Need to sell my engagement ring.

[investingnoob]

I have an engagement ring from my last relationship. It didn't work out but my ex fiance let me keep the ring I bought her.
I really need to sell it, especially since I just had 3 ER visits and a lot of medical bills.
I work nights and have no time to try selling it on craigslist.
I know a pawn shop will just rob me.
Anyone know of an online place?
Or should I try a local jeweler or will they just rip me off too?

I bought it from Fred Meyer Jeweler, $2400.
I'd at least hope to get $1000 for it.

[terry1156]

If you don't have time to sell it yourself on a place like craigslist, you will lose a lot more of the value. It's definitely worth visiting a number of pawn shops and jewelry resellers as the prices they will give for it can vary by quite a bit.

[disneysteve]

I work nights and have no time to try selling it on craigslist.

I've sold a number of items on craigslist. None took more than 24 hours. One took less than 2 hours.

I would wait until you have a day off and list it the night before. You'll do a lot better selling it yourself than selling to someone who is buying for resale purposes.

[investingnoob]

would you guys think the places where you send in your jewelry for cash be good? or just rip off?

http://www.thediamondvalet.com

http://cashfordiamondsusa.com/

[disneysteve]

would you guys think the places where you send in your jewelry for cash be good? or just rip off?

I don't think they're a rip off but you definitely won't get the best price. Those places need to be able to turn around and resell the item for a profit. It's like the difference between trading in a used car at a dealership or selling it yourself to a private buyer.

[bjl584]

that can be tricky. It depends on the size. If your ex had a common finger size you will have an easier time selling it. You can count on it depreciating quite a bit since you bought it though. You might recoup 50 cents on the dollar if you're lucky

[Reggie]

The second hand market for engagement rings has really taken off over the past year or so. If you have a popular style like white gold or platinum with a princess cut diamond you may get a lot more than you think. If it's yellow gold marquise cut, you might be out of luck.

Check out idonowidont.com

[autoxer]

I know a pawn shop will just rob me.
Anyone know of an online place?
Or should I try a local jeweler or will they just rip me off too?

I don't know why you think everyone is trying to rob you, they are just running a business. They need a margin between what they buy it for and what they sell it for to stay in business. Although De Beers wants you to think that diamonds are an investment, the truth is that they are a depreciating asset with no intrisic value. Just get two or three offers and take the best one. It's only worth what someone else is willing to pay you for it.

[snafu]

The mark-up in jewelry is astronomical! You need to know the troy ounce weight of the gold and work out the value based on the gold K [14,K, 18K, 24K] You need to know the point size of the diamond[s] and cut, clarity, color and shape. How much you paid for it retail is irrelevant to a prospective buyer. They judge value on gold content and how well a diamond shows off it's 'C's."

*Note the cost of gold has dropped in the past year.