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Report Notes That Diamonds Have 'Ridiculously Low Resale Value'

Jun 29, 2010 8:54 AM   By Jeff Miller
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RAPAPORT... U.S. News & World Report provided its readers a list of "21 Things You Should Never Buy New" today, including jewelry as item number five. Other items on the list included DVDs, books, musical instruments, IKEA furniture, formalwear and pets.

According to the report though, which was written by the cofounder of  the WiseBread website, the reasoning behing buying preowned jewelry is:  "Depreciation hits hard when you try to sell used jewelry, but as a buyer, you can take advantage of the markdown to save a bundle. This is especially true for diamonds, which have a ridiculously low resale value. Check out estate sales and reputable pawn shops to find great deals on unique pieces. Even if you decide to resell the jewelry later, the depreciation won't hurt as much."

The  story linked the phrase "ridiculously low resale value" to a  2007  WiseBread expose titled "The Greatest Story Ever Sold is a Fantasy Covered in Blood," which tells consumers why they should not buy diamond engagement rings.
 
WiseBread acts as an online guide to living large on a small budget.

LH

Tags: Consumers, IDI, Jeff Miller, Jewelry
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