Bf and I have been dating for 4 years. Recently we’ve been talking about getting engaged. Yes, I’ve even included this in my goals for 2013. So when I came across an article in the March issue of Entrepreneur magazine about a company called, “I Do Now I Don’t“. I was intrigued.
The company, started by Josh Opperman, a former market researcher, hosts a virtual showroom (website) for people to sell their pre-owned wedding bands and engagement rings. According to the website, Opperman came home from work one day to find that his fiance had moved out of their apartment-engagement ring left on the coffee table. Opperman tried to sell the ring, without any success (re: nobody would give him even a fraction of the retail price he paid). Instead of selling the ring and losing a significant percentage of his purchase price, he started, I Do Now I Don’t.
The basic gist of the website: Individual users post photos and descriptions of their rings. When the ring is purchased, the funds are put into a escrow account and the ring is sent to the company by the seller for verification and authentication (gotta make sure that the seller didn’t misrepresent the ring). Once the ring is checked out by a master jeweler, it’s sent to the buyer, and the seller receives payment. Neat, no?
So what’s my take? I’m not really traditional, and I don’t believe in “cursed rings” or bad luck. I know there are some people who would prefer a, “new” ring. But the truth of the matter is, you’d never know if the diamond in your setting is, “new” or used. The jeweler could have bought the ring from a wholesaler or an individual, removed the stone and reset it in a new setting. Why that matters to some folks, I’m not sure.
That being said, I’d be totally fine with receiving a, “second-hand ring” or a “gently used stone”. Ironically, my 20 year old self would never say this, but the ring, (be it diamond, or not) isn’t as important to me as the sentiment behind it. Being a January baby, I’ve told the bf that I’d be just as happy with a garnet, or even a claddagh ring. I’ve also told the bf that I don’t want him to spend a lot of money on ring, and would much rather have a small token ring, then a big flashy (re: expensive) ring. The money he saves not buying a fancy ring will be better spent on the down payment for the investment property we’ve been talking about. A better ROI than a big rock? I think so.
So What Do You Think? Pre-owned Engagement Rings, Frugal or Tacky?