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Even if you have a custom-made ring, your setting is only worth the scrap gold price. A lot of labor and skill goes into designing and creating settings, which, in turn, jacks up the price. So, even if you paid $2,430 for a unique setting like this one from James Allen, it will still be melted down to its scrap gold. Why is that? Almost everyone wants a specific, custom design. Rather than reusing your ring, a buyer would prefer to have their own design created.
As an example, a custom setting like this Round Cut Engagement ring from James Allen that costs $2,580 will be more expensive than a setting that’s mass-produced. Because it’s a unique piece of jewelry and there is a large markup, you may receive $300 for the scrap gold. Although it’s a significant loss, at least you are able to recover some of the investment.
If your ring is not custom-designed, like this classic solitaire for $622 from James Allen, you will not lose as much of the original investment. You could perhaps reap $200 for the scrap gold, which is a much higher percentage than the custom ring examples above. Because custom work and intricate designs aren’t involved, the original markup and price are not as high. As another example, a $315 solitaire ring setting like this from James Allen might yield you around $100. The loss percentage isn’t as bad, because the design is simple and more widely produced.
While it’s a financial loss to sell your ring for scrap gold, at least you are able to recuperate some of the cost. Instead of letting your old ring sit in a drawer collecting dust, you can secure some cash for the jewelry.
In general, stores will pay approximately 50 cents for every dollar of scrap gold value. If the melted down value is $1,000, for example, a store will offer to buy the ring from you for approximately $500. At Abe Mor, however, they offer 75 cents for every dollar of scrap value. So, you’d receive $750 for a $1,000 amount of gold, instead of $500.
If you have an emotional attachment to your setting, you might want to consider repurposing the ring with a new stone. You could give it as a gift to a family member or make it into a necklace. Some choose to place a cubic zirconium in the ring, a stone which can be bought wholesale for $20-50. If you are in need of cash or don’t want others to know you sold your diamond, a cubic zirconium is a great way to preserve your ring.
The resale price of all golds (yellow, white and rose) are the same. All rings are melted down into a bar of gold, so the setting is simply worth its weight in gold. On average, platinum is resold for the same price as gold. Silver, on the other hand, sells for much less. The calculations are simple: the metal is priced per gram, so the number of grams in the ring will determine the scrap value.
The only exceptions (which are very rare) are signed pieces from distinguished designers such as Tiffany or Van Cleef. Again, these exceptions are rare and are only granted for the most prestigious and venerable designer rings. Instead of melting these rings, Abe Mor resells the actual setting. Their team handles the retail process so you don’t need to spend time finding a buyer or pricing your designer ring. The resale process takes time but you can expect more cash than you would for the scrap metal. It’s important to note that custom-made jewelry from local stores and artists do not fall into this category.
The price you’ll get for your gold differs significantly depending on where you resell it. Pawn shops and local jewelry stores usually pay 50% of the value of the gold. So for a ring with a scrap value of $400, expect to receive $200.
If you go through a professional, reputable resale vendor (we recommend Abe Mor), you will receive approximately 50% more than in a jewelry store or pawn shop.
Abe Mor pays 75% of the value of the scrap gold. For a ring with a scrap value of $400, you would receive $300 (compared with the $200 from a jewelry store). Abe Mor also resells diamonds, making their service quite simple to use—saving you both time and hassle.
Sending your ring to Abe Mor for resale is simple and efficient.
Important note: There are no fees or commissions with Abe Mor like there are with other services like Worthy. Worthy charges 20% in fees, which is a significant portion of your resale amount. By choosing Abe Mor, you avoid fees and reap the largest value for your ring.
The main advantage of going with Abe Mor is that you receive more money at the end of the day. You also don’t have to spend time driving to different stores to compare prices and offers. You’ll save time by shipping to Abe Mor, which can be done from anywhere in the world.
It’s impossible to time the market for gold prices, just like it’s impossible to accurately time the stock market. The price of gold doesn’t fluctuate significantly, so there is no benefit to waiting until the market rises.
If you’re not sure how much your ring is worth, send the information (photos and certificates) to Abe Mor for an appraisal. This will help you decide if you’d like to sell your ring or not.
If you’re looking to make extra money and you own jewelry that’s not being worn, consider reselling it for scrap. Abe Mor uses the same process for buying gold jewelry as they do engagement rings, and you’ll receive 50% more with them than with pawn shops and local jewelry retailers. Consider looking through your drawers and jewelry boxes for pieces you can exchange for cash.
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