Deciding what to do with a ring of such significance can be difficult as it was both a financial and emotional investment. It may take time for you to even start considering letting the ring go but when you’re ready, there are options available to help not make it a complete loss.

As people don’t typically continue to wear their engagement or wedding ring after a split, it raises the question of “what do I do with the ring now?” If your initial thought was to bring the ring back to where you purchased it from, I would check to see what their return policy is and be aware that they’ll often not take anything back if there were any customizations made or if the ring had been altered. Below are some ideas on what you can do with the ring(s) so it isn’t just collecting dust in the jewelry box.

Option 1- Reset (repurpose) the diamond(s). I have assisted customers with this numerous times. I would remove their diamond from the mounting and have it re-set into a pendant or right-hand fashion ring. The gold or platinum from the old ring could be used as a trade-in towards the new setting. This is the best route if you wish to retain what was paid for the ring even if you still have to pay for some of the new setting. That will depend on what the trade-in value of your old setting comes to. This is one of my favorite options as I’ve seen how jewelry transforms when remounted. Most jewelry stores have at least one manufacturer they go through that offers different mountings or custom design.

Option 2- Trade the ring in for something different. Every business that takes jewelry trade-ins will have their own stipulations. At times, they require you to select an item twice the amount of your trade-in value while other times they’ll offer you an amount and allow you to use it towards whatever you want. Depending on their requirements and the cost of the item you choose, you may incur an added expense.

Option 3- Put the ring on consignment. Some jewelry stores and pawn shops will use their discretion on whether to display your ring in their showcase and keeping a percentage if they sell it. They will have you sign an agreement that lists their conditions along with any fees they may require (for example, they may charge to restore your ring to a sellable condition or perhaps “rent” for storing your ring in their store). If you accept their terms and agree to how you will split the sale, you have to keep in mind that there is no telling when you will be paid out. With the abundance of ring options available, finding a customer looking for the very style and price of your ring is unpredictable.

Option 4- List the ring online or offer to sell it to a friend. Online, you can reach more potential buyers that maybe interested in your ring design and would be willing to meet your asking price. Friends may buy from you because they want to help and they trust you. Like Option 2, there is no telling how fast you will sell the ring but at least you have full control of the amount you decide to sell for.

Option 5- Sell the ring to a licensed Gold Buyer. Some jewelry stores along with pawn shops can give you a cash offer for the ring. This transaction is instant and the payout amount probably won’t come close to the amount you originally purchased the ring for. If you decide to sell it to a business, not only are they considering the fact that your ring is “used” but they also don’t necessarily need it since they already have inventory. If your ring is a unique design, dated or customized, that usually makes it even harder for stores to re-sell. While they can reference what the price of gold is that day, they still get to name their price.

Option 6- Put the ring up for auction. The amount you would receive is uncertain as you never know what the highest bid will be but if you’re willing to take the chance, research credible establishments to go through.

It’s possible (but uncommon) that you will get the amount you paid for your ring but this also depends on when and where you bought it, and how much you originally paid. When you purchased the ring new, the price reflected the precious metal, diamonds, manufacturing and possibly even the brand. Don’t be upset if you’re not being offered the amount you anticipated. What people offer you is what they’re willing to spend, not a reflection of value.

As circumstances vary with each person and each ring, the best way to proceed is by visiting all the options then going with what you’re comfortable with. Want to keep the ring as a keepsake? Do that. Want to recreate it into something you would enjoy wearing? Do that. Want to sell it today and be done with it? Do that. If keeping any part of it is too painful or you simply don’t wear jewelry then selling it may be your best option (unless you decide to just gift it to someone).The only purpose of jewelry is to bring us joy so only you can decide how your ring can do that for you.