I recently received an email from a Non-Consumer Advocate reader asking for advice. Alexandra (not her real name) is recently divorced and looking to raise money by selling her wedding dress and rings.
“I need your advice. I have my beautiful wedding dress and rings I really don’t want to give up the rings, they are beaufitul and diamonds dont have the value they use to, what to do with them? The dress I could sell, but mom spent $900 for it and selling local thrift stores for 60 bucks. (I also don’t want to take it out of package since its vacuum sealed.)”
I replied that “Unfortunately, your financial return on your dress is inevitably going to be scant. It’s a sunk cost. The same is likely true for the rings.”
The wedding industry is notoriously rife with overpriced expectations. (Guess who came up with the idea that an engagement ring should cost two months salary? Yup, the corrupt diamond industry!) Unfortunately, it’s near to impossible to resell either a dress or a ring for anything close to the initial cost, so I didn’t feel that my response to Alexandra was anything close to helpful.
I want to open to question up to you, the readers. What should Alexandra do with her dress and ring? Have you been in a similar situation? If so, were you satisfied with the transaction? Perhaps you have a unique and completely different take on the issue?
“Use it up, wear it out, make it do or do without.”