“Baby on the way must go asap,” reads an ad on the Nashville, Tenn., Craigslist.com site, offering up a 2-carat diamond wedding ring set that the owner had been using as a cocktail ring.

“A divorce for me … means cheap jewelry for you,” another ad promises, offering up a wedding ring set for $700.

Short on cash or looking for a bit of extra security, people have flocked to Nashville Coin & Currency in Brentwood, Tenn., with old wedding bands in hand. Sometimes they’re unwanted reminders of a marriage gone bad; sometimes they’re unused family heirlooms. Sometimes, heartbreakingly, they’re cherished rings offered up by people desperate for money.

“I’ve seen some who had to sell (a wedding ring) to pay the light bill, but that’s not the predominant thing,” said Nashville Coin & Currency owner Mike Mouret, whose business is tucked discreetly into a bland building in an office park — anonymous camouflage for affluent customers looking to sell their jewelry.

One recent day, Mouret said, he had three divorced women in his waiting room, all looking to sell wedding rings, laughing and comparing settings.

Unlike consignment shops or pawnshops, Mouret has no interest in reselling the rings he buys. He’s purely interested in the precious metals — and, as would-be sellers learn, there’s not that much gold in a wedding band.

The real value of a wedding or engagement ring is in the diamond, and that’s where shops like Nashville Diamond Bankers come in. The bigger and brighter the diamond, the better. The shop’s display shelves glitter with Rolex watches, estate jewelry and a dazzling selection of someone else’s wedding and engagement rings.

“People hate to sell Grandma’s wedding ring, but they don’t mind selling their mother-in-law’s,” said owner Rick Moore, who is doing a lot of business these days with out-of-work contractors and affluent families who need extra cash for their kid who enrolled in that Ivy League school.

“If you’ve got a kid in college and tuition’s due, it’s much better to sell a piece of jewelry than try to sell off some stock,” Moore said. “You can always buy another piece.”

On the Craigslist wedding ring page, Kathryn Snell has no qualms about offering her $13,000, 2-carat platinum wedding ring set to anyone willing to meet her $6,000 asking price.

“I’m simply a woman who had a very short-lived marriage and prefers this gorgeous ring on someone who will enjoy it, rather than let it sit in a jewelry box unused,” she wrote in her detailed ad.

So far, the ad hasn’t brought any offers, but she’s in no hurry. She’s in a new relationship now, and the ring was just a last little reminder of an unhappy chapter in her life.

“Right now, as we all know, the economy isn’t doing very well,” she said. “It’s better to sell it than just leave it sitting in a drawer.”

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CHOOSE AN ALTERNATIVE METAL

Platinum has certainly come down in price, but palladium and white gold are much cheaper.

Palladium costs 75 per cent less and white gold is 45 per cent less than platinum, said Summer Krecke, deputy editor of WeddingChannel.com.

“If you are wearing the ring, no one’s going to be able to tell the difference,” she said.

CONSIDER ONE RING

Many women are choosing a ring that can serve as an engagement ring and wedding ring, regardless of budget constraints, said Harry Glinberg, a graduate jeweller gemologist in Wauwatosa, Wisc.

“Initially it’s going to cost you more because you’re paying for more,” said Krecke. “You’re really saving money in the end.”

If you insist on a separate wedding band, consider purchasing everything from one store, said Denise O’Donoghue, jewelry director for Brides. Purchasing an engagement ring and two wedding bands from one place may get you a better deal, she said.

CONSIDER A CLARITY ENHANCED DIAMOND

There’s no such thing as a completely flawless diamond, but a clarity-enhanced diamond is 50 to 60 per cent cheaper than a natural, nice-looking diamond, said Glinberg. On a clarity-enhanced diamond, the fractures or inclusions are filled.

Make sure a graduate gemologist looks at whatever diamond you are purchasing, says Glinberg. Unfortunately, not all jewellers are honest and they may try to pass a clarity-enhanced diamond as natural.

UPGRADE LATER

If you’re really short on funds, purchase a cubic zirconia ring and upgrade later, said Glinberg. He advises against Mossainite, a mineral that looks similar to a diamond.

“It’s less expensive than a natural diamond but still pricey for a fake diamond,” he said.

He said it’s better to wait and spend money on the real thing.

GO FOR A COLOURED STONE

Spend 10 per cent of the cost of a diamond and purchase a coloured stone, such as a ruby, emerald or sapphire, said Glinberg.

Diana, Princess of Wales, chose an oval blue sapphire engagement ring, though hers was surrounded with 14 small diamonds. (It also was 18 carats.)

“They have that sparkle,” said Krecke about coloured stones. “If you’re looking at yellow sapphires, it looks like a canary diamond.”

CONSIDER NONTRADITIONAL DIAMONDS

Krecke said she has seen a lot of brides opting for halo diamond engagement rings, with small diamonds circling a larger stone.

“It’s more cost-efficient. It’s timeless and it’s still just as beautiful,” she said.

She said raw or uncut diamonds are a great option for an individualist. A small rough cut diamond ring costs as little as US$600, she said.

“They have this really beautiful brown tone, that ranges from champagne to light cognac,” she said. “It really falls under this whole organic trend we’re seeing.”

GO FOR A SMALLER CARAT

There are some brides who won’t be happy unless a ring is one or two carats, said Krecke. But even a slightly smaller carat can save you money at the register.

Purchasing a .90-carat diamond over a 1-carat diamond can save you US$1,000, she said.

“And who’s going to know the difference other than your jeweler?”

GO FOR THE SENTIMENT

Cynthia Sliwa, co-author of “Jewelry Savvy: What Every Jewelry Wearer Should Know,” said she has heard of couples going with something other than a ring, such as a bracelet or necklace. There is usually a rational sentiment behind it.

The downside with a necklace is the wearer can’t actually see it, adds Sliwa.

Some couples find a beautiful antique ring or use a ring that has been passed down through the family.

“It could be just about anything,” she said. “What’s important is the sentiment behind it.”

TATTOO THE RING ON

A tattooed wedding ring is definitely a cheaper option, said Krecke, listing several celebrities who have done it.

“This is really for the couple that bucks tradition and is looking for a way to solidify commitment,” she said.

But she said tattooed rings can be problematic. You can’t take it off like a wedding ring. It can take a long time to heal, especially if you use your hands a lot, and it may be frowned upon in a professional working environment, she said.

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