Are Used Engagement Rings Worth It?
Are you in the market to buy an engagement ring? Well, I have some news for you: it’s probably going to cost you a lot of money. Or else you might have a pretty pretty pretty unhappy potential spouse. According to CreditDonkey, the average newly engaged couple spent $5,225 on an engagement ring this year.
But… what if I told you that you could buy a beautiful engagement ring for a fraction of the cost that most people spend?
It’s true. You can! You can do it by buying a used engagement ring rather than a brand new one.
Sounds shady? I promise you it isn’t. Pre-owned engagement rings are becoming all the rage. Before I tell you why buying a used engagement ring is such a great idea, let me explain why people sometimes have reservations about pre-owned rings.
Why People Are Afraid To Buy Used Engagement Rings
The Three Month Myth
Have you ever heard the old urban legend that you should spend 3x your monthly salary on your spouse’s engagement ring? Maybe this terrifies you to the core of your being. But guess what? These are lies, lies, lies.
The notion that you failed as a proposer if you don’t spend at least 3x your monthly salary is pure marketing that was either made up by the jewelry industry or by my ex-girlfriend. Either way, you should absolutely pay no attention to it. In fact, only about one third of engagement ring shoppers do use the three months rule as a guideline.
Don’t let others guilt or shame you into buying a diamond ring for five times as much as you need to. Because you could buy an equally or even more beautiful piece of jewelry for a fraction of that cost, no guilt or shame required.
Pre-Owned Engagement Rings Are Not Spoiled, Damaged, or Cursed
Diamonds are some of the most durable materials in existence. Moreoso, even, than Ally McBeal and Indiana Jones’s marriage - which has proven incredibly durable over time! In fact, Diamonds are rated 10 out of 10 on the Mohs scale of mineral hardness. The person who owned the ring before you didn’t break it, damage it, scratch it, taint it, or destroy it. It’s still essentially as good as new.
While it is possible that the metal setting may be damaged in some way, you can obviously check to make sure it isn’t. Furthermore, if it is damaged, replacing a used gold or platinum setting is far, far cheaper than buying a brand new diamond for your engagement.
Some people also think that pre-owned engagement rings are cursed or have negative vibes attached to them. Rubbish. If the previous owner’s marriage ended in divorce, it had nothing to do with the used engagement ring’s “magical powers” or a curse placed on it.
And these “magical powers” are not going to carry over to its new owner. Get real people, this isn’t the one ring to rule them all poisoning Gollum’s soul in the Misty Mountains. It’s an inanimate object. Positive vibes only.
The Problem With New Engagement Rings
When it comes to retaining value, buying a new ring is like buying a new car. Except actually much worse. Because as soon as you buy a new engagement ring and “drive it off the store”, the ring loses about 80% of its retail value. So if you paid $10,000 for it, it’s now probably worth about $2,000 on average if you try to resell it. Congratulations on your terrible investment!
In fact, diamond rings are not investments at all. Rather, they are expenses, the cost of doing business, or in this case, of doing marriage. They do retain some value - again, roughly 20%. But would you buy a share of stock for $100 if someone told you that you would eventually be able to sell it for $20? Although I’ve unfortunately done this many times with stocks, still, no thank you.
Of course, if you do ever want to sell a used engagement ring, Worthy remains by far the best place to sell your ring. That’s because our curated network of high-end jewelry buyers competitively bid on your ring and drive up the price. This can often net you up to 2 or 3x the amount you would get from a local jeweler, ebay, or a pawnshop. But that doesn’t mean buying a new ring is what you should do going forward.
Why You Should Buy A Used Engagement Ring
Pre-Owned Engagement Rings Are Financially Sound
Buying a used engagement ring makes great financial sense. Spending one or two thousand dollars on a ring rather than ten or twelve frees up eight or ten grand you could spend on any number of other things like:
- Paying down debt
- Your upcoming wedding venue at that schmancy club you love
- Catering for the wedding - meat ain’t cheap (and with inflation neither are veggies)
- Your glorious honeymoon at The White Lotus Resort
- A new luxury car for your new spouse (what a wedding gift!)
Plus, buying a used diamond ring means you can afford a much better quality diamond than you otherwise could at the same price. Maybe it won’t be the Kohinoor Diamond, but you could increase the carat size of your rock significantly. You can also increase the clarity and other measures that vastly improve the quality of the stone. Otherwise, you might wind up spending way too much money on a highly inferior diamond ring.
Sustainability & Ethics
Did you know that buying a pre-owned piece of jewelry is one of the most ethical and sustainable ways to purchase an engagement ring? As a result, an exploited miner does not need to dig up new material. You are not robbing the earth of precious and scarce materials. It’s good for the environment and one of the most sustainable ways of proposing marriage while still giving your person the brilliant engagement ring they want.
Broaden Your Options with Vintage & Antique Rings
By buying a used engagement ring, you may find one that is perhaps currently a bit out of fashion but that your future spouse will find absolutely stunning. Plus, it opens your world up to a wide variety of used vintage or antique rings that they will absolutely love.
Buying Other Used Jewelry
When it comes to buying used jewelry, engagement rings are far from your only available option. Lots of people also buy used wedding rings, loose diamonds, and even used watches from top designer brands. You can save good money on all of these different types of items by going with a pre-owned piece.
Worthy Offers Something Even Better Than Used Engagement Rings: Affordable New Engagement Rings!
Did you know that Worthy now offers something even better than pre-owned engagement rings? That’s right - we’ve gone into the jewelry retail business, and now you can buy beautiful, brand new, natural engagement rings for a fraction of the cost of traditional jewelry retailers.
How do we do it? Magic! Just kidding, it’s not magic. By leveraging our proprietary and exclusive network of jewelry industry experts, as well as our jewelry selling auction platform, we are able to offer brand new engagement rings for a fraction of the normal retail price.
In other words, you get the benefits of buying the most affordable, most ethical, and most beautiful diamond engagement rings around. Ready to buy your beautiful new engagement ring? Hop on over to The Worthy Shop and find that special rock for your person right now!