Worthy Reviews: How One Divorced Couple Used a Diamond to Help Pay for College
For most parents, a college education is the most expensive purchase they will ever make for their kids. Given the cost of college today, and how that cost rises steadily every year, college savings accounts have become a significant part of the investment portfolios for those with children or planning to have them. Taking into consideration how much money they will need to cover the bill, concerned parents have also been turning to alternative methods for growing these savings. One way people have found is to sell possessions they no longer want or need. For individuals who are divorced, such belongings often include the ex-wife’s engagement ring.
While the choice to sell an engagement ring that its owner no longer wears has become a somewhat regular occurrence among divorcées, what’s more unusual is when the decision to sell is made by an ex-husband and ex-wife together because they have agreed to use the proceeds from it for a common purpose benefiting the entire family. One year after their divorce, John E. told Worthy he and his ex-wife knew they were never getting back together. What the couple also knew was that they continued to have their children’s best interests at heart. And it was this understanding plus a strong commitment to co-parenting that led them to make a strategic financial decision: to put their trust in Worthy to sell the engagement ring John had given his ex-wife years earlier and use the proceeds to help fund their children’s college education.
According to John, as cooperative co-parents, he and his ex-wife agreed beforehand to sell the diamond ring because they recognized it was a financial asset and came to a mutual understanding that the ring could only serve its full potential when serving their kids. For them, selling the ring and putting the money from it toward their children’s future education was the most practical way they could think of to honor their marriage and the family they created while using the asset to make a lifelong investment.
With a plan in place, the only thing left for John to do was find the right venue to sell it. But where? John said he decided to give a local jewelry store a try first. Once there, the jeweler quoted him a price for the stone that was much lower than he expected. John then told us he heard about Worthy from a friend, and sent in the ring to our New York City headquarters where it underwent a complimentary GIA grading.
We wanted the kids to benefit from it instead of one of us. We always put them and their education first.-John E.
When his auction closed a few days later, John had sold the round cut diamond weighing 1.2 carats for $5,100, a price that exceeded what the jeweler at the store initially offered him. Describing the process, John noted it was “quick and easy and fun to watch the price going up.” And as a result, not only did John and his ex-wife benefit, their kids did too.
John told us he recommends other ex-spouses sell their jewelry from their previous marriages with Worthy, declaring it is “quick, easy, and [sellers] will get more money here than anywhere else.” With a check in hand, John and his ex-wife could now make a more substantial contribution to their kids’ education, a gift that will keep on giving for years to come. More than that, though, John and his ex-wife gave their kids a gift for which there is no price, and that is the gift of co-parenting coupled with a clear message that although a diamond isn’t forever, parents’ love for their children is.