Pawnshops are full of engagement rings and wedding sets, however Bankrate.com recommends finding a private buyer. Through a private buyer, a ring usually sells for 50 per cent of the original price, minus sales tax. Jewellery stores pay about 35 per cent of the original price. Pawnshops are likely to give much less. Therefore, the most cost-effective solution to this problem is selling the ring through a classified ad, online auction or consignment store.
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Recycle the Ring
According to Werner Jewelers of Pittsburgh, remounting stones is the most economical way to update old jewellery. If you are a woman with an old ring, you can have a completely new piece of jewellery. A man stuck with a ring from a dissolved relationship can make something different from the old for the next woman in his life or for himself. Not only is recycling old jewellery good for your pocketbook, but reusing gold reduces the amount of mining performed.
There is no expert consensus on this subject. The best course of action is what is most comfortable to you. If selling the ring will bring closure, then by all means, sell it. However, you can always reuse the materials to make something beautiful, and preserve the monetary value.
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