In the famous words of William Shakespeare, "All's well that ends well." When it comes to a marriage, however, this isn't always the case.
Let's start with a few U.S. stats:
- There are approximately 2.5 million marriages in the U.S. every year.
- An estimated 80 percent of brides-to-be receive a diamond engagement ring.
- The divorce rate is currently 48.6 percent.
With these numbers in mind, one can imagine how many engagement rings end up on the market for sale, repurposing or in a toilet bowl. For those interested in the more sensational, here are some of the most famous celebrity jewelry sales.
In an effort to help divorcees understand their jewelry (and what they can do with it in the time of a divorce), I put together the following list:
1. Know who is entitled to the jewelry
The rightful owner is determined by several factors including how it was given, local jurisdiction and reason for marital dissolution. A first good step is to consult a family attorney to determine ownership.
2. Be emotionally ready
Whether you decide to sell it, repurpose it or keep it, make sure you are emotionally ready to go through the process. It is not always a walk in the park. If you decide to sell it, it can be the most difficult (or most easy) step depending on the situation.
3. Keep it in a safe place
Keep it safe (in a safe). Whether you put it in your safe at home or at the bank, don't be a victim of a sock-drawer disappearance.
4. Know what it's worth
Most jewelry stores or buyers will be able to give you a rough estimate of what your jewelry is worth. Make sure to shop it around to get a realistic and worthwhile estimate.
5. Know how to get top dollar for it if you decide to sell it
Getting the maximum value for your jewelry requires understanding its worth and finding the best buyer for it. Chose a reputable buyer who has a good rating with the Better Business Bureau. This can be a very confidential endeavor so consider choosing a jewelry buyer in a private setting.
All in all, the good news is that the owner of a jewelry asset has the choice to do with it what he or she wishes. If one were to ask Shakespeare what to do, he might say, "To sell, or not to sell, that is the question."
About Revere Jewels
Revere Jewels is a top Los Angeles jewelry buyer that specializes in engagement rings, watches, gold, antique and diamond jewelry. The company has offices throughout Southern California. Call 888.619.7932 or 310.775.2025 for a free consultation. Revere Jewels is an A+ Rated business with BBB and offers private and a confidential office environment for all transactions.
About Steve Hami
Steve Hami is the Chief Jewelry Buyer of Revere Jewels. He is a certified diamond appraiser and licensed jewelry, diamond and gold buyer with over fifteen years of experience. Steve comes from a family legacy of jewelers and has worked in all aspects of the industry including sales, manufacturing, distribution and purchasing. Steve specializes in buying rare and large diamonds, engagement rings, antique, estate and gold jewelry. More information at http://www.reverejewels.com.
I guess it depends on the person and the circumstances of the breakup and so on, but for most I think selling their wedding ring will be an emotional experience.