Bling for cash?

June 24, 2010 1:07 PM

I'm in possession of an old engagement ring that was purchased in ~2002 and was, at the time, about $750 at one of those mall jewelry stores. It's less than a carat, but I'm not sure how much less. No paperwork. I'd forgotten I still had it until I found it in a box. Ex did not want it returned. What's the best way to get rid of it and get the most cash possible?

I realize it's likely not worth nearly what was originally paid. I just don't want to rely on some scammy place that buys jewelry for peanuts to tell me how much it's worth, but I don't know what else to do with it. I thought about just listing it on Craigslist/Ebay, but I can find no record of its size/clarity, and everywhere seems to want money to actually tell me that information. But I don't know if it's worth paying for.

Thanks for your help!

posted by gracedissolved to Work & Money (6 answers total)

Without documentation, it's going to be a little difficult to move easily. My suggestion would be to take it to a reputable jeweler--one that actually makes jewelery, not one that sells mass manufactured stuff--and have it examined. Not only will they take a look at it for you--and maybe not even charge you for it--but they'll probably buy it from you.

At this point, the gold--the price of which is well north of $1000 an ounce--may be worth more than the stone. Going to depend on the quality of the gold, but that should be easy for a real jeweler to figure out.
posted by valkyryn at 1:10 PM on June 24, 2010 [1 favorite]

I had the same situation, though my ring was originally worth way more (over $2k), and I took it to a lot of folks who offered to "take it off my hands" at around 10% of its original cost. I assume they were buying it for the gold, as valkyryn suggests.

If you have a friend or family member who knows someone in the business, you might be more likely to get a better price with them. One of my coworkers had a family member with a store, and I was able to get about 50% of its original price. I had all of my documentation though, so I can't say you'll get those same results.
posted by Lizsterr at 1:35 PM on June 24, 2010

I realize it's likely not worth nearly what was originally paid.

Gold was about $300 an ounce then, it's well over $1000 now. If it's a pretty ordinary ring with an ordinary stone, selling it for the gold may get you more than selling the ring itself -- the pawn/secondhand market is flooded with basic engagement rings.
posted by desuetude at 1:43 PM on June 24, 2010

Pawn shop
posted by Flood at 2:12 PM on June 24, 2010

Thought about keeping it and making something else out of it?

Talk to a jeweller who does design/reworking of jewellry, you might find that a better way to get value out of it. Even if you don't want to keep it for yourself in any shape or form, you could give it as a present to a parent, or whoever ...
posted by GeeEmm at 5:36 PM on June 24, 2010

From experience, I can tell you that the only way you're going to get a decent price for this piece of jewelry is to have it appraised. Nobody's gonna pay up good money for a diamond ring with no detailed info!
posted by HStern at 12:44 AM on July 11, 2010