Is There Anything Wrong with Buying a Pre-Owned Engagement Ring?

Is There Anything Wrong with Buying a Pre-Owned Engagement Ring?

Whats Wrong with Buying Pre-Owned?

So you want to save some money on an engagement ring, but your girlfriend or significant other doesn’t want a pre-owned engagement ring, don’t worry pre-owned jewelry isn’t as  bad as you think it is! 

Diamonds are essentially pre-owned. For generations these stones have been taken out of setting and replaced in to new ones. Diamonds date back all the way to the 1800s. Discovered in South Africa, the first ever found diamond was the Eureka diamond. hundreds of diamonds are mined daily across the world, mainly coming from Africa. The only problem is once mined, diamonds go through intense inspection to see if there is any value in cutting, polishing and selling. Therefore, most diamonds are bought and sold and re-set into various jewelry pieces.

Technically all diamond engagement rings are pre-owned. The true life-span of a diamond is inconclusive. The price of a pre-owned engagement ring compared to a new one is substantially different. For example a Tiffany & Co. Lucida cut diamond engagement ring that retails for over $27,000 can be found on Raymond Lee Jewelers website for $24,995 (but can be negotiated down). Another Marquise cut Tiffany & Co. ring retailed for $26,100 and sold for $19,995. There is so much more value in a used ring.

The name is what gives buying pre-owned a bad representation. There are many jewelry items that were previously owned and never worn. Some men sell engagement rings because there girlfriends didn’t like the ring and they wanted to find something better. There could of also been cold feet, or buyers remorse. Rings aren’t always carrying bad juju from a divorce, or breakup. Did you know approximately 28% of women say no during a proposal because they simply do not like the ring?

Sometimes just walking in to an estate jeweler can get you a discount. More commonly jewelers are finding bridal jewelry at a wholesale price and reselling it. Make sure to ask your local estate jeweler if the ring you are looking at is an estate piece, you may be surprised at the answer! Another cool thing jewelry businesses are doing is creating their own settings. It saves the jeweler in fees and increases the return on investment because more people prefer new diamond engagement rings.

If pre-owned is definitely not the route you want to go, try buying the diamond separate from the setting. This can decrease the price dramatically. Just always remember your 4 C’s! This will guide you through the process of buying a diamond for a valued price. Then find a setting, usually 14k white gold, plain with no diamonds will give you the most value. The higher the metal quality the higher the price will be.

Don’t be afraid of the word pre-owned. You may even be surprised out how great the value is!

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