2ct VS1 diamond solitare question

[ROON]

OK, Here is my story.

My wife and I own a horse ranch and we had one of our clients fall on hard times. They asked us if we would trade them some horse training for a 2 ct diamond solitare princess cut ring. The ring aprasied for 13,250.00 at a well known local jeweler here in oklahoma. I know selling a "used" diamond is hard and that im not going to get what its appraised for. Im thinking I would be lucky if I got half of what it apraised for. The aprasial says its a VS1 diamond with color rating KL. I was wondering if I were to walk into a diamond buyers store what should I be looking to get. I know its not gona be much but was wondering what a ball park figure should be just so I dont get HAD. And if anyone has any ideas to get more cash for it please let me know. Thanks everyone.

 

[cinnamon013]

Is it lab certified? If so, what lab?

 

[Steel]

Date: 5/17/2009 2:28:25 PM
Author:ROON
OK, Here is my story.

My wife and I own a horse ranch and we had one of our clients fall on hard times. They asked us if we would trade them some horse training for a 2 ct diamond solitare princess cut ring. The ring aprasied for 13,250.00 at a well known local jeweler here in oklahoma. I know selling a ''used'' diamond is hard and that im not going to get what its appraised for. Im thinking I would be lucky if I got half of what it apraised for. The aprasial says its a VS1 diamond with color rating KL. I was wondering if I were to walk into a diamond buyers store what should I be looking to get. I know its not gona be much but was wondering what a ball park figure should be just so I dont get HAD. And if anyone has any ideas to get more cash for it please let me know. Thanks everyone.

The only way to avoid being ''had'' is to accept cold hard cash for your training services. If this stone is worth anything close to the amount thay claim, then let them sell it and give you $$$.

Why give yourself the headache?

 

[Lorelei]

Welcome - nice to have another horse person here!

As Cin says does the have a reputable lab grading report? If not then an appraisal is essential, this will tell you exactly what you have and an appraiser can suggest a suitable selling price.

Here is a tool you can use to find an appraiser in your area, there are 2 in Oklahoma.

https://www.pricescope.com/appr_list.aspx

I don't know what you could get for it but appraisal prices that accompany such diamonds are often inflated, a diamond without a lab report of K to L colour will sell for less anyway, so you probably wouldn't get much if you tried to resell it. A rough figure is around 30 - 50% of the original purchase price for a diamond with a GIA report, so I would think this one would go for the lower end.

I like Steel's idea of letting them sell it then give you the money personally for the lessons or training.

 

[cinnamon013]

It sounds like he has already accepted the barter and now the stone is his.

 

[Lorelei]

Date: 5/17/2009 3:48:00 PM
Author: cinnamon013
It sounds like he has already accepted the barter and now the stone is his.

You could well be right.

 

[ROON]

They are friends of mine and im trying to help them out alittle. The deal is I sell it and thats what I credit them. they filled bankruptcy and chose to ither let the bank take it or trade it to me for my training.

 

[Steel]

Date: 5/17/2009 4:09:38 PM
Author: ROON
They are friends of mine and im trying to help them out alittle. The deal is I sell it and thats what I credit them. they filled bankruptcy and chose to ither let the bank take it or trade it to me for my training.

So this is credit for training not yet undergone?

Should they do that? If they are writing off other debts they legitimately took out, causing their creditors to take a hit?

Hmmm.

Anyhooo, considering the deal is done. If you do go ahead make sure that you will gain full title of the stone; that it does not have any credit agreements on it. Whereby you sell what is not theirs to give. Then in theory the owner of title (secured creditor) could take the stone back from your purchaser with you keeping liability for any $$$$ you took.

 

[ROON]

Date: 5/17/2009 4:26:49 PM
Author: Steel

Date: 5/17/2009 4:09:38 PM
Author: ROON
They are friends of mine and im trying to help them out alittle. The deal is I sell it and thats what I credit them. they filled bankruptcy and chose to ither let the bank take it or trade it to me for my training.

So this is credit for training not yet undergone?

Should they do that? If they are writing off other debts they legitimately took out, causing their creditors to take a hit?

Hmmm.

Anyhooo, considering the deal is done. If you do go ahead make sure that you will gain full title of the stone; that it does not have any credit agreements on it. Whereby you sell what is not theirs to give. Then in theory the owner of title (secured creditor) could take the stone back from your purchaser with you keeping liability for any $$$$ you took.

Good point, Yeah I dont really agree with what they chose to do and if it were up to me I would have never done the deal (wifes doing) I was just trying to make the best $$$$$ choice for the situation being. I really know nothing about jewelry or diamonds. Im glad you said something about a title I will Deff check into that.

Whats the deal with these "cash for diamonds" websites?

And what do you think a Jeweler that does buy stones 2would give me for it.

 

[honey22]

You would be extremely lucky to get half of the appraisal value, extremely lucky! Is your friend aware of that? Or are they expecting somewhere in the vicinity of the appraisal value?

I wouldn''t do this type of business with friends. Why don''t they sell the ring and then send you the cash? It seems a bit fishy to me?

 

[DivaDiamond007]

Date: 5/17/2009 4:09:38 PM
Author: ROON
They are friends of mine and im trying to help them out alittle. The deal is I sell it and thats what I credit them. they filled bankruptcy and chose to ither let the bank take it or trade it to me for my training.

Did your friends claim the ring on Schedule B of their bankruptcy petition? I''m sure their Trustee would be interested in the property......this sounds seriously fishy to me and I''m only making a guess here, but I''m guessing that your friends did not disclose this "asset" on their bankruptcy petition, and therefore cannot sell the stone themselves, because then they''d have cash on hand - a no-no in most Chapter 7 filings.

Being a bankruptcy paralegal, I''m a stickler when it comes to the law and I''d immediately contact their Trustee and disclose that they have transferred the property to you; or if you are not in possession of the stone, I''d advise the Trustee that there is a potential case of fraud going on.

As far as selling the stone youself, bk issues aside, I agree that you''d be lucky to get 50% of the value. I recently traded a diamond I had and got just under 50% of what was originally paid

I got a great deal on a much better stone so I''m not all broken up over it

 

[mrssalvo]

the cash for diamond websites won''t give you much for it at all. You might find a local jewelry to consign the diamond which sometimes can put more in your pocket. others will take in in on a trade for something else. unfortunately diamonds are just so hard to sell on the second hand market. If you have it appraised and get a realistic resale value and try to sell it on craigslist or something you might find a buyer. But, most people who buy second hand diamonds are looking for and expect a deal just b/c it''s second hand. it may not make sense but it''s the way it is.