Sell or resize a ring?

[wildviolet]

I've never done this before, so I'm soliciting advice about whether to sell a 14K gold ring or resize it. It's a nice design--five graduated amethyst stones in a curved arc. It's just a bit too small for me to wear, so I never wear it. I'd have to resize it larger to wear it, but I'm guessing that resizing will cost about as much as the gold is worth. So, my question is: do I sell it or resize it?

 

It doesn't have sentimental value. I bought it for myself as a reminder that "life is a journey" (because the stones form a little curved path). And sometimes I think that you do things at one point in your life... and then later you don't need it anymore... or do you?

 

Anyway, any experiences that you've had with this issue would be welcome!

[CageFree]

You're not likely to get much out of it from selling it as gold scrap. Resizing it would be a better idea unless you really just don't want it anymore.

[TakeruK]

Resizing a gold ring costs about $30-$50 if you go to a chain jewelry store. You might be able to sell the ring itself for more than this though if you find someone who wants a ring. This page shows one estimate of what the gold in a typical 14K ring is worth: http://www.precious-metal-refining.info/value-of-14k-gold-ring/; it's not an impartial 3rd party (they are the people that would buy gold from you), but it sounds reasonable. Their estimate is around $150-$200, depending on the actual weight and gold content. However, they do point out that most places that buy your melted gold will want to make a profit so you won't get the full value of course.

 

You should also check to see if anyone wants to buy the ring whole, not just for scrap gold. Part of the ring's original cost/value is the labour in making the ring and if you melt it, you lose that. 

 

To me, if you want to keep it, <$50 to resize is pretty reasonable and I would do that if I want to keep it. If not, selling it will get you a bit of cash and less junk, which is good!

[wildviolet]

Thanks!

 

Yeah, I haven't thought about selling it because: (1) the smallest stone has a tiny but visible chip in it; and (2) I'm not sure that I want to take the time to sell it as a ring. What might help me make the decision is to get an actual estimate for resizing it.