7 Ways to Get Money For a Diamond Ring
Things don't always go as planned, but there are ways to make the most of any situation. If you've found yourself stuck with a beautiful ring and no one to wear it, then take a look at some of the options you have for getting your money back or making use of the piece you own. We found some great tips on a Reddit thread created to offer advice about where and how to get money for a diamond engagement ring.
1. Try selling at a smaller mom-and-pop store.
Sometimes smaller consignment stores can be your best bet, but it can take time for the ring to sell, so use these stores if you are willing and able to wait for the money. If you can, then you have a better shot at getting the most money from selling. "I called all of the local jewelers until I found a small family owned place that would let me sell it on consignment. I wound up getting $1400 back (after their consignment take) out of the original $2000 I paid," said Reddit user shiftpgup.
2. Make sure to check to see if the ring is eligible for the store's return policy.
Don't assume, even if you feel like it's been a while, that the ring can't be returned. Make sure to check your records for the store's policy — you may get lucky!
3. Use helpful sites to sell the ring.
Although the market for secondhand rings isn't a large one, some sites can be be helpful when trying to sell. Redditor bachelorettenumber4 suggests using sites created specifically for reselling secondhand rings like I Do, Now I Don't or Diamond Bistro.
4. Use Craigslist — but be careful.
Selling on Craigslist has it's pluses and minuses. You most likely will get less than what you paid — sometimes by a large amount — but your market will also be pretty large depending on what city you live in. It can be dangerous to sell high-priced items to strangers. Reddit user technotrader said that many police stations offer a space for high-value transactions in order to ensure the safety of both parties involved, and since the stations come equipped with free surveillance and added security, this is a great idea for your sale.
5. Make a new piece of jewelry with it.
Find a jeweler who is able to work the ring into another type of jewelry that you can use. Reddit user 0pensecrets saw this as a way of making lemonade out of lemons, saying that he knew of a friend who "went to a jeweler and had the ring made into something completely different . . . that had meaning to him, as a way of moving on and taking back his life. It wasn't cheap, but not overly expensive either."
6. Check the Reddit thread created to resell engagement rings.
The thread is new now, but check back on the Used Engagement Rings Reddit thread for others in the same boat to buy and sell rings.
7. Plead your case.
Reddit user newmexicali is a former jewelry owner, and they said to "try going back to where you purchased it, be extremely nice, and look helpless and miserable. Tell them your tale of woe and see if they will try to help you out. If you are lucky they might refund you, less lucky they might refund with a restock fee, even less lucky they may offer you store credit for a future purchase." The takeaway here? Be honest, be nice, and be patient. A refund with a restock fee is still better than nothing!