Reselling a Diamond Ring After a Breakup

“They say diamonds are forever.  While that may be true, sometimes relationships are seasonal.  You will lose money if you ever have to resell an engagement ring.”

-Peerless Money Mentor

Are Diamonds Forever?

When purchasing a diamond ring, no one (at least I didn’t) considers the risks of such an investment.  What happens if you have to resell the diamond ring?  Where do you sell it? Who the hell wants to buy a used diamond?

Diamond sellers may have convinced you that diamonds are forever.  While that may be true, sometimes relationships are seasonal.  You will lose money if you ever have to resell an engagement ring.

I know this from personal experience.  A part of my story was shared on High Fiving Dollar’s blog in a post titled Crucial Mindset Shifts to Master Your Money.  Read what was shared below!

“One day I came home, and my ex fiancée’s bags were packed. She decided to move to another state with her mom because we were having financial issues. Although we were not married, our finances were tied together. Her leaving meant I would no longer be able to afford to live in the apartment by myself. As a result of this terrible experience, I decided to never shack up with someone again. It is a terrible idea to move in with someone to split the cost of living. If you can’t afford the place on your own, don’t move in with a potential life partner!”

This life lesson was learned over four years ago.  After it happened, I did what any creative writer would have done. I wrote about the experience in a sad but highly creative letter.

The Day My Ex Fiancée Ran Away

On Monday my heart decided to pack its bags and head to Houston without conversing with me first. I came home on my lunch break to find my heart had already packed its suitcases, emptied its closets, and taken pictures off of the wall. My heart had already made up its mind that it would flee my existence. After seeing this on my lunch break, I went back to work in a great deal of invisible pain. Invisible in the sense that my coworkers could not detect it, at least I suppose they could not. Would anything I say when I got home change my hearts mind?

When I got home, I would try to plead with my heart not to leave me. “I don’t want you to leave” I’d say. But the suitcases and crates on the floor would whisper, “Your heart has already made up its mind…”

My heart would say, “Just tell me to unpack and I will stay” and “I am sorry.” These words in my left ear and out of my right ear and down the street. The suitcases and the crates’ whisper were louder than any screams she could make at the top of its lungs. My stubborn heart had made up its mind earlier in the day, and nothing I said to her that night could have changed anything.

The Purchase

“There’s a common myth floating around out there that a diamond ring is some type of investment.  In the late 1800’s diamonds used to be pretty rare but with the discovery of substantial diamond sources in the second half of the 20th century, diamonds became more and more abundant.”

–Smart Asset Article

When I purchased the engagement ring, I initially went in to buy something I could afford.  Something I could afford was in the neighborhood of $300.  Just like I was suckered into buying a new car by a saleswoman, I was suckered into buying a  $1,200 1/2 carat diamond ring I could not afford by another one.

In addition to pressure being applied by the saleswoman, my friend’s applied pressure, too.  They would tell me, “Why would anyone accept a $300 ring? Jerry, stop being a cheap ass!”  It was my fault for folding under pressure.

The societal pressure to purchase a diamond is real.  I feel like it is moreso a contest of who can purchase the biggest ring than is it is about love. If I would have purchased a 1 carat ring, would that have meant I loved the girl I was proposing to twice as much?

Reselling the Ring

When I sold the ring a couple of years ago, the first place I went to was the pawn shop.  I walked in and ask the guys there to inspect the ring and give me a price.  After looking at the ring for a second, they told me something about the price of gold being down and offered $100 for it.

I politely declined and told them that I would try my luck on the open market.

The channel I chose was a Facebook group called New Orleans-Kenner garage sale.  I made sure to publish the initial price of the ring ($1,200) along with my asking price of $300.

After two hours passed, I lured a fish in!  The fish was a guy who lived in New Orleans.  I’d be driving to New Orleans that weekend and I would meet him in the Lakeside mall parking lot.

The Transaction

When I met up with the guy in the mall parking lot, he asked me to hop in his truck so he could inspect the ring.  I politely declined and allowed him to inspect the ring with me standing next to his vehicle.  After inspecting the ring for a few minutes, he handed me $300 and I wished him the best of luck with his marriage.

He had proposed a week before without a ring so this would be a Christmas gift for her!

Lesson Learned

“How many women are you going to run away?”

-Mom

While my first engagement did not work out, I can no longer allow the past to hold me back.  With any investment, investing your time, energy, and money into love has risks involved.

I recently allowed someone very special to get away from me because I was afraid of the risks.  While I cannot change the past, I will work harder to make moves in the present to create a better future for myself and future wife.

As for purchasing a ring again, I guess I have no choice in the matter.  If that’s what my future wife wants, she will get it.  We will just have to make the smart move and purchase something affordable.  Perhaps a bubble gum ring?

Time will tell.  Focused on paying this debt back now. 93% done with my car loan!

*It could have been worse.  Read ESI Money’s post about divorce being a wealth killer!*

Community Feedback

• Have you ever had to resell an engagement ring?
• If so, how much did you lose?
• How much would you pay for an engagement ring?

Related Post: The Cheap Engagement Ring

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Author: Jerry

Jerry is a Business Insider Contributing Writer who is obsessed with personal finance. He believes you can improve your financial situation by applying principles taught by the financial independence community to your financial life.

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