So you’ve gone through the difficult process of divorce and are now left with that shiny gold wedding band sitting in your jewelry box. What should you do with it? Sell it for cash or keep it as a souvenir?
We get it, this isn’t an easy decision. That ring probably cost a pretty penny and represents memories of happier times. But if we’re being honest, keeping it around might just make you feel sad every time you stumble upon it. Why not sell it and use the money to treat yourself to a much-needed vacation or pursue a hobby you’ve always wanted to try? Here are 4.5 reasons selling your wedding ring and moving on with your life might be the best option.
1: The Emotional Benefits to Sell Your Ring
Selling that ring can provide closure and a fresh start.
You’ll have extra cash to splurge on a vacation or pursue a new hobby. Use it to pay off debt so you can stride into your new single life unburdened. The ring represented a past life; now the money can represent freedom and new beginnings.
Parting with the ring may be difficult, but holding onto it could make moving on harder. Looking at it will stir up memories and emotions, keeping you anchored to the past. Selling it allows you to sever that final tie and shift your mindset to the future.
Out with the old, in with the new. Selling your wedding ring could be the perfect symbolic end to that chapter of your life and the start of your next adventure. Take that leap — you’ll be glad you did.
2: The Financial Benefits of Selling Your Ring
Selling your wedding ring means cash in your pocket.
Divorce is expensive. Between legal fees and starting your new life, every dollar counts. By selling your ring, you can recoup some of the costs and have extra money to get back on your feet.
Whether your ring is worth $500 or $50,000, that money could help pay off debt, put a down payment on a new place to live, or fund a well-deserved vacation. Think of selling your ring as an investment in your fresh start.
While the sentimental value of a ring may be high, the monetary value is a pragmatic reason to consider selling. Your financial freedom and stability are so important right now. Take control of your new beginning by making the practical choice.
3: Create Something Positive from a Bad Experience
Rather than seeing your ring as a reminder of the end of your relationship, consider repurposing the stones or metal into something new that represents a fresh start.
Have a jeweler reshape the stones or melt down the band into a new piece of jewelry like a pendant or bracelet. This allows you to keep a small memento of your past but in a form that looks toward the future. Turning the remains of your wedding ring into something uplifting gives you an opportunity to find closure and move on from your divorce in a healthy way.
4: Put the Past Behind You
Selling your wedding ring can be an important symbolic act to help you move on from your marriage.
Getting rid of this reminder of broken promises and happier times can help shift your mindset to focus on the present and future. The cash from selling the ring is secondary to the emotional freedom of letting go of the past. Make a ritual out of it – have a ‘divorce party’ with close friends, pop some champagne and ceremoniously drop that ring into the mail to the buyer. Take a deep breath and embrace your fresh start!
4.5: Signal to Future Relationships that you’ve Move On
Selling that diamond wedding ring is a symbolic way to show yourself and future romantic partners that you’re ready to move on.
Keeping it around, even if tucked away in a drawer, still represents clinging to the past. Getting rid of it once and for all can be an important step in cutting emotional ties and opening yourself up to new relationships. The money from the sale is really just an added bonus. Letting go of the physical reminder of broken vows and failed commitment allows you to shift your mindset to focus on a fresh start.
How to get your ring evaluated
Take your ring to a reputable jeweler to get it properly appraised.
They can determine the exact specs of your diamond or gemstone, like the carat weight, clarity, color and cut. An official appraisal from a graduate gemologist is required to get the most accurate estimate of your ring’s market value.
Ask if they buy used rings or work with buyers who do. Some jewelers buy rings outright or can connect you with reputable buyers. Get quotes from multiple buyers to determine the best offer. You want the fairest price for your precious symbol of eternal love now turned into a financial asset.
Selling to a private buyer, like on Craigslist or eBay, may net you a higher price but also poses more risks. Meet buyers in a public place, bring a friend and trust your instincts. Get paid in cash or via a wire transfer before handing over the ring.
Sell the stone separately
As an alternative, you can have your jeweler remove the stones from the setting and sell them loose. The stones will often fetch a higher price than an entire ring. You can then sell the remaining gold setting for its melt value. This option requires resetting costs but may give you the best return.
Whichever path you choose, selling an engagement ring is rarely easy. But by working with professionals, doing your homework and staying safe, you can get a fair deal and financial freedom from the past.
Where to sell your ring
If you’ve decided it’s time to part with your wedding ring, you have several good options for selling it.
Pawn shops will buy your gold ring outright for cash, though often at a steep discount. The process is quick and convenient but you’ll get the lowest price.
Many jewelry stores buy pre-owned gold rings. They may pay slightly more than a pawn shop since they can resell the ring. Ask for price quotes from a few stores to get the best deal. Be prepared to show documentation of the ring’s specs like the karatage and diamond details.
Websites like Craigslist, eBay, and Facebook Marketplace allow you to sell the ring yourself to interested buyers. You’ll typically get the highest price going this route, sometimes even above the ring’s melt value if it’s an antique or unique design. However, it may take longer to find a buyer and you’ll need to handle shipping and secure payment yourself.
As a last resort, you can sell the ring for its gold melt value to refiners who will melt it down. They pay based solely on the weight and gold purity, so you’ll receive the lowest price but it’s a quick and guaranteed transaction. Ask your jeweler for the ring’s melt value or check a gold calculator website to determine if offers from other buyers are fair.
In the end, weigh all your options to get the most cash for your ring so you can move on to the next chapter.
How to Get the Best Price When Selling Your Wedding Ring
To get the most money for your wedding ring, here are some tips:
- Sell to a trusted jeweler or reputable buyer. Don’t sell to someone coming door to door or on the street. Do some research and get quotes from multiple buyers. Go with whomever offers you the fairest price.
- Clean and polish your ring to make it sparkle like new. Have any repairs done by a jeweler to fix dents or scratches. A ring in pristine condition will fetch a higher price.
- Provide official certification of the metal type and weight, as well as any gemstone details like cut, color, clarity and carat weight. Documentation showing the ring’s value will give buyers confidence in offering you a fair price.
- Consider selling gemstones separately from the band. You may get more money selling stones and metal individually, especially if you have high-quality diamonds or other precious gems. Check with jewelers to compare prices for selling together vs. separately.
- Know the current market price of gold and any gemstones in your ring. Check reputable websites that track the price of precious metals and stones so you have an idea of a reasonable price range. Don’t get taken advantage of due to lack of knowledge.
- Be willing to negotiate to get the best deal. Do some haggling with different buyers to try and get them to increase their offers. You have nothing to lose by negotiating and can potentially gain hundreds or thousands more for your ring.
So there you have it, 4.5 reasons why selling your wedding ring may be the best decision.
At the end of the day, only you can decide what will provide you the most closure and allow you to move on to this next chapter. But whether you sell it to fund your new life as a single person, donate it to a good cause, or simply get rid of the painful reminder of the past, choosing to sell that ring can be an important symbolic step towards embracing the new opportunities ahead of you. Life is short, my friend. Here’s to new beginnings.