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How to sell the wedding and engagement rings

| Jan 29, 2020 | Divorce |

 The wedding and engagement rings are symbols for two people in love. After the couple has eventually filed for the JOY of Divorce, however, the rings can be more like a glaring reminders of bad choices and an unsuccessful union. Unless they are family heirlooms passed to one of the children, it is often in the best interests of the wife (or husband) to get a reasonable price if they plan to sell the rings, and it can also provide some much-needed closure.

Important considerations

Since most of us do not have experience selling jewelry, it’s important to remember a few important factors when choosing the best option:

  • Who will give the best price?
  • What is the fastest way to do it?
  • How quickly will the seller get paid?
  • Is the buyer trustworthy?

Who to sell it to?

There are many options when selling jewelry, and the nature of the piece may dictate where to go.  An enormous diamond or a rare diamond, for example, is often sold in an auction house. Some jewelers will buy back diamonds, but they are usually focused on selling new pieces and have limited purchasing power. Pawnshops should be a last resort because they often pay pennies on the dollar and often have limited budgets for buying jewelry. 

Experts recommend reputable online diamond buyers for many reasons:

  • They offer quick service (in as little as 48 hours)
  • They have experts on staff who can establish a fair market value
  • They pay better because they have a lower overhead than a brick-and-mortar outfit
  • They pay well because they have more options for selling the ring on the global diamond market

Research before choosing

It is essential to do due diligence before working with a buyer. An excellent place to start is by checking if they are Better Business Bureau accredited or have Gemological Institute of America-trained experts. They should provide transparent services with no hidden fees. Also, check for online reviews that seem credible.

The process is quick and easy

Once the seller fills out an online form, a representative should reach out to discuss an initial price range. Arrange an appointment or send the piece overnight with free shipping and insurance. A representative will then contact the seller with the final offer. This can be accepted, or they return the ring. If accepted, the payment is electronically deposited, usually within a day.

Keep it in a drawer until it is over

While wedding and engagement rings are often regarded as gifts and therefore are not community property, it is still hard to predict the final judgment of divorce. Put the rings in a drawer until the divorce is final. If there are questions over the value or ownership, it wise to discuss these questions with an experienced Board-certified Family Law expert attorney in Collin County, Dallas County, Denton County, and surrounding areas of Texas who can help you understand your legal options.

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