When I Do Becomes I Don’t
When a marriage or engagement falls apart, what happens to the ring? A new website hopes to turn this question into an online business model. I Do, Now I Don’t offers consumers an online auction platform for engagement rings. How is this different from eBay? The site is pretty primitive in design and functionality but it has some advantages. First, there are no listing fees. Also, the site accepts only rings with AGS, GIA or EGL reports for the diamond. And before the sale is completed, the site’s “in-house jeweler” will verify that the ring is as represented in the report or the deal is off. For that service, the seller pays a 5% commission. (Which makes it about the same price as eBay. It would be $311.53 to list the $6,499 radiant cut ring now offered on I Do Now I Don’t with all the bells & whistles and sell it with a Pay Pal payment on eBay: that’s 4.79%. The tradeoff is that eBay has a much larger audience but it does not check the merchandise for misrepresentation, although purchasers can use seller feedback for references.) This site is billed as the brainchild of a jilted man who was appalled that the jeweler who sold him an expensive ring three months before offered only 32% of the offering price to buy it back. Doesn’t ring true to me though: seems like a clever retailer is testing an interesting niche market. I’m not sure that this it will appeal to consumers even if it does get some media attention, though. Although the broken engagement stories are a new twist, do people really want a ring with bad karma? A much better solution to the problem is buying from a jeweler with a lifetime trade-in policy.
A reputable jeweler with a lifetime trade-in policy? Just where do you find one of those?! I paid for both rings -within 6 months went back to jeweler (LA’s Jewelry District) and was told “tough luck”. Now I’m stuck with trying to off load close to $10,000.00 in 2 rings! You bet I’m going to try this website “I Do…Now I Dont”
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