Reselling used Engagement / Wedding Rings

[#22]

My daughter has gone through a divorce and is looking to resell her engagement and wedding rings. Does anybody have any experience with this or know of good places to go to?

Many thanks

[keratosis]

Cash converters.

[Sliver]

Alberta Diamond Exchange. https://www.abdiamond.ca/

I had a great experience with these guys earlier this year.

You book an appointment. On the day of they buzz you into one room. You close the door behind you and it locks. Then they open a second door that lets you out of that first room and you're now in their reception area. You go into an office and they sort your items to determine quality of the gold/diamonds/whatever. They take the current spot price and make you an offer.

I found their offer to be very fair. They cut you a cheque right then and there and you're done.

[curves2000]

I don't want to speak to things from a legal perspective or for you to air your families personal business in a public form but there may be legal consequences with selling this off right away.

An engagement ring from my understanding can't be taken by the women prior to marriage as it's almost like a contact to marry. A lot of times in breakups before a marriage a women may try and sell it and it creates issues.

An engagement ring and wedding ring are also considered communal property and may need to be divided properly according to the terms of the divorce.

Make sure your daughter has received proper legal advice with regards to this and keeps proper documentation.

I can understand where some people may be shaking their heads with the above but there are considerations that need to be taken into account. Some items may be a part of a family heirloom, be given by someone else or may even be considered a knockoff.

She could also look at going back to the jewelry store where it was purchased from and see if they have any interest in a consignment, store credit and more. Some stores offer a trade up or trade in program for engagement and weddings rings as a service and value add. I think people would be amazed at how many diamonds and mounts etc are reused on the market and make their way into a purchase.

Either way good luck and sorry to hear about the marriage breakdown, it's never fun but hopefully she is able to move on and upward.

[calgarywinning]

Originally Posted by Sliver

Alberta Diamond Exchange. https://www.abdiamond.ca/

I had a great experience with these guys earlier this year.

You book an appointment. On the day of they buzz you into one room. You close the door behind you and it locks. Then they open a second door that lets you out of that first room and you're now in their reception area. You go into an office and they sort your items to determine quality of the gold/diamonds/whatever. They take the current spot price and make you an offer.

I found their offer to be very fair. They cut you a cheque right then and there and you're done.

I took a trip to New York and dealt with a guy named Howard at Uncut Gems, while the price was somewhat better I didn't factor in the travel expenses. Got the cheque same DAY. He went of the handle a bit, but one gets used to those things in NY.