Selling e-ring and/or resetting NYC

[missy26]

Dear Pricescope, two weeks before I was supposed to be married my fiance left me suddenly and without warning, calling off the wedding and ending our relationship, he left me the e-ring and said it was mine to do what I want with it. Aside from the fact that I am completely devastated after years of being devoted to him and building a life together, I am also in a precarious financial situation as he wanted me home more to take care of our home life and I quit my full time job....so my parents lost 65K on our wedding, I lost a husband and a whole identity, no full time job and no health insurance....it feels really hard for me to part with the ring bc I still see it as a symbol of us and our marriage but I know it has to go....I am wondering about what to do....Someone suggested selling it, but I have heard that re-sale value for e-rings is really bad...it was appraised for 25k and I was told if I could get 10% of that, I'd be lucky...not sure if that is true or not...it is a cushion cut with pave setting (nearly identical to tiffany legacy style set in platinum)...another option would be to take the small diamonds and make one or two eternity bands and then make the center stone into a pendant or try to sell it...any ideas of what I should do and what I can expect this to cost to make new jewelery and what i could expect to get for the ring if i tried to sell it? Any specific recommendation for a jeweler in manhattan or nyc who I could trust to sell to or reset etc...any advice is really appreciated....thanks in advance...I have to look around for the certification but the center stone is around 2cts and i think total ring is 2.5ish cts...smaller diamonds are vs1 and colorless but center is lower quality, color, and has some florescence (though unless you scrutinize it really appears eye clean and beautiful).

 

[denverappraiser]

Hi Missy,

I’m sorry to hear your story. I’ll see if I can help, at least with the part that has to do with selling jewelry.

Unfortunately, non-branded rings don’t resell very well (and branded ones sell for far less than what people generally think they’re ‘worth’). In nearly every case, it’s going to be based on the value of the components rather than the value of the craftsmanship that went into it. This means that the issue is likely to be 95% about the details on that center stone with a little bit that has to do with the metal.

The missing lab report on it is going to be a very important issue, especially for a stone that’s over 2 carats. If you can’t find the original paperwork or if it’s not from a well recognized lab, you may consider getting a new one prepared. You mentioned an appraisal and often the lab report numbers on the stones are listed in the description portion of the report. If you can’t find it, try contacting the selling jeweler to see if they have records that can help. If you’ve got the number, the major labs should be able to issue a duplicate report for a modest fee and without the need for a new inspection.

Taking apart the ring and using the smaller stones in something that you like better is definitely a choice although the labor to do what you describe is likely to be considerable. As mentioned, these are probably not going to contribute significantly to your resale potential anyway and if you have good use for them elsewhere, by all means do it.

Your friends are correct that you surely can’t sell for the ‘retail’ value. That said, $2500 on a 2 carat stone is pretty low but this will depend almost entirely on the details of the stone. It may be realistic and it may not. Heck, it may even be high. They vary a lot. That’s why the lab paperwork is so important. There's just no way to give useful pricing or marketing advice without this data.

A retail replacement appraisal for insurance purposes, which is probably what you’ve got, is not going to tell you much that's useful and is likely to lead you to some false conclusions. Ignore it beyond the above mentioned info from the description. If you or your fiancée were the client, you may be able to get some good advice from the appraiser who prepared it if you call them up and discuss your new situation. The same is true of the store that originally sold it. Most stores don’t take returns but they may be willing to work with you on a consignment or some other basis to help you with the resale. By all means ask them. You just might be happily surprised.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[Indylady]

I am so sorry to hear about your wedding; I wish you all the best.

As for the ring, would it be possible to return it to the vendor it was purchased from? If not, then I would see if anyone might take it in as a trade, or I''d try to sell it on DB or Ebay.

 

[Sizzle]

First of all, no matter how bad things are NOW.. they could have been worse. You could have actually married him and had to go through all of that drama. I definately suggest finding a consignment shop, ebay or diamondbistro. There is no reason to hold on to a symbol of what might have been. I also suggest you go to theregoesthebride.com and talk to some people who have been through similar circumstances.. They will probably be able to give you some great advice. Good luck on everything and remember.. the best is yet to come.

 

[bgray]

The most important thing is this--in order to get the most money for the ring you have to know what you have. If you can find the certificate and give us more information (what kind of documentation do you have and what does it say) we can start directing you from there. If you cant find anything--go to an independant appraiser and have it appraised. the money will be well worth it. then you can start trying to sell it