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Kind of SO related-To sell or not sell rings?

To begin, I have no intention to keep my ring or turn it in to a necklace, other jewelry.  I just worked out my post divorce debt plan and I will be out of debt officially Sept 2013 with monthly payments.  However, Im tempted to go pawn my rings and just do a large lump sum.  Is this a good idea or should I keep them in case I need an emergency fund or something in the future? 

 The whole selling of the ring seems so complicated to me!

Re: Kind of SO related-To sell or not sell rings?

  • If you're set on selling them eventually, then I say just do it now!

    Make sure you get a few quotes, though. I found several places differed by around ~$200 so shop around.

    The Nestie formally known as....
  • If you're set on selling them, I'd say do it now. If you can pay a chunk of your debt you'll save $ on the interest you'd pay on your cc/loan. I agree with the pp who mentioned getting a few quotes before you sell- I got quotes that were super low and ended up selling consignment through a jeweler and made a decent amount. The jeweler where I sold my rings offered me $900 for my entire set, I ended up selling for $3300 by being patient for the consignment sale.
  • I recently sold my engagement ring and wedding band, and put the money into savings. 

    The lady at the jewelry store broke it down for me like this.  You're not going to get back what he paid for it.  If you have no potential interest in making it into another piece of jewelry in the future, you might as well sell it now while gold is at historically high prices.

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  • Sell 'em now and pay down your debt. DEFINITELY shop around. I got quotes that varied by $800.
    2011 Races
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  • I got a quote for mine to just sell them, and then another quote from the same jeweler to do them as a "trade-in" for another piece of jewelery, and it was a few hundred dollars higher. That's an option too.
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