What to Do With a Used Engagement Ring?

Written by sheila holloway
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What to Do With a Used Engagement Ring?
An engagement ring is a big investment. (engagement ring image by jimcox40 from Fotolia.com)

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.

Recycling is good for the environment.
Recycling is good for the environment. (Recycle image by sarkee from Fotolia.com)

Bottom Line

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.

What to Do With a Used Engagement Ring?
Diamonds can be reset, but if it is psychologically easier for you, sell it. (Necklace in presentation box with blank business card image by Sophia Winters from Fotolia.com)

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