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 » RockyTalky
»  » In need of help/advice
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In need of help/advice |
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| P: 10/7/2004 8:54:22 AM | |
troisib1 Rough Rock Total Posts: 10 Last Post: 10/10/2005 Member Since: 10/7/2004 |
A question from another poor schlub who had his engagement called off but fortunately got the ring back.... I'm interested in selling an engagement ring and could use some advice. Here is the situation: I purchased the ring 2 years ago. I paid cash directly to the ringmaker who was a friend of a friend. He operates on jewelers row in Philadelphia and, besides being the friend of a friend, is very reputable. Unfortunately, because he does not have a retail operation my options are limited in terms of returns, trade-ups, trade downs, etc. Here are the specs of the ring and the conditions under which I bought it: Center stone Emerald Cut 1.4 carat Measurements: 7.67 x 5.69 x 3.65 mm Depth: 64.1% Table: 67% Girdle: thin to slightly thick Cutlet: very small Polish: very good Symmetry: good Clarity: VS2 Color: J Fluorescence: Faint GIA Cert Setting 14K 2 tone gold 6 tapered baguette diamonds weighing .33 ct total weight GIA color: G/H range GIA clarity: VS2 range I paid $5,000 cash for the ring. The retail replacement value appraisal two years ago was $8,800. I got it appraised after the ring was purchased so there was no need for the appraiser to inflate the value. Unfortunately I do not know the cut quality as the stone was apparaised while in the setting. My questions are: 1. What is the market for emerald cuts these days? They were pretty popular when I bought the ring. Do you think the value increased in the past two years? 2. What would be the best way for me to sell? I'm thinking of consignment as I'm not in immediate need of money and would rather wait longer to get more of a return. Are there other avenues you would suggest? 3. What are the chances that I get back what I paid for the ring? Not trying to make any money on the deal, but losing a substantial amount would just throw salt in the wound. 4. If I do sell consignment, what type of venue would you choose? I live right near jewelers row in Philly. I could go to a discount jeweler that would probably sell my ring faster but for a lower price. Or I could go to a more prestigious place and may have to wait longer. 5. What % cut on the selling price is reasonable for a consignor? 6. Is another appraisal necessary after only two years? How much would that set me back? Can anyone give me some advice or even a recommendation on where I should sell (if you're familiar with the Philly area)? Thanks for your help. Ben |
| Posted: 10/7/2004 8:54:22 AM | |
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There are 4 replies to this message. There are 4 replies on this page. |
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| P: 10/7/2004 10:13:56 AM | |
Todd07 Cut Rock Total Posts: 455 Last Post: 3/17/2005 Member Since: 8/17/2004 |
Ben,
Selling a diamond post in FAQ answers many of your qestions. Also, this is covered in the Diamond Book
Just did a search for your center stone and found comps at 4.3k. Personally, I'd get a new appraisal - $100 range
Sorry to hear it didn't work out.
Todd(aka Ricardo, aka Cowboy) |
| Posted: 10/7/2004 10:13:56 AM | |
| P: 10/7/2004 10:59:02 AM | |
Diamondsbybree Ideal Rock Total Posts: 575 Last Post: 5/5/2005 Member Since: 6/24/2004 |
Consignment is a pretty good idea, or maybe your local newspaper. I wouldn't try ebay.... People are looking for to many deals there. Good luck. 
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| Posted: 10/7/2004 10:59:02 AM | |
| P: 10/7/2004 11:38:51 AM | |
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troisib1 Rough Rock Total Posts: 10 Last Post: 10/10/2005 Member Since: 10/7/2004 |
Thank you both for your help. Todd, A few more quick questions based on your response: 1. The ring was appraised by AGA in Philly. Do you suggest going back to them (there is a discounted fee for re-evaluations), or going to a different appraiser, sort of like a 2nd opinion? Also, is AGA known as one of the better appraisal labs (I see their cut guides listed on this site)? If so, does their appraisal hold more weight as to the true value, similar to a GIA or AGS cert? 2. Is the $4,300 comp that you quote wholesale or retail? If these are internet prices, can I assume a retail jeweler would charge a higher price, which would in turn bring my consignment sale above the $4300 price you quoted? Thanks again for all of your help. It is greatly appreciated.
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| Posted: 10/7/2004 11:38:51 AM | |
| P: 10/7/2004 12:53:18 PM | |
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Todd07 Cut Rock Total Posts: 455 Last Post: 3/17/2005 Member Since: 8/17/2004 |
Ben,
disclaimer - I've never sold a diamond
 If by AGA you mean www.gemappraisers.com then I'd use them to update the appraisal. They are highly respected around here. They have access to RAP and could provide wholesale prices I expect.
My prices were for internet, which I believe are within 5-10% of wholesale. Going the consignment route depends on your choice of jeweler and what comission you negotiate. They will be a good judge of what price will move it, balanced by your recent appraisal update.
I'd get the appraisal updated and then go shop it to several local Jewelers.
Todd(aka Ricardo, aka Cowboy) |
| Posted: 10/7/2004 12:53:18 PM | |
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