For couples who are either saving money for the future or handling debt, for them, the cost of a ring can be a considerable expense. Nonetheless, it does not mean economical couples have to forfeit a diamond entirely. If you are prepared to shop around for a used or second-hand ring, you can acquire a beautiful diamond ring for just a fraction of its original cost.
The major reasons for buying a second-hand ring are discussed below:
Believing in the ‘Salary Myth’ – A False Practice
People continue to believe that an engagement ring should at least cost a month’s salary. Nevertheless, the rule actually came from the advertising campaigns by the diamond seller ‘De Beers’. Back in the 1930s, the rule was to spend one month’s salary for buying the engagement ring. However, in the 1980s, they upgraded it to ‘two months’ salary’. That’s the precise reason why ‘salary myth’ prompts people to spend more than they can actually pay for, while it makes them feel guilty or humiliated even if they glanced at second-hand rings. The fact is the so-called ‘rule’ is just a random number purposefully fashioned to make you spend more. Therefore, you just have to spend what you can pay for comfortably. Besides, when you buy a second-hand engagement ring, you can substantially save your money and invest the same wisely in some other beneficial ventures.
Depreciation
Did you know when you purchase a diamond; it just loses value the moment you walk out of the jewellery store. The depreciation level is so high that once you leave the shop after buying the diamond ring, it is just worth around 35% of the original amount that you paid. That’s a huge loss for any purchase.
Inadequate Resale Opportunities
It can be harder to find buyers for an engagement ring specifically because diamonds depreciate so fast and drastically. On the other hand, jewellers don’t want to buy second-hand diamonds or engagement rings and it’s because customers are often let down by the low valuation of engagement rings. Secondly, as jewellers have to buy rings from wholesalers, which they actually sell, they aren’t willing to put capital in advance for buying second-hand rings. Therefore, many people wanting to sell their second-hand engagement rings turn to pawn shops where they can easily sell it off for instant cash or approach reputed online venues. Due to inadequate resale opportunities for sellers, it is a buyer’s market out there. Thus, you can easily acquire a high-quality engagement ring for an affordable price.
Mega Cash is a licensed pawnbroker and second-hand dealer based out of Sydney deals in a wide range of items from mobiles and laptops to automobiles and jewellery. Immediately contact Mega Cash if you want to buy a second-hand engagement ring, or sell gold for cash in Sydney.
