Marriages are not perfect, and some end. That’s how it is. You’ll probably want to move forward, and dealing with things like what to do with your wedding and engagement rings after the divorce is part of that. One of the many things you can do with your engagement ring is sell it, as many reputable sites sell preowned engagement rings.
From a buyer’s perspective, a used engagement ring is affordable. Looking at the variety of styles, cuts, colors, clarity grades, and carat weights of second-hand engagement rings online, the buyer will likely land an exquisite piece within their budget.
This article offers tips for selling your engagement ring and other actions you may wish to undertake regarding the ring as its legal owner after the divorce. Generally speaking, the recipient gets to keep the ring because marriage happened. However, it may not be that simple if the ring is a prized family heirloom. It’s best to check your state laws and pertinent agreements to be sure.
What to Do with the Engagement Ring after Divorce
1. Sell the Ring
Sell your engagement ring online. Look up sites that specialize in preowned engagement rings. Each site will have different business models and processes (e.g., sell the ring directly to them, sell the ring to a buyer through the platform with measures to protect buyer and seller or sell the ring in an online marketplace).
Another way to sell your engagement ring is in-person or in-store. Check-in with local jewelry stores and find a buyer for your ring through common friends.
How much would you be able to sell your diamond engagement ring for? Here’s how to go about pricing your ring for the best price possible:
- Get an appraisal, which contains the value of the jewelry, your name, and other details. The appraisal will act as documentation and a good starting point for determining the selling price of your ring.
- Clean and store your jewelry before selling or having it appraised—the stone’s condition and the ring’s overall appearance will affect its price. Assuming you’ll be posting pictures online, you need the ring to look sparkly and spotless to grab attention.
- Keep in mind that your ring’s resale value will be less than the price at which it was first purchased. You may still be able to get good offers for a high-quality diamond based on the 4Cs.
- Check comparable listings of preloved engagement rings for pricing and photographing your ring.
2. Pawn ItThere are two scenarios when you go to the pawnshop for your engagement ring:
- Use the ring as collateral for a short-term loan based on the item’s assessed value. You’ll get the ring when you repay the loan on time. Otherwise, the pawnbroker will sell it.
- Sell the ring outright. This might fetch a higher price than taking out a loan, but still expect a low offer for the pawnshop to resell the jewelry at relatively lower prices.
In light of the costs of the loan and the offer for the ring in either scenario, consider the pawnshop route when you need quick cash.
3. Redesign the Ring
An upgraded version of the ring may fit the current version of you better. A new ring also signals a fresh start and complements your new status and priorities in life.
Research options for your new ring, as well as prices and shops for it. A common makeover for a diamond engagement ring includes changing the diamond setting and adding gemstones.
Certain cases make it possible for a vintage engagement ring to be converted into one or many jewelry pieces, like a necklace pendant, a bracelet with a center stone, or earrings. With little to no traces of your old engagement ring, the jewelry piece will be as new as it can be.
4. Keep It (for Now)
Amid a myriad of decisions to make, it may be best to keep the ring for now. Leave it in your drawer and revisit the fate of the ring when you are ready.
Check with your children. They may want to keep the ring when they are older and repurpose it. It’ll be cool to have an estate engagement ring with so much history (hopefully, where the good memories outweigh the not-so-good ones).
Selling your engagement ring frees up money you can use to rebuild your finances, fund a vacation, pay legal fees or a mortgage, and so on. Be strategic about the sale by finding the best place to sell the item, especially if it’s valuable. If you intend to keep the ring, try changing its look. Maybe pass it on to your children as an heirloom or for whatever purpose they’d like.
Your personal and financial circumstances play a role in deciding whether to sell or keep the engagement ring right after the divorce. Aside from its monetary value, the ring has sentimental value, which adds another layer to the decision-making process.