With Valentine’s Day around the corner, many couples may be thinking about getting married. But with the average engagement ring costing somewhere between $5,000 to a whopping $350,000, the cost of the ring alone can be a considerable expense for couples handling debt or saving for the future. But, just because these numbers look huge, it does not mean you should settle for less. This also does not mean that you should forgo diamond altogether. If you are willing to shop for a secondhand ring, you can acquire the diamond ring you desire for a fraction of the price. Here are some great reasons why you should consider buying a second-hand engagement ring.
Diamonds lose their value very quickly, just like phones can depreciate as much as 78 percent every year. The depreciation value of a diamond is surprisingly steep. When you buy a diamond, it loses value the minute you walk out of the store. The diamond is worth about 20 percent of the actual price you paid once you exit the store. Which means buying a diamond is not a good investment, so with such a dramatic loss anticipated, it is better to go for a second-hand ring and save on the expense.
Low Resale Value
Because of the high depreciation rate of diamonds, they have limited resale opportunities. Finding buyers for a diamond engagement ring is difficult. Due to the depreciation, even jewelers do not want to buy used diamonds. The jewelers only want to sell the rings which they buy from wholesalers, due to which they hesitate to put capital in advance for purchasing used diamonds.Therefore, people wanting to sell their engagement rings end up approaching pawn shops, where they do not get a reasonable price for it. Since, it becomes a buyer’s market. You can therefore get a high-quality diamond ring for an affordable price.
Helps Relocate Resources
Everyone wants a big ring with a beautifully cut diamond on it. And since, budgeting is an essential part of any engagement, buying a second-hand ring can help you save a lot of money for essentials elsewhere. You can use the money that you saved on a shopping spree for your engagement, on your hen weekend or on buying your spouse a gift.
Antiques Never Go Out Of Fashion
Be it bracelets, earrings or rings, and antiques never go out of style The vintage look, the story behind the ring only adds up to the charm of the ornament. So buy a ring that will make you a part of history and has extra appeal. There is a massive market with a large variety, a range of second hand jeweler from different decades. So, if you are going for a second- hand ring or a pre-owned ring, you will have the option to choose from antique designs to the latest trends. These rings will have their own uniqueness and character.
Diamonds Last Forever
Diamonds last a lifetime. They are tough, very durable and do not get chipped. Second hand jeweler has a bad reputation and has a lot of myths surrounding it. If you are buying a second-hand ring, it does not mean that it doesn’t look good or is defective. It just simply means that someone else wore before you and paid almost five times more for it than you will. Given the durability of diamonds, a second-hand ring will be as good as the one set just recently.
It’s Good For The Environment
Mining for diamonds costs the environment it’s precious stones. The process is complicated and causes harm to people and the environment. By buying second hand diamonds, you are saving the environment from further harm and reducing the need to mine one more diamond. So yes, every single diamond counts in saving the planet.
There are a lot of myths and misunderstanding surrounding second hand engagement rings. But all that should go away with the above-mentioned benefits. Even if you want to save money or just own something unique, buying a second-hand engagement ring is a great decision. Second hand engagement ring is a great buy also because you get to be a part of the history behind it.
Photo by Alekon