Advice on selling an engagement ring

[hoping_for_half]

I've been doing research and I'm completely overwhelmed. I found this forum and it seems like a nice place with helpful people. I searched, but could only find one other thread about selling an engagement ring, but that one was a whopper at 5+ cts, most of the advice didn't apply to my situation.

I bought a ring far beyond my means as my then-to-be-fiancee was from a really well off family and it was understood that in marrying her, the family would take care of more important things, like buying a house outright. I didn't mind splurging at the time, but now that our engagement has ended, I'm stuck with a decent sized rock and no clue how to get the most value back out of it. We were only engaged for a few months, I've been sitting on the ring for almost 5 years and have recently run into some financial hardships.

Here's the details on the ring:

• Round Brilliant
• "Excellent Ideal Cut"
• 2.19 cts
• VS2
• H

Granted, this information comes from what I now know to be a pretty sketchy certification: EGL Europe.

Is it worth it to get the stone re-certified by GIA before selling? I live in San Diego, CA and am only 40 mins or so from the GIA campus in Carlsbad.

For someone in my situation, with no contacts in the diamond/jewelry world, what would be the best option for getting the most out of a sale? Consignment? Selling to a brick and mortar? eBay/craigslist/IDoNowIDont.com/another online buyer?

Thank you for any advice that you have. I've attached photos of the certificate, the ring itself, and the appraisal from the jeweler who sold it to me in Nov. 2010.

 

[VRBeauty]

Here are a few other resources:

https://www.pricescope.com/blog/new-pricescope-guide-consumers-how-sell-your-diamonds
A good thread: https://www.pricescope.com/community/threads/help-not-sure-how-much-where-to-sell-my-diamond.192768/

https://www.pricescope.com/community/threads/help-me-sell-my-diamond.181777/

Two do-it-yourself sites popular with PS'ers are diamondbistro.com and loupetroop.com. Some popular consigners are Jewels by Grace and Loveaffair diamonds. Good Old Gold also lists some stuff on consignment.

 

[hoping_for_half]

Thanks so much for the links!

I read through several of them and ended up checking out PriceScope's own Sell Your Diamond system.

I received a phone call within minutes from WP Diamonds, who estimated the price at $6k-$10k, with such a wide range because of the expected issue w/ the EGL Europe cert. I can overnight it to them for a precise number, but I was curious if anyone had any experience dealing with them or if that (admittedly wide) range seems off.

Thanks again for the help.

 

[dontaskme]

I would definitely suggest you go with a consignment route, you will get more for it. They will likely suggest you send off to GIA, I will say judging from the picture it does not appear to be an H looks much warmer. Hopefully for your sake it is just the picture.

 

[Shellcm]

The band also doesn't look white gold so I would expect the picture comes into it at least partially.

 

[danielxlin]

It doesn't look like a GIA H color. That will affect the price of course. You've got a couple of options:

1) The Hard Work + Risk + Best Price route

You can sell to another consumer looking for a 2 carat bargain. It will be necessary to obtain GIA certification (and get the report number inscribed on the diamond). Doing a transaction on Ebay or whatever other online site always involves risk when you're selling high value items. There's the possibility of chargebacks and/or litigation if you run into the wrong buyer (a scammer). There's a possibility of having to wait months for a sale.

But if you find the right buyer you'll get the best sales price this way.

2) The Easy Route

Sell to an established, well-reviewed reputable buyer. I know nothing about WP but I've sold high value items to places like Manhattan Buyers. Cash today, zero risk.

$12K high risk sale to a individual bargain hunter vs. $6K low risk sale to a jewelry broker.

 

[VRBeauty]

I'm sorry - I didn't read your initial post carefully before posting my earlier response. You indicated this ring was not a "comfortable" buy for you, and that you need to get the best possible sale price. If I were in your shoes I think I'd get a GIA certification (and inscription, as danielxlin suggested) so that you and potential buyers know what you're dealing with. I fully understand WP Diamonds giving you such a wide range, but it leaves you a little vulnerable if you send the stone off not knowing what you'll get in return, not to mention that would make it hard for you to compare to retail or to what others might offer you. The cost of a cert and inscription is fairly minor compared to the amount of money you might be leaving on the table, especially since you live near GIA and wouldn't have to pay for secured shipping.

 

[upgrade-me]

Not trying to threadjack, but does anyone know 1) how much it would cost this seller to get this GIA certified & inscribed and 2) what is the turn around time to get the diamond back? I've always been curious about this myself and I'm sure it would be helpful to the seller as well...

 

[hoping_for_half]

Hey, that's one I know the answer to!

It looks like the fee is dependent on the size of the gem, type of stone, and kind of report you're seeking. Click on "Fee Schedule" below the select button. There's even options for single day turn around if you're willing to pay double.

http://www.gia.edu/submit-a-gem-duplicate

And yeah, the yellow in the background of the photo (upper right) definitely influenced the coloration of the stone and the band. It normally looks clear/white to the naked eye... But from what I've read about the EGL, I'll be surprised if it actually is an H.

Thanks so much for the help, everyone! I'm going to take it in to get re-certified.

I just got off the phone with the GIA and they informed me that I would have to have the stone removed from the band before bringing it in. Is this something I can do myself, or should I bring it to a jeweler? Does a jeweler charge for this type of thing, or is it like having a watch battery replaced and the decent ones will do it for free?

 

[dontaskme]

I would definitely take it somewhere, I doubt they will do it for free but I bet it wouldn't cost much. if you purchased it locally the original jeweler may do it for free!

 

[upgrade-me]

I would definitely take it to a jeweler to remove the stone. The last thing you need to happen is for you to accidentally damage the diamond itself.

I would think the jeweler would take your diamond out for a nominal fee. My jeweler brings all setting/mounting work into NY (he doesn't do that himself), but depending on the jewelry store if they have someone on the premises, they could probably do that for you.

 

[denverappraiser]

Unless you're in a gigantic hurry or just can't spring for the fees, send it in. Be prepared for considerably different results, but do it anyway. The difference it makes on the price is considerable and you'll almost certainly see your money back.

Have a pro pull it. Yes they usually charge. $20 is entirely reasonable. If they've got a shop on site, they can usually do this while you want but you might want to call first.

The jeweler may be able to assist you with the shipping as well. Insurance is the topic at hand but many jewelers have 3rd party insurance that's actually better than what the post office offers. Ask about it. If you have to do it yourself, USPS registered insured mail is the most secure way if you're shipping from a US address.

 

[Texas Leaguer]

Don't try to take it out yourself. At the very least you will probably damage the prongs. However, with the proper tool called a 'prong lifter' it is one of the easiest and quickest operations a jeweler ever performs. The tool puts backward pressure on the prong to gently peel it away from the diamond. There is no pressure put on the diamond whatsoever, so it is very safe. And most jewelers will do it for you at a nominal fee.

If you can take it back to the jeweler you bought it from you could have them do it and also give you a bid for buying it back. They should have motivation to treat you fairly. Afterall, they told you it was a great deal right?

 

[AdaBeta27]

If it gets a low cut grade from GIA, Brian Gavin (http://www.briangavindiamonds.com/) recuts diamonds at reasonable price, like $350 /ct or so. Yours is in that magic 2ct range where you'd have to weigh the value of 2ct+ against the value of an ideal or very good cut diamond that just misses the 2cdt mark. But recut may be something to consider. Brian might be able to tweak it without too much carat loss. (He will have to take type and position of the inclusions into consideration, too.)

Wink at High Performance Diamonds used to buy diamonds but for recutting as Crafted By Infinity. Usually the Sell Your Diamond link here has gotten people offers of wholesale or less.