Breakups are difficult, no matter what the situation is. Whether your divorce was a mutual decision or initiated by your partner, trying to move on after divorce is equally challenging. There will not only be ...
What To Do With The Ring After DivorceOctober 12, 2017 - Diamond Articles
As a representation of a relationship that is breaking up, it is a possession that most newly divorced people no longer want to hang on to. But as an investment that can be worth anywhere from thousands to tens of thousands of dollars, parting with it is a decision that has to be made carefully.
So, what to do with the ring after divorce? There are many ways to dispose of a wedding or engagement ring. Some of the most common include:
Donate it to a charitable organization
Giving a ring to a charitable cause not only funds the organization’s work, it can also provide you with a tax write-off. And, of course, there’s the positive feeling you get from doing a good deed.
It’s understandable that the ring may have negative associations. But you can always upgrade and repurpose it. It does not need to stay in its present form. Perhaps repurpose it into a diamond pendant or a different diamond ring.
Give it to your child
Some parents opt to pass their ring on to a daughter or son, giving them the option to hang on to it as a keepsake, wear it, etc. This is relevant if the ring was an heirloom.
With a wedding and engagement rings potentially being worth many thousands of dollars, there is much to be said for putting it up for sale. There is a reason why this is the most popular option. Why leave the ring to collect dust when it could financially gain from it? But the bottom line is that you have to be emotionally ready to sell.
Whichever approach you take, it can be a relief to make the decision and move forward post divorce. Letting go of the past and moving on is important when you are newly divorced or a relationship comes to an end.
Why Sell The Ring After Divorce
If you decide to sell an engagement ring or wedding ring after your divorce, there are many reasons that this is a wise decision. Doing so can help you:
- Achieve closure and sever the emotional connection: Sadly, your ring may now represent loss rather than love. Keeping it around — even if it is kept out of sight — can leave you stuck in the past to a degree, with feelings of regret and ongoing “what if” thoughts. Selling the engagement ring after divorce can help you move on emotionally.
- Fund your legal proceedings: Divorce can be expensive. The money from the sale of your ring can help pay for attorney fees and other expenses.
- Get started in your new life: Even if your divorce isn’t costly, getting a new household up and running probably will be. Funds from the sale of your ring can help with housing, furnishing, moving expense, etc.
- Treat yourself: Divorce is difficult. When the process is complete and you are newly divorced, the money from the sale of your wedding ring can be used to take a vacation, do something nice for your kids, or buy a piece of jewelry that represents your new perspective on life.
- Avoid the urge to do something dramatic: Disposing of your ring in dramatic fashion, like throwing it into the ocean, can be cathartic. However, you may come to regret this. Selling the ring has financial benefit. Throwing the ring away does not.
Where To Sell The Ring
There are an endless number of websites like Craigslist where you can offer your engagement and wedding rings for sale. If the piece is priced correctly, you will likely get attention from potential buyers.
However, this kind of transaction comes with a fair amount of risk. Make sure to always use caution when selling your wedding ring via an online ad, do not exchange any personal or financial information and always meet in a public place with a friend or family member. And knowing how to price jewelry is not an easy task, be sure not to undersell.
Using an auction format like on eBay may help you get more money for your wedding ring, as bidding drives up the value. However, there is the unknown of whether your ring will generate interest. As well as the inconvenience of having to deal with questions from prospective buyers. You may not know all the details of your piece and you will have to be prepared to field a lot of questions and potentially haggle on the price.
Going the consignment route with a jewelry store can be a good choice. But, keep in mind that it is a slow process with no guarantee of sale. And, a percentage of the sale price goes to the jeweler.
If you have the luxury of time, it can be worth trying this option for a few months. But if you are looking for a quick transaction, this may not be the right choice for you.
Expert jewelry buyer
WP Diamonds specializes in making strong cash offers on diamonds and jewelry. Established in 2012, we believe that selling engagement rings should be a pain free and discreet service. As such, we provide a streamlined, secure and reliable way to sell in as little as 24 hours.
Get a quick and honest online quote then get a final price via appointment or through our overnight free and insured shipping service. We buy your ring directly, with no online listings involved or fees / commissions taken from the final price. No hyper-inflated price quotes followed by low offers. No high pressure sales tactics or obligation to sell if you don’t like the final price.
If you are interested in getting a price quote, our gemologists can provide a highly accurate valuation. To connect with one of our jewelry experts, contact us at 646-758-0270 or fill out our online form. Through our free, fully insured shipping, we can value your ring and make you a competitive offer.