returned engagement ring?

[peg2]

Any suggestions? My son paid over $5000.00 for a beautiful engagement ring, in the summer. Owes a lot, about $4000.00 She broke it off and now he is stuck with the ring. It is absolutely beautiful; he is asking the jewelry stroe about the return policy, but I doubt they wil take it back. Where can he get the most money for t so he can pay off most of the credit card bill? Maybe Craigs List, any help would be appreciated.
Thanks

 

[klmno]

I'm glad to hear she gave it back! That's pretty darn expensive in my book! I hear ebay is a pretty good place, along with craigslist. Put a photo on there with the ad. If he has to pawn it, he won't get nearly what it's worth.

 

[mstang67chic]

I agree....advertise it. (No personal info or location though and be careful about meeting people.....maybe arrange for meets at the jewelry store...they could help with the sale by authenticating) At the least he should be able to get what he owes on it and the buyer would still be getting a deal.

 

[susiestar]

Unless the store has a guarantee that lets him return it if they don't get married, he will have to sell it for far less than he paid for it. Jewelry store mark-ups are very very high.

At least she gave it back. Most states will let her keep it as it is a "gift" from him to her. If she wants to keep it.

I am sorry.

 

[witzend]

Have him get the jeweler to do an insurance appraisal, which will give a true verifiable value that he can use when selling it. If he has to, he can try a reputable auction house to sell for him. He'll only get about 1/3 of the value, though...

 

[gcvmom]

Or... he could hold onto it. Diamonds only go up in value, don't they? And who knows... maybe the right woman willl come along one day.

 

[peg2]

Thanks for advice, he could hold on to it, I told him it is an item of value. Just now, he needs to move out of the apartment they shared though and would like not to have that debt right now. I told him not to sell it and lose too much however; then he would problem. keep it.

 

[DammitJanet]

Im glad he got it back. Actually, in most states, he would have been the rightful owner of that ring because it was a gift in contemplation of marriage and since the marriage didnt take place, it would have to be returned to him. Especially since she was the one to call the marriage off. Nowadays it doesnt seem to make a difference who called it off but it used to.

Sometimes jewelry stores will try to resell the ring for you but make sure that you get that consignment agreement in writing in very good detail. Its a legally binding contract.

 

[LittleDudesMom]

I was going to make the consignment suggestion that Janet made. Make sure he has his appraisal if he's selling it himself so he can prove it's authenticity.

The easiest thing for him would be to speak personally with the jeweler and see if they could sell if for him. If they don't do that, perhaps there is a local jeweler that takes consignments. It will be difficult to get it's value because folks don't want to pay value price for used merchandise. However, if the ring was not over priced to start with and is truly worth 5K, taking 1K less would perhaps be an incentive.

I would suggest the consignment jewelry first (easier for him) then Craig's list since it's free before trying ebay (listing fee and final value fee plus paypal fee if the buyer uses it).