[spitvenom]

Funny thing just happened -- I had another heart-to-heart with my soon-to-be ex, and he has agreed to allow me to sell the ring. He's willing to take the loss of what he's paid thus far.

Communication is a wonderful thing. Good for you on avoiding that headache!!

[csc327]

Communication is a wonderful thing. Good for you on avoiding that headache!!!!

Thank you... I feel so much better. :p

[ScottGem]

Funny thing just happened -- I had another heart-to-heart with my soon-to-be ex, and he has agreed to allow me to sell the ring. He's willing to take the loss of what he's paid thus far.

I've also read the entire thread and cleaned up some of the garbage. But I tend to disagree with this solution to a point.

I think you do have a right to sell the ring, however, I think you should use the proceeds to first pay off the loan, then split the difference with your ex.

As pointed out an engagement gift is a conditional gift. However, there are mitigiating circumstances here, that might go either way in a court. So the most fair and equitable solution would be to split any proceeds after the balance of the loan is paid. This way, he mitigates his losses, and you get something for the inconvenience you have suffered.

[csc327]

I've also read the entire thread and cleaned up some of the garbage. But I tend to disagree with this solution to a point.

I think you do have a right to sell the ring, however, I think you should use the proceeds to first pay off the loan, then split the difference with your ex.

As pointed out an engagement gift is a conditional gift. However, there are mitigiating circumstances here, that might go either way in a court. So the most fair and equitable solution would be to split any proceeds after the balance of the loan is paid. This way, he mitigates his losses, and you get something for the inconvenience you have suffered.

Ah, understood, but there won't be any proceeds. We are selling it for the balance owed to Jared's, which is over 50% of the original value.

[ScottGem]

Hmm jewelry tends to appreciate, not dpreciate, especially that much in such a short space of time. I would shop around, I think you can get more for it, unless Jared grossly overpriced it. Have you had it appraised?

But that brings up another point I was going to drop. I agree with Chuck that he had no business spending $10K for a ring he could not afford.

[csc327]

Hmm jewelry tends to appreciate, not dpreciate, especially that much in such a short space of time. I would shop around, I think you can get more for it, unless Jared grossly overpriced it. Have you had it appraised?

But that brings up another point I was going to drop. I agree with Chuck that he had no business spending $10K for a ring he could not afford.

I was educated immensely on selling used rings. You are fortunate if you can sell it for more than 1/3 of original price. Getting over half price is considered very good!

[csc327]

Again - this is CONTRACT LAW. None of these details matter. Why he broke the engagement doesn't matter. It's broken but the ring was purchased in one name, paid for (this far) in another.

I know you don't want to hear it but you need an Attorney.

Agree that as long as OP is coming back and doesn't want the thread closed it should remain open - HOWEVER, the correct/accurate legal advice has been given (in spades) and anything else that is being posted simply complicates the main issue.

It's CONTRACT LAW.

Judy, I want to thank you again for providing some good, sound advice. I appreciate the time you took in responding and wish you only the best in 2010. I think we can close this thread, can't we?

[JudyKayTee]

Just as a note - I know fine jewelry. Jared is vastly overpriced. Gold has gone up in value but diamonds, particularly those that are overpriced, do not appreciate.

Happy to be corrected by someone with more knowledge than I have but I recently decided to sell some expensive jewelry and was shocked at how the diamond market has dropped. The motto seems to be "buy high, sell low."

OP is right on target with this.

[Synnen]

Closed at the OP's request