There have been a string of broken celebrity engagements recently, from Hugh Hefner's runaway bride Crystal Harris to Kristin Cavallari and Jay Cutler's shocking split. This week Jesse James and his fiancée Kat Von D also called it quits.
One question looms for these couples: What to do with the engagement ring?
Typically, the rule regarding engagement rings is simple. It's considered a conditional gift, meaning if the wedding is off, the ring should be returned. However, if kept, there are many options when it comes to keeping or selling the ring.
TooFab's Annie Quintana spoke with Andrew Streyer, a certified gemologist and director of evaluations at online pawnshop Pawngo.com, about what to do with the unwanted ring.
“Most often people sell the ring because of the memories attached to it,” Streyer said. “However, you can transform the ring in a lot of ways.”
Streyer has seen clients add stones to an engagement ring, or sell the diamond and replace it with a sapphire or other colored stone to make it a cocktail ring.
“The most popular thing I've seen people do is turn it into a diamond pendant,” Streyer said.
Sometimes transforming the ring can be the best option because the resale price is always lower than the retail price, or the price the diamond was purchased for.
“Depending on where you live, some pawnshops may not be able to deal with a celebrity diamond that is $50,000.” Streyer said. “In some cases, the rings are custom-made, so the jeweler that made the ring may not be able to buy it back.”
But if you want to sell like Crystal Harris, who was seen in a jewelry store with her 3-carat diamond ring from Hugh Hefner, Streyer's biggest tip is to shop around for the best price.
