I am an expert at buying diamond engagement rings. What I should say is, I have been engaged three times, so I am an experienced diamond buyer. Every time I took the plunge, I had to buy another engagement ring, and I learned something about diamonds each time. Now that I am in the business of buying and selling diamonds, I get a chuckle when I think back to the first time I got engaged:
The first time I bought a diamond, I was in love, I was broke, and I didn’t do my homework. I grabbed my Sears credit card, marched into the jewelry department and the kind woman behind the counter managed to sell me a .3 CT marquise diamond ring set in 14k gold. I proposed immediately, and she said yes! The engagement lasted about 4 months, and the payments on that ring lasted about four years. My ex-fiancee offered to give the ring back, but it felt worthless to me at the time: I wasn’t able to return it to the store, and what was I going to do with it?
If my engagement doesn’t work out, what do I do with the ring?
Returning it to a retail jewelry store for a full cash refund would be the best option. If that doesn’t work out, it’s time to sell.
Tips for selling your diamond ring:
- Find an honest buyer with a good reputation
- Get your diamond evaluated
- Find out how much it’s worth
- Use a trusted expert with ties to the community
- Get multiple offers
The second time I bought an engagement ring, I knew what I was doing! My future brother-in-law worked at a local jewelry store, and he was going to guide me through the four C’s and how the GIA grades diamonds. We talked about Cut, Color, Clarity, and Carat. I looked at large round diamonds and brilliant princess cut diamonds. We poured over settings and certifications. I was obsessed with buying the exact right diamond and getting the best price. I settled on a round brilliant, just over a carat, set in platinum. Thanks to a helpful family member, I got a good deal. This time, I managed to pay the ring off before the marriage ended less than two years later. I was lucky that my divorce was amicable. There wasn’t any fighting over money, no cutthroat lawyers, and no children or real estate to divide. I told her to keep whatever she wanted, and she did. I always wondered what my ex-wife did with the ring after our divorce.
What happens to the engagement ring after a divorce?
Laws vary by state. Here is a helpful link if you are in Connecticut. In many cases an engagement ring is a pre-marriage gift and belongs to the recipient. In some cases the ring represents a promise to marry and if the engagement is ended, it belongs to the giver. If the ring is a family heirloom, there may be another set of laws. Please consult your lawyer and make sure you have title before you sell your ring. Ending a marriage or engagement is tough enough without a painful financial battle. When the divorce is over, the ring usually gets sold or repurposed. If you have an unwanted engagement ring, why not convert it into something that makes you happy?
Once the dust settled on my divorce, I discovered that the woman I had waiting for all my life was single. We met in high school when she sat down next to me in piano class and had been friends ever since. We dated for a few months and moved in together. Several years later, it was time to get married. This time was different: I was buying a large diamond and I was paying cash. I went to a local antiques store that also happened to be a dealer in estate jewelry. He sold me a beautiful antique ring. It was a European-cut diamond (also called old mine cut). I had it reset by a jeweler, and voila! What was old is new. Now, happily married for many years, we’re still in love and she still loves that diamond.
Now I love buying diamond engagement rings not just for business, but for the stories. Antique rings and family heirlooms travel down interesting roads. I help individuals, estates, and collections sell diamonds for the most money. I give information and advice to help people make good decisions. I also offer fair and honest choices to sell, auction, or repurpose your diamond ring.