Would you wear an engagement ring that someone else has worn before? This is a topic that often has some people firmly in one camp or another.
There are those who think that, under no circumstances, should you have an engagement ring that isn’t brand new. While others don’t really care because they’re more interested in what the bling looks like, or because they don’t like making unwise financial decisions.
Whether it’s a vintage estate piece, or the product of a doomed relationship, there are lots of reasons why secondhand rings come on to the market. If you can get past the hangups of any “bad luck” associated with a secondhand ring, there are some very good reasons why you should consider it.
You know how it sucks when you buy a brand new car and you find out that the second you drive it away from the dealership, it’s not even worth what you paid for it anymore? Well it’s the same when you buy a diamond. Only the depreciation level is much bigger – estimated to be worth almost 20% less than what you paid for it once you leave the jeweler.
There are really probably enough diamonds in the world already without more needing to be mined.If you believe in a sustainable lifestyle, secondhand is definitely for you.
3. Limited opportunities for resale
Because of the way diamonds depreciate, it can be hard to find someone to buy your engagement ring down the track.
Jewelers often won’t purchase used diamonds and people looking to sell the rings they have purchased for big bucks end up taking them to pawn stores or online where they make just a fraction of their money back. Bad news if you’re trying to sell one, but good news if you are in the market to buy.
4. Vintage and antique rings are big right now
Heirloom, vintage and antique rings are quite sought after right now, with their old-world charm and romance, history and character.
5. The Salary Myth
An advertising campaign from diamond company De Beers started a myth in the 1930s that a guy should spend one month’s salary on an engagement ring. In the 1980s it was updated to two months’ salary.
But the truth is, it was just an advertising campaign to sell more bling… there is no real rule that says this is the amount that must be spent on a ring, even though the myth persists. It means that some people spend more than they can afford and puts them off of looking for a secondhand ring.
Top image: Etsy.com