Asscherhalo_lover]

I would keep it and trade it in towards another ring for the future...

 

[Albert]

John, Neat,

Thank you very much for the information - actually a little less stressed about it after your messages. The engagement was broken off a few months ago but I hadn''t been up for dealing with it then, which would have been the 6 month mark It''s now been 10 months (kicking myself for delaying) but I did get to know the salesperson pretty well, so I will go to her next weekend when I''m back in Boston. Hope they are reasonable...will keep you posted.

Albert

 

[bee*]

Sorry to hear about the broken engagement Albert. I hope that you get on ok in Tiffanys.

 

[WinkHPD]

Date: 11/29/2008 1:09:18 PM
Author: Albert
Thanks for the response although I''m dissapointed to hear I that I might have to take a big hit. Given that the same ring (1 year later) is selling for about $9k (10% more than what I bought it for), I figured I might be able to come close to breaking even. I''d be ok with losing 10-20% because I''m hoping for this not to be a long and involved process - hard enough as it is.

Are you''re comments based on experience or anecdotal evidence? Also, is craigslist really a viable alternative? Not sure if someone would really buy something of its value through the website.

Thanks agian.

What did Tiffany''s say, or did you contact them?

Wink

 

[WinkHPD]

Date: 11/29/2008 2:00:21 PM
Author: John Pollard

Date: 11/29/2008 1:35:46 PM
Author: Moh 10

But come to think of it, maybe they just said I was wayward.

They said I was wayweird.

After seeing your new avatar I am inclinded to agree!

From one weird guy to another...

 

[WinkHPD]

Date: 11/29/2008 2:03:05 PM
Author: Albert

All,

Thank you for the information and advice! (I''ve received similar advice about women not being keen on the idea that their ring was purchased with funds from a returned ring - although I did not think it was ''going titanic'' severe).

I will go bye Tiff''s next weekend and see what they say. Depending on how that goes I''ll explore SP and Prealman''s. I really rather not use Craigslist and ebay if I don''t have too.

I''ll keep the board posted on results in case it can help anyone else...

Albert

Albert,

It is not using the funds that make them go titanic, is is trying to use the same ring. I could tell you stories, but it would NOT be a good idea! (Either the telling or the attempting to use!)

Wink

 

[WinkHPD]

Date: 11/29/2008 4:09:31 PM
Author: Albert
John, Neat,

Thank you very much for the information - actually a little less stressed about it after your messages. The engagement was broken off a few months ago but I hadn''t been up for dealing with it then, which would have been the 6 month mark It''s now been 10 months (kicking myself for delaying) but I did get to know the salesperson pretty well, so I will go to her next weekend when I''m back in Boston. Hope they are reasonable...will keep you posted.

Albert

Good on you! They have a reputation to enhance, so chances are that approached nicely they will do everything they can to make you happy and earn your repeat business. We will be pulling for you!

Wink

 

[WinkHPD]

Sheesh,

gotta start reading the threads all the way through before responding, but then, what fun would that be???

Wink

 

[Moh 10]

Here's a thought for if they tell you they can't take it back because you are beyond six months.
Ask the sales person to go back to their manager to find what they can offer you for it.

If the manager still says no go up the chain of command and politely keep asking.

It may be more than you can get elsewhere and faster too, and no risk of dealing with strangers.

 

[diamondseeker2006]

Hopefully Tiffany''s will take it back, but if not, I do not think Signed Pieces is the way to go. I think you could do better with Craigslist with a recent appraisal from Tiffany''s and an agreement to meet the person at Tiffany''s so they can verify your ring and appraisal are authentic. I''m betting you won''t lose more than maybe 20% that way.

 

[marcy]

Sorry things didn''t work out. Hopefully Tiffany''s will be able to work out a deal for you.

 

[RBD hunter]

Again sorry for the situation
May be for the better in the long run?
In My Opinion (some may say warped)

I would think if the diamond is of good size and quality?
If you don’t need the money right now....Save it for another time.
A quality diamond has no memory

The used ring is pretty much a wash (ie trade in material toward something else)
Nothing wrong with a second hand diamond and no real way of actually tracking (it''s bought and sold history)
I too am guilty of checking out craigslist and ebay for specific certified diamonds.
not for resale but personal use. (Private party sellers only)
General pawn jewelry seems to at best net 25 cents on the dollar

Same goes for Ebay 25-50 cents on the dollar
(ebay has a wider audience of buyers and is a plus)
You may find that someone looking for just what you have to sell
(then again you have a sea of PITA scammers)

Not sure where the best place to sell a quality diamond really is today,
so it is best to buy from a company with some type or return/trade up policy.