- Mariah Carey has reportedly sold her engagement ring from James Packer for $2 million, according to Page Six.
- The 35-karat ring was originally valued at around $10 million.
- The loss in value likely comes from the fact that engagement rings almost always depreciate in value over time.
Romantic relationships, as everyone knows, are often unpredictable. They may end with marriage, tearful breakups, and, in some cases, an attempt to pawn off your old engagement ring for several million dollars.
Well, the latter might only apply to you if you happen to be Mariah Carey. According to Page Six, the singer recently sold her 35-karat engagement ring from ex-fiancé James Packer to an unnamed Los Angeles jeweler for a cool $2.1 million. Sounds great, right? Unfortunately, it's significantly less than the ring — which is valued at around $10 million — is actually worth.
Losing out on a potential $8 million may seem like a bummer. But there are a few things to consider before chalking it up as a loss. First of all, it is more common than one might expect for engagement rings to lose value over time. According to Smart Asset, a diamond ring is considered a "depreciating asset" that loses value as soon as it is purchased. So it would have been unlikely that the ring, which was probably purchased in 2016 when Carey and Packer were engaged, could have been re-sold for the same amount Packer originally paid for it.
One way Carey could have sold the ring for more than Packer paid would have been through a novelty-style auction. But it doesn't seem that Carey's intention was making a profit. According to Carey's publicity team, her goal in parting with the ring was to quietly unburden herself from her past relationship, not necessarily to turn a profit.
"Mariah has been very vocal recently about her choice to move forward in her life surrounded by positivity," Carey's publicist told Page Six. "That requires leaving emotional and material baggage behind, including an old engagement ring from an ex-boyfriend."
Of course, Carey made a profit regardless since she did not buy the ring herself. And she stands to make more, given the $50 million "inconvenience fee" Carey reportedly requested from Packer following their engagement.
It's safe to say that Carey isn't hurting in the post-relationship financial department.
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