Help! Sell or keep?

[Reggie]

I recently inherited three pieces of jewelry from a friend. One of the rings, i do not particularly care for so I plan on selling it. The other two rings are stunning. I'm keeping one of them for sure! The third ring is what is at issue. It's gorgeous but it's also worth about $18k. The one I plan on keeping is only about $2500 so not as big of an issue. The third ring is a large and rare diamond. It is the best quality and cut. I absolutely adore the ring. Is it insane to keep it? Why in the world would someone wear that kind of money on their finger? I haven't taken it off since I received it.

What say you all? Would you keep it? It has no sentimental value. My friend did not wear any of these items.

[rennigade]

If you do plan on selling it do not take it to the pawn star guy Rick Harrison. The best he'll be able to do is $50 for each ring. According to him, it will take a while to sell, it will take up space in the store, or it needs to be framed.

[YLTL_Dan]

It's really hard to say without knowing the circumstances of the friendship or gift... or your personal situation! If you're deeply in debt and you think your friend would want to help you get out of debt, I'd keep the ring you want and respectfully sell the other two. However, if money isn't an issue for you, maybe you could find a way to honor your friend with the proceeds of one of the rings? A donation in their name, set up a scholarship, etc.

[BMEPhDinCO]

If it means a lot, keep it and get good insurance. If you are in debt and you don't think the friend would have minded (ie, she would not haunt you for it), then sell and pay the debt.
If you don't think they intended for you to keep the rings AS jewelry and you have no debt, sell and invest the proceeds.

[Reggie]

It doesn't really mean anything at all. My friend died and she wouldn't care at all what happened to the rings. I have a car loan but nothing else. I'm 39. I don't even know what I would do with the money if I did sell it.


I will just sit on it for awhile.

[Retired To Win]

It doesn't really mean anything at all. My friend died and she wouldn't care at all what happened to the rings. I have a car loan but nothing else. I'm 39. I don't even know what I would do with the money if I did sell it.

I will just sit on it for awhile.

Reggie...

Once you have the money in your hands, you WILL find something to do with it. You say you are 39. If you invest the $18,000 from the ring for 10 years, you'll have $35,000. If you invest it for your retirement at a age 60, you'll have $75,000. That's a nice little leg up for your retirement stash.

Or keep the ring. And have a nice shiny rock to wear on your finger.

Retired to Win
making the most of my time and my money

[snafu]

There is a huge disconnect between retail price for jewellery and what a reseller is offered. The mark-up for high end retailers is more 1,000 %. I'm presuming you have a written appraisal by a Certified American Gemologist which is critical for insurance.

Personally, I'd keep quality gems and find myself the collector of family gems and jewelry. They keep increasing in value but I doubt they could be sold for their appraised value as none of the designers or craftsmen were famous.

[Reggie]

I hear ya, snafu. A jeweler offered me 14k for the diamond ring without looking at it that closely. It makes me believe that my 2005 appraisal is probably pretty low.

I need to figure out what I really have. Finding an honest jeweler is like finding an honest attorney.

[TheKayla]

Since you have no other huge debts, that would really be a personal choice. It's not like you bought jewelry you couldn't afford, that would of course be financial taboo. Since it was gifted and sounds like youre financially secure, I think it just depends on how much sentimental value the jewelry has for you. If there's something you can think you'd like a lot more with that money -- whether it be an object or for it to go to savings/investments, then sell it. If you feel better keeping it and enjoying it, then do.

[shagydeep]

Hello,
I would keep any ring which is very costly and rest i would sold...

[Joan.of.the.Arch]

My decision would have to include lifestyle. I do not wear any rings because I use my hands roughly a lot. I could knock a setting out, snag it on something and pull my finger off, or damage the ring. I work in dirty stuff, so rings would always get filthy. I'm also a bit absent minded and could probably lose a ring easily if I take it on and off to preserve it.

All this adds up to my not caring to keep any rings, expensive or otherwise. I would probably either sell or give it to someone.

However, I do wear earrings and if there were a way to make a pair from the rings' jewels or metal, I might do that, especially if I actually were sentimental about them and wanted to remember my friend that way.