What To Do When You’ve Inherited a Diamond Ring
It’s not uncommon for special pieces of jewelry, like diamond rings, to be passed down from generation to generation. And while rings like this are precious, sometimes you know that you might not use it as much as it deserves. There are two basic options: you can either keep it, or sell it. Obviously this decision won’t be easy, but you have to be completely honest with yourself about whether or not you would actually wear it or not. If the ring would just sit in a box at a bank or doesn’t hold deep, sentimental value, why keep it at all? You also should take other family members into consideration. If you have a daughter or niece who may want it now or in the future, you could keep it for them. Regardless of your decision, getting the most value out of the diamond ring you inherited may take some work, but it will certainly be worth it.
Selling an Inherited Diamond Ring
Even if you are on the fence about whether or not to sell it, finding out how much the diamond is worth could definitely help you decide. In order to find the worth of the jewelry, you will need to get it appraised. It could be useful to first find out if the ring has been appraised recently. An appraisal older than five years won’t be of much use because of how the markets for metals and gems fluctuate, but it can give you a good idea of a starting point.
There are plenty of dedicated jewelry appraisers who can give you a fair appraisal so you can eventually sell it by yourself. Before you go to a jewelry appraiser, make sure that they are certified by one of a number of associations, such as the National Association of Jewelry Appraisers
(http://www.najaappraisers.com/). Many local and national jewelry stores can also appraise jewelry for you. A benefit for getting an appraisal from a jewelry retailer is that they can often buy it straight from you, which is obviously much simpler than attempting to sell it on your own. However, it’s important to be aware that one store could give you less money than another, so taking the time to get the piece appraised by different stores could be advantageous.
Be aware that appraisals do cost money and take time, so it could be an investment, but the investment is worth it if you have a valuable diamond ring. Even if you do get it appraised but decide against selling it later, an appraisal can also help get a valuable diamond ring insured.
Keeping a Diamond Ring
When you decide to keep a ring, you get the chance to decide exactly how you want to wear it. One option is to not change anything significant about the ring, but instead restore it. This is a great option for rings that were kept in storage for a long period of time or were worn often but never refurbished.
Like with appraisals, you can either go to a seller or a professional dedicated to refurbishing and repairing. You can also get the ring you inherited resized to better fit your finger, and repaired.
Of course you can keep it completely as is, but why not make it look its best? There are plenty of options for someone looking to keep the most expensive part of the ring (the diamond) and improve the ring as a whole by updating the mounting. Jewelry retailers like D&R House of Diamonds will be able to match a diamond with a new ring mounting, giving your inherited piece the flash it deserves while preserving its legacy.
When you have inherited a diamond ring, the most important thing to consider is value. How much do you or your family value it? An engagement ring is obviously going to have more sentimental value than a random piece from a jewelry collection. The actual financial value of the diamond ring is also extremely important as it can help you decide whether or not it’s worth selling or preserving.