Advice re selling engagement ring

FatBlokeFit

My ex and I split up and she gave me back the engagement ring. I got it in London (lived there at the time) and I have the reciept etc

Dont know what to do about selling it I as I obv have no use for it.

Any suggestions please?

Fey!

Your best bet will probably be to put it into an auction. There are some things to watch, though.

a) Decide how much you want to get for it. If you have to get €1,000, then you'll need to look at getting €1,200, as the auction house will probably charge you about 15% (varies from place to place).

b) Put a "reserve" price on it; if you want to get €1,000 after commissions, then put a reserve of €1,200 on it. Otherwise if the highest bid on the hammer is €50, then it'll go for €50 and you'll get about €42.

c) The bad news; don't expect to get back what you paid for the ring. Unless you get really lucky at the auction and have 2 bidders who really want it, it's not going to happen.

Another option would be to talk to the shop you bought it off and see if they'd buy it off you/sell it for you.

Going shop to shop trying to get a jeweller to buy it probably won't be very successful, as most shops operate a policy where they don't buy in jewellery over the counter from the public.

Any shop that will buy over the counter will probably only offer you a percentage of the price you paid, as they will be selling it as second hand goods, will have to pay the taxes when it sells, cover their costs, and still hope to make a profit! Others may only offer you scrap prices for the materials.

Good luck with it.

robbie1876

Yep, exactly what Fey said. Put it in for auction. I have used www.johnweldonauctioneers.com in the past and have had good success. If it doesn't seel they don't charge you anything (I presume other auction houses work like this) so you have nothing to lose.