Selling your diamonds to make ends meet - would you?

[jewelerman]

Date: 2/1/2009 9:03:15 PM
Author: MonkeyPie

Date: 2/1/2009 7:21:05 PM
Author: DiamanteBlu
Whenever I bought a piece I bought it knowing I would never sell it to ''make ends meet''. I actually made that decision each time I bought a piece. Many of them are substantial.


My thinking is this: If I am in such deep poo-poo that I need to conduct a fire sale on my pieces [and get maybe 20 - 50% of what I paid for them], then selling them will not solve the problem. You will run out of the money for which you sell the pieces - so, if you value them, you may as well keep them. The problem can only be solved by making more money.

It was actually a medical emergency, not just being stupid with my money. And if I could have gone out and made a million dollars just because I had a sudden bill, well, I would have certainly done that. ''Making more money'' would not have helped me at this time.

FWIW, I was able to settle the whole ordeal with that I got from the diamonds. I kept the setting in case we wanted to put something else in it. I''ve been browsing for a ''replacement'' ring or stone and while it''s fun, I find that the novelty has worn off a bit after all of this. At least, like Beau said, I didn''t have to sell my cameras! Thankfully I was already in a process of buying the D200 before all of this went down or I would have had to pass on it as it was.

Im sorry that you had to sell your diamonds...Ive been in the same situation(as the forum knows)and I was lucky enough to have to sell only part of the collection...When I went back to college I sold much of the American Indian collection(museam quality pieces)plus gold,silver,diamond and colored stone pieces when I became un-employed... those that would only be missed and not threaten my sanity(people who know me know this is a true statement!)I would never give up the pieces ive inherited or recieved from family members.

 

[2Artists]

Back in the day I have sold jewelry and yes I would again if I had to. I am sorry MonkeyPie.

Mrs.2Artists

 

[Apsara]

In a heartbeat. I can see those with heirloom pieces that hold special meaning being hesitant. I love my diamonds but the novelty has worn off and they would be out the door in a minute if it meant holding on to our home or paying for food, medical treatment, veterninary care, etc.

To each her own and this is a diamond forum--just sharing my personal journey. I was once so into this stuff and now it is so unimportant. My husband and I are very blessed to be financially stable and *should* be able to ride this out. But charitable giving, having a good time with and being generous to friends & family, and saving for the future or uncertainty is FAR more important than stuff.

 

[DiamanteBlu]

Date: 2/1/2009 9:03:15 PM
Author: MonkeyPie

Date: 2/1/2009 7:21:05 PM

Author: DiamanteBlu

Whenever I bought a piece I bought it knowing I would never sell it to ''make ends meet''. I actually made that decision each time I bought a piece. Many of them are substantial.

My thinking is this: If I am in such deep poo-poo that I need to conduct a fire sale on my pieces [and get maybe 20 - 50% of what I paid for them], then selling them will not solve the problem. You will run out of the money for which you sell the pieces - so, if you value them, you may as well keep them. The problem can only be solved by making more money.

It was actually a medical emergency, not just being stupid with my money. And if I could have gone out and made a million dollars just because I had a sudden bill, well, I would have certainly done that. ''Making more money'' would not have helped me at this time.

FWIW, I was able to settle the whole ordeal with that I got from the diamonds. I kept the setting in case we wanted to put something else in it. I''ve been browsing for a ''replacement'' ring or stone and while it''s fun, I find that the novelty has worn off a bit after all of this. At least, like Beau said, I didn''t have to sell my cameras! Thankfully I was already in a process of buying the D200 before all of this went down or I would have had to pass on it as it was.

I am sorry to hear of your medical emergency and that you had to sell your diamonds to cover it. At least, as you said, you did not have to sell your cameras. That, at least, is a good thing!

Best wishes.

 

[purrfectpear]

Sure, but then I''m in the position of having purchased them all at the right price. Previously owned diamonds, like used cars, only depreciate to a point. If you buy them at that price or below you''ll always be able to get your money back or make a profit.


Where do you think EricaGrace make their profits from ?

Unfortunately the new buyers aren''t doing as well with their attempts at resale having purchased with the profit margin added. There are at least two rings that have been listed for sale for months now.

Just like stocks, buy low...sell high. Diamonds are a little more predictable than stocks

 

[MichelleCarmen]

Date: 2/1/2009 10:28:25 PM
Author: Apsara
I love my diamonds but the novelty has worn off . . . and saving for the future or uncertainty is FAR more important than stuff.

The novelty of diamonds has worn off for me, as well. I love the pieces I have, wear my eng. ring and earrings daily (and usually one of my pendants too), but priorities have shifted and I cannot imagine investing any money in any substantial jewelry within the next five years because as you, Apsara, saving for the future is where my focus is.

Possibly I'd love to find a nice new sparkily for under $500 and probably will go the second hand route so I can make the most of my budget.

 

[snlee]

I am sorry to hear you are going through a rough patch. I hope things turn around soon. Hugs.

I would sell my diamonds if my family needed me to.

 

[lyra]

I''d sell without question. I don''t attach much sentiment to material objects anymore. When you''ve been through a situation like MonkeyPie''s, you find that your priorities can change. We had that full year financial buffer saved up and all, but a couple of long stretches of unemployment very nearly left us homeless 8 years ago and I did end up selling "things" that did have sentimental value. Partly it was because we needed the money, but mostly it was because we were looking at losing the house and having to relocate to a relative''s basement.

Things worked out after a time, we had to sell the house but didn''t have to lose it. We downsized considerably in many ways. The icing on the cake about the sentimental stuff was the day after we moved to the new house, the top shelf of my china cabinet fell down onto the bottom shelf taking a bunch of stuff with it. The one thing that survived was our old wedding cake topper! Right then I decided I shouldn''t invest emotion in material objects. The things that were lost couldn''t be replaced. Life is short, you do what you have to do if/when the time comes. Sorry you had to have this experience too MonkeyPie.

 

[Rhea]

I think part of my hesitation is that I don''t see that we have much of value. If we sold everything that we have that is of value we''d maybe be able to pay the rent for 1-2 months. Resale value is never great and it seems like a lot of people need the money right now so the resale value is even less than usual.

Monkey, I''m sorry that you were in a situation where you had to sell your belongings.

 

[Gypsy]

Yes. I would. I too would try to keep the setting and set something in it later. But if I could consign my diamond at a place like Pearlmans and get enough to meet the bills I would do so, without hesitation. I would keep my wedding band though. I'm sorry MonkeyPie, you did the right thing though. ((HUGS))

 

[steph72276]

If it came down to it and my family needed it, of course without question. Like some people have said, it is just a material thing. I wouldn''t sell my heirloom pendant though unless it meant we couldn''t eat without it or something horrible like that. Sorry for your situation, Monkeypie and to all those facing tough times right now.

 

[geckodani]

Date: 2/1/2009 9:46:33 PM
Author: NewEnglandLady

MonkeyPie, so sorry to hear that you had a medical emergency--I hope everything is okay now...

I''m extraordinarily attached to my e-ring and if I (or my family) fell on very hard financial times and selling my e-ring could keep us afloat financially, I''d do it in a heartbeat. Yes, it means the world to me, but it''s a diamond. It''s a material thing. Not that important in the long run.

I''m glad you kept the setting. And I''m really glad that selling the diamonds meant you could settle everything without becoming more stressed.

I couldn''t have said it better myself. ((HUGS)) I think it was a mature and selfless solution to a problem - and it seems to have worked out well for you!

Would I do the same? Yup. I''d hate it, but if it were the only option, I''d do it.

 

[tlh]

Oh monkey! I am soo sorry, I was just being silly and I did not realize YOU actually were in that situation. ((HUGS))

I am glad you were able to cover those expenses, and that you did not mind giving up your lovlies. I know that must have been difficult. I am not sure what the medical expenses were for, but I honesly hope, that everyone is alright. I am also glad that you were able to keep your cameras, because you take such lovely photographs.

my warmest wishes that everything will work out for you and your loved ones.

 

[VegasAngel]

Yes I would including my wedding ring.

 

[Dancing Fire]

hang in there MP things will get better.

 

[Tuckins1]

Sorry to hear about your hardship Monkeypie... I hope things look up for you soon!!!

 

[bee*]

Sorry to hear of your emergency MP! You did exactly what I would have done too. While I am absolutely in love with my ering, if the money was needed for my family, I would sell it in a second.

 

[partgypsy]

I don''t regret anything I''ve purchased, in the sense of thinking I should have used that money for something else, or save it. And I echo the thoughts that others have said, the amount I''d get back would probably not be so much that it would be worth it; it would be much better to find other sources of income, increase one''s own income, tap into savings, etc. And while it has sentimental value, of course my children and husband have even more sentimental value

. I always imagined that I would pass on some of my jewelry to my 2 daughters, so it makes me feel sad to think of selling them, but bottom line my family comes first and if need be I would sell what ever I needed to put food on the table or what not.
I mean isn''t that true for everyone?

 

[MonkeyPie]

Thanks, ladies and gents. It was a hard decision but one I would make again if I had to - hopefully that never happens to me again! I also should have my insurance kicking in soon so here''s hoping that it would cover me if anything did happen again.

My husband was pretty upset and he keeps holding the setting and talking about how much he misses seeing it on my finger. I have no desire to get a new diamond, though, so I think I will be getting a cz to put in it for now. Wink has some pretty realistic ones, after all!

 

[makemepretty]

Yep, I have sold lots of of my jewelry many times. It''s "just" jewelry. It''s way more important to have a roof over your head and be able to feed your children than it is, no matter how sentimental, to have a piece of jewelry.

 

[tlh]

Date: 2/2/2009 3:15:21 PM
Author: MonkeyPie
Thanks, ladies and gents. It was a hard decision but one I would make again if I had to - hopefully that never happens to me again! I also should have my insurance kicking in soon so here''s hoping that it would cover me if anything did happen again.

My husband was pretty upset and he keeps holding the setting and talking about how much he misses seeing it on my finger. I have no desire to get a new diamond, though, so I think I will be getting a cz to put in it for now. Wink has some pretty realistic ones, after all!

You are soo upbeat and positive. I really like that about you. Your DH also is very sweet that he is soo upset. It is nice to know he u/s what a sacrifice you made, and is soo appreciative and understanding. I also like that you look at what a huge thing you did as though it was not a big deal. You are an amazingly strong woman. I just wanted to say that.

 

[MonkeyPie]

Date: 2/2/2009 5:05:04 PM
Author: tlh
You are soo upbeat and positive. I really like that about you. Your DH also is very sweet that he is soo upset. It is nice to know he u/s what a sacrifice you made, and is soo appreciative and understanding. I also like that you look at what a huge thing you did as though it was not a big deal. You are an amazingly strong woman. I just wanted to say that.

Awww tlh...thanks! :hug:

 

[Resonance.Of.Life]

To answer your question, yes I'd do it in a heart beat.

I find myself in a similar situation as yourself, however it concerns my Grandpa. My boyfriend recently acquired a beautiful antique cushion and now I have to sell it in order to help his medical bills. As much as I love this cushion, I love my Grandpa infinitely more and maybe this just goes to show maybe this isn't the right time to get engaged for me.

 

[DebShine]

I really wouldn''t have anything of value to sell. BUT, I''d like to think that if I did, I would have the integrity (and b***s) to make the sacrifice. At least, through all of this, you KNOW that you have the integrity (and b****s - hee hee).

Good Luck and you did good MP!

 

[jewelerman]

Date: 2/2/2009 12:18:54 AM
Author: MC

Date: 2/1/2009 10:28:25 PM
Author: Apsara
I love my diamonds but the novelty has worn off . . . and saving for the future or uncertainty is FAR more important than stuff.

The novelty of diamonds has worn off for me, as well. I love the pieces I have, wear my eng. ring and earrings daily (and usually one of my pendants too), but priorities have shifted and I cannot imagine investing any money in any substantial jewelry within the next five years because as you, Apsara, saving for the future is where my focus is.

Possibly I''d love to find a nice new sparkily for under $500 and probably will go the second hand route so I can make the most of my budget.

Im so sorry that the novelty of diamonds has worn off for some forum members....even after 30 plus years I still marvel at each gem I own,wear, handle,or see while talking to others about their jewelry or shopping in a store.