Weddings are intended to represent one of the most memorable days of your life. However, life is also full of surprises. The fact of the matter is that this special day may be cancelled for several reasons. While there is no doubt that such a situation is frustrating, we also need to take into account some more logical concerns. For example, what will happen to the engagement ring? In the majority of cases, the ring will be returned to the man. Assuming that you do not want to keep this ring for future use, it makes a great deal of sense to sell it. However, there are a still a few things to keep in mind so that you can better understand the process. Let’s take a closer look.
How is the Value of the Ring Determined?
This is most likely to most common question that is asked, and for good reason. However, we should point out that the value of the ring will naturally depreciate after it was first purchased. In other words, do not expect to receive a price that is equal to what you initially paid.
Another factor which will determine the value of your engagement ring is the size (carat weight) of the center stone. This is actually more important than other variables such as the type of ring or the setting. The quality of the diamond will also come into play. Those with more faults (inclusions) are considered to be less expensive than near-perfect stones.
Replacement Value Versus Resale Value
These are two terms which you need to know if you hope to get the most for your money. Let’s examine some key differences between the replacement value of an engagement ring and its resale value.
The replacement value is essentially an estimate of how much it could cost a professional to replace the ring and all of its elements. This includes the time it would take for it to be designed as well as future diamond prices. So, the value is likely to be higher than its actual price.
The resale value is how much the ring will sell for in today’s marketplace. This can be compared to selling a car. Very rarely will you receive what you initially paid. This arises from issues such as any maintenance or cleaning that might need to take place. To put it simply, thee resale value of an engagement ring is normally lower than its appraised or replacement value.
Getting the Most for Your Money
If you wish to sell an engagement ring for more money, it is always important to shop around in order to appreciate what you can realistically expect. Also, it is wise to deal directly with a specialist diamond purchaser.
Although no one can place a value on emotions or heartache, the fact of the matter is that you selling an engagement ring is one of the best ways to find a bit of closure in the event that your wedding has been called off.