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

posted 3 years ago in Rings
Post # 16
Member
1966 posts
Buzzing bee

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mrsbumblebeeee :  I think the value is in if you are happy with your ring…if you love it then it’s priceless…just my two cents!

Post # 17
Member
103 posts
Blushing bee

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nykkee :  I couldn’t agree with you more.  We purchased the exact same ring on Overstock that Helzberg Diamonds sells for 1/3 of the cost. 

Post # 18
Member
103 posts
Blushing bee

I don’t believe you were ripped off on your ring.  Yes, you could have got a better deal somewhere else but pawn shops ALWAYS low ball jewelry.  Most of the time they purchase jewelry and melt it down.  The price they gave you is strictly what they’d buy it for, it’s not the actual value.  Your ring is pretty and very unique.  Enjoy it and stop overthinking it.

Post # 19
Member
294 posts
Helper bee

Diamonds are inherently worthless, unless you have investment quality diamonds (these are large, high quality diamonds, not mass market).

The value for anything is whatever someone is willing to pay for it. At the time of purchase, your ring was definitely worth $1400 because the seller found a buyer who was willing to pay that amount. 

The pawn shop was certainly lowballing you and is only interested in scrap gold. The true monetary value of your ring would be whatever the price someone else is willing to pay for it. Which right now you only have one potential buyer who is willing to offer $30.  If you can find a buyer who is willing to pay more, then your ring value goes up.

Insurance appraisals work differently as they have to try to replace the object itself one for one.

Post # 20
Member
2548 posts
Sugar bee
  • Wedding: May 2017

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soulmateof13years :  we found mine pre-owned for 1/4 to 1/3 of what it would have been new. I looked at overstock back then but nothing in the price range I was looking in stood out to me at the time. I’m super frugal though and wanted to keep it under $300 and waneed something very low set. I wish we could tell this girl to return and complain, I’m pissed at Sears for her, knowing I didn’t get a good deal on something would eat at me, and there are literally 2 rings for around the same price on there right now that are both 1ctw (I love browesing)

 https://www.overstock.com/Jewelry-Watches/14k-White-Gold-1ct-TDW-Diamond-3-stone-Engagement-Ring/10023179/product.html?refccid=XPZJTZGUVRJ3PW2L5G7SZJFTRU&searchidx=51

https://www.overstock.com/Jewelry-Watches/Divina-14k-White-and-Yellow-Gold-1ct-TDW-Diamond-Halo-Engagement-Ring-./14301160/product.html?refccid=XPZJTZGUVRJ3PW2L5G7SZJFTRU&searchidx=59#details

Post # 21
Member
296 posts
Helper bee
  • Wedding: June 2018

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mrsbumblebeeee :  No, you weren’t ripped off.  You paid what you believed was a fair price at a time in a store you (should) know is on the pricey side, for a ring you love.  Nothing else matters.

And what a pawn shop would pay you does not reflect the vlaue of your ring.  To you, its priceless, and in practical terms its worth what it would cost to replace on insurance…

Post # 22
Member
1415 posts
Bumble bee

Don’t feel bad about it, it wasn’t an appraisal. Plus $1400 is pretty normal to spend on a ring and the happiness it brings and sentimental value is priceless after all 🙂 everyone pays the cost of mark up for diamonds.

Post # 23
Member
7555 posts
Bumble Beekeeper

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mrsbumblebeeee :  I don’t thnk you understand what ripped off means. If sears sold you that ring for $1500 when the ticket price was $1400 or if they told you it was a diamond and it was actually a CZ then you would have been ripped off. 

Overpaying and not doing your research are very different from being ripped off.

And yes a pawn shop is not a place to get an appraisal on a ring. 

Post # 24
Member
763 posts
Busy bee

I agree with everyone else here: an offer from a pawn shop isn’t an appraisal, and engagement rings in general are marked up and overpriced. Could you have shopped around and gotten better specs for the same price, sure. Pretty much every one could have.

But given that engagement rings are purely aesthetic and sentimental objects, I don’t see the point of getting worked up about the “correct price” and the “best deal.” If you love your ring and could afford it, then job well done. 

Post # 25
Member
306 posts
Helper bee

The price you pay when you purchase jewelry represents a variety of things: the cost of materials (gold, set by a worldwide market; diamonds, set by De Beers), the labor cost of creating it, the design, the craftsmanship, and markup to sell in a store. The price you recieve when pawning (which is what he told you) is only the price of the gold (again, set by the market), less what he needs to make a profit.

One way to think about it is this: When you buy a wedding dress, it costs maybe $1000. Is the fabric itself worth $1000? No, it may be $100 or less of fabric. If you were to sell a wedding dress and ONLY get back the price of the fabric – forgetting the designer, the time to make it, the hours of embroider – then that’s the number he told you. Maybe.

Post # 26
Member
96 posts
Worker bee

I asked my divorced friend who sold her ring to a pawn/buy old jewelry shop. This is what she said:

1. That kind of shop would always try to rip you off, more than the jeweller you bought your ring from. They basically consider the old diamond worthless and pay you the weight of the gold on the ring

2. The price of the used diamond would go higher if you had the initial certificate for bargain.

Do you have a GIA certificate of that ring? When I bought my diamond birthstone RHR from my local jeweller, it’s also a 0.25 carat solitaire (D/VVS2 on GIA certificate) on 18 karat gold setting and paid around the same price you did (around 1200€).I don’t think it’s more ripped off than going to Tiffany or other big name places anyway.

The jeweller told me to keep the certificate dearly since if ever I want to sell it, the certificate will help bargain up the price.

Post # 27
Member
22 posts
Newbee
  • Wedding: April 2019

Did you overpay? Yes. But so does EVERYONE. The markup on jewlery is anywhere from 300% to 3000%. Not joking. 

Don’t tell your fiance what pawn dude said. Look at your ring and love it and love him. You won’t be selling it anway anymore than you would sell him. And don’t go back there no matter how many $1 DVDs Mr. Pawn Dude has. He knew you were not there to sell your ring or buy a new ring. He was mean for no reason. I know because I have a family member in the scrap/secondary jewlery business. Its doggy dog and at times disturbing. Some in the business are not nice to put it mildly. I don’t know if the dirt off the old jewlery wears off on them or what. There is a reason we bought my ring retail and it wasn’t because it was a better deal. Far from it.

You go and wear that sweeping channel mount with pride!

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