(Closed) Slight vent- what would you do if you found out you were ripped off on your ring

posted 4 years ago in Rings
Post # 2
Member
648 posts
Busy bee
  • Wedding: October 2016

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mrsbumblebeeee :  probably a bit of both. I do think $1400 for 10K gold and 1/4 ttcw is a lot, but ultimately if you love your ring who cares? The pawn shop owner was DEFINITELY trying to make a buck. 

Post # 3
Member
7800 posts
Bumble Beekeeper

The pawn shop is super low-balling you. They’d probably still price it for at least a few hundred. But they need to make their own profit. He wasn’t giving you an “appraisal”, he was saying what he would OFFER you to buy it. 

But yeah, $1400 is pretty high for that. 

Post # 4
Member
2645 posts
Sugar bee
  • Wedding: May 2007

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mrsbumblebeeee :  

mrsbumblebeeee :  I imagine the pawn shop said $30 because that’s what he’d pay you if you wanted to sell it for scrap, I don’t think that reflects the actual value of your ring.

$1400 seems high, but if you love it that’s all that matters! 

 

Post # 5
Member
93 posts
Worker bee
  • Wedding: October 2018

I think diamonds are way overpriced in general, most things wedding related are. 

I’ve always heard they have no resale value, but I learned it was true when my last engagement was called off.  We had spent $4,300 on a ring and the best offer I’ve had to buy it back was $280…. I haven’t tried selling it on Facebook or Craigslist, but I suspect there’s no way I’d be getting near what we paid.  

Post # 6
Member
240 posts
Helper bee

He was being absurd by valuing it at $30. That’s a sure fire way to make you feel really bad about your belongings, especially if you aren’t actually looking to pawn it. 

I think the price you paid for it was a little bit of a mark up, but I do think the value is closer to $1400 than to $30. 

Either way, it shouldn’t matter the cost. As long as you love it then that is what matters!

Post # 7
Member
466 posts
Helper bee
  • Wedding: February 2019 - City, State

$1400 seems okay. I do agree he was trying to low-ball you, but also, it seems like diamonds under 1 carat are not worth a lot when trying to resale the ring. I sold an engagement ring from a prior marriage and a pawn shop mentioned I would probably get more off of eBay than in any shop. 

Post # 8
Member
264 posts
Helper bee

$30 is absurd. If you were trying to see it, you won’t get much for it at all but $30 is too low. 

 

But yes, I do think you overpaid for your ring but who cares? Its what you like =)

Post # 9
Member
554 posts
Busy bee

Pawn shops will ALWAYS low ball. My first engagement ring, for the thankfully failed marriage, we paid $5,200 for. It appraised at $9,000… The pawn shop offered me $250. 

If you want a real guestimate, any jeweler could give you one, but I wouldn’t let the pawn shop’s low ball bother me as it is just that, a complete low ball. 

Post # 10
Member
2548 posts
Sugar bee
  • Wedding: May 2017

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mrsbumblebeeee :  pawn shops pay scrap weight for the gold only and give nothing for stones, that’s what your “appraisal” was, what they would offer for it, they would resell it for more. However $1200 is a lot for 1/4ct in 10k gold. Sears is expensive in general, for everything. I probably shouldn’t tell you this but…….just look at overstock.com the difference both in what you would pay there for a similar ring and what you could get for what you spent it staggering.

Post # 11
Member
6605 posts
Bee Keeper
  • Wedding: October 2014

The market on used jewelry is so cheap that pawn shops can only pay you pennies if they want to make a profit. 

Post # 12
Member
854 posts
Busy bee

A pawn shop would give you $4 for the deed to your fully paid off mansion.  They make a living off of preying on people.

Yes, you overpaid.  But I think most of us do unless we are really lucky or really wise. It’s the biggest mystery in the world to me why we lose SO much money selling diamonds and rings, but when we go hunting for a good deal on buying one preowned, it is next to impossible to find what we want for a good price.  Where do they all go?  Engagement rings are like the missing sock mystery of the world.

Sites like this are great to help others get the best bang for their buck, but you already have your engagement ring so I don’t think you should send yourself down the rabbit hole of what “could have been” when it comes to the money spent. 

Post # 13
Member
4813 posts
Honey bee

I agree with others that it is a combination of the two.  I think you probably overpaid at Sears for what you got and he is approaching it from a pawn brokers point of view which is either how much he can scrap it for or how much he can resell it for – both of which is quite low.  

For starters, something is only “worth” what someone else is willing to buy it for when you are looking at it from a selling standpoint.  Resale on pre-owned rings is quite low and even lower yet for that style of ring for a total carat weight made of numerous small diamonds rather than a larger stone and for 10K gold.  Your ring is only worth $1400 if you can find someone to pay you $1400 for it (and this is true of any possession you own).  Your sentimental value may be more, and the market value for each of those components separately brand new may be worth more, but used and in that configuration is only worth what someone else is willing to pay, not what you paid.

That is separate from a proper jewelry appraisal.  A jewelry appraisal for insurance purposes is going be the cost of a replacement of equivalent quality at retail price.  And then a jewelry grading is going to be looking at specific quality markers.

Post # 14
Member
67 posts
Worker bee

As long as you love it, give the pawn shop no mind. I can’t say what the true value is but the ring is beautiful and I say wear it with pride!!

Post # 15
Member
117 posts
Blushing bee
  • Wedding: July 2018

The first band that was on my engagement ring was $1400.    To sell it, jewerly stores in NY said $80 was all it was worth.  I think jewerly in itself just has awful resale value.

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