Finding love is something we all hope for in life. And when you’ve found it, it can feel like you’re on top of the world. Unfortunately, not all romances are built to last and even the happiest of engagements and marriages can take a turn for the worst. Whether the breakup comes as a complete shock or the warning signs have been there for a while, it’s a difficult situation.
In the midst of your heartbreak you may have a lot on your mind and a lot of important decisions to make. Do you need to find a new place to live? Will you need to work out custody of the kids? Who gets the dog or cat? Last but not least, what do you do with the ring?
We may not have all the answers to your questions but we can give you the best options for what to do with that rock on your left finger. Here are three options for your ring:
1. Give the ring back
Depending on how the break up went, you might be considering giving the ring back. If it was a broken engagement, legally you may be obligated to. Some states require you to give the ring back due to its status as a conditional gift. Because the condition wasn’t met, i.e. you never made it down the aisle, the person who purchased the ring is once again the rightful owner. States who abide by this rule include Iowa, Kansas, Wisconsin, Tennessee, New York and Pennsylvania. In other states, the engagement ring is considered an unconditional gift regardless of circumstances.
There might be other extenuating circumstances that would prompt you to give the ring back. Perhaps it was a family heirloom that was passed down in his family for generations, or maybe you just want nothing to remind you of your ex-love.
2. Turn something old into something new!
Love the ring but hate the memories associated with it? Why not repurpose it by taking it to a jeweler and having it made into something new? Chances are it is set in some beautiful gold or silver and has some eye-catching gems that would make for a lovely piece of jewelry.
It would be a shame to let something of such great value go. A quick google search will introduce you to a world of possibilities for your new future piece. Whether it be a pendant for a necklace, some earrings or a new ring, make use of those precious metals and gemstones.
3. Keep it?
Is it a really nice ring that you just can’t bear to part with? Then don’t! Keep it for yourself.
Eventually, when you’ve moved on from your heartbreak you will be able to appreciate it for what it is: a beautiful piece of jewelry. If you were married for quite some time and had children with your ex-partner, you could keep the ring as an heirloom to be given to your son or daughter when the time is right.
4. Sell it!
Considered all the other options and weren’t keen on any of them? Then why not sell it?
Cut the ties with the past and use the money you get to help you rebuild your new future. Use the cash as a down payment on a new place, splurge on a shopping spree, take a vacation, the possibilities are endless.
Do you know how much your ring is worth? Before you make any moves to sell, make sure to get it appraised by a professional jeweler. This way, you will have a clear idea of its market value and will be able to set reasonable expectations of its sale price.
Where to sell your ring
- Sell it to a jeweler: After you’ve had your ring appraised, take it to a local jeweler to see if they would be interested in purchasing it. In some cases, the jeweler will offer you store credit in exchange for your ring.
- Sell it to a gold dealer: Gold dealers are interested in the value of the metal used to make the ring because they intend to melt it down and use it for something else. As a result, when buying the ring they will only pay you for the metal’s value at time of sale.
- Sell it online: Not satisfied with what you’re being offered by the jeweler or gold dealer? You could try selling the ring online either as an bidding style auction or a set listed price. This will of course require some marketing on your end.
Ultimately, you want to make sure that you are selling to someone you instinctively feel you can trust. More importantly, don’t rush into anything. Take your time when making the decision to sell so that you don’t regret it later.