An important topic for Moms is handling jewelry, which was acquired during the marriage, after getting divorced. It’s not quite positive talking the troubles a breakup is causing but according to the Centers for Disease Control and Prevention 827,261 divorces were filed in 2016 – a very good reason for communication solutions and help. The financial situation that results by going separated ways is often underestimated from all involved parties and sooner than later the engagement ring is getting a Mom’s attention as a potential source of fresh funds. According to reDollar, nine out of ten engagement rings which are entering the selling market for pre-owned jewelry come from a divorce and only one out of ten is sold based on a “voluntarily” decision to sell. Moms learn pretty fast that an engagement ring can fund their new life with thousands of dollars. Potential money that is urgently needed for a rent deposit, car payment, or new furniture is sitting in an engagement ring and easy to cash out without creating new debt.
Most women plan to sell their marriage jewelry after a divorce!
Some women, however, decide not to sell their engagement ring but to take the diamond out. They scrap the gold but ask a goldsmith to set the stone in a new setting. Bad memories are gone but the diamond is saved for further generations. This decision makes sense if the money is not urgently needed and the diamond shows a significant quality and size. A diamond is much more than a sparkling stone – it’s an investment and asset.
Grading a diamond engagement ring for determining the value
Although most Moms are in a hurry to cash in, taking the time for grading is just smart. Diamond colors range from D (extremely valuable) to K, L, or even M (low value) and distinguishing between F color and I color is almost impossible for an untrained eye. While an F color diamond is rated #3 from the nicest diamond colors, an I-color graded stone ranks “only” on #6 among the best colors. Although both stones can have the same carat weight and clarity, the value difference can be breathtaking – especially for bigger-sized stones of one carat or more.
Grading a stone is not necessarily very expensive. The Gemological Institute of America (short GIA) offers diamond grading reports for as low as 50 dollars. Compared with appraisers, a GIA grading report is very much preferred as GIA is the world’s number one diamond grading laboratory. No other institute has a better reputation. After grading the stone, databases such as Rapnet (a David Rapaport company) makes it easy to compare diamond prices. A rough idea what the competition is asking for similar stones is easy to obtain. Prices can be compared with the help of a diamond grading report as the price situation on Rapnet reflects the real market situation. Diamond appraisals done by any jeweler or gemologist are usually far beyond the real market situation – they call it insurance appraisal and the determined value is also named “insurance replacement value” but unfortunately this figures have absolutely nothing to do with the real market value. Watch out and don’t step in an appraiser-trap, charging you hundreds of dollars for fancy looking reports with fantasy prices.
Options for marketing an engagement ring
When it comes to sell an engagement ring most people usually consider a jeweler. But there are many more options for selling a diamond ring or jewelry. Auction houses, consignment stores and professional diamond buyers like reDollar also offer lucrative options for selling to great conditions. There is a simple rule to follow – a recommendation from a friend or family member can be priceless. Ask around and you’ll be surprised how many people sold jewelry. In addition to divorces, heritages are also a major source of new jewelry to hit the market, and it could be a friend around you who has had a great selling experience.