44k GRAFF DIAMOND CREDIT... what to do???

[TRJM2007]

I am new to this forum, so i am not sure if i can solicit this here. What would you guys suggest on how to liquidate this credit from graff? I have explored buying an engagement ring (solitare) and selling it but the quotes i have recieved to purchase the new piece where about 30% less than face value.

 

[neatfreak]

Huh? Not exactly sure what you mean by quotes were 30% less than face value?

Might need to do a little explaining in order to get some advice!!!

 

[TRJM2007]

I am trying to find a way to liquidate this credit. So I went to graff diamonds to see what can i buy with this credit and then turn around and selll it. what i can get is

2.23cts H color vvs2
0.59cts in baguettes
total wieght 2.82cts

in a platinum setting


so i offered this to some local jewelers and various other places and the most they would pay is 30K, which is about 30% less than the face value of my credit (44k)

 

[Hudson_Hawk]

Try Ebay, Craigs List, Signed pieces, etc...

 

[partgypsy]

Is there a way you could actually auction/ sell the actual Graff credit? That might be worth more than any particular piece of jewelry.

 

[denverappraiser]

I’m surprised that your local jewelers will pay that much. You probably will get a better ratio with an unmounted diamond rather than with a ring but 70% of Graff’s retail prices is a very generous offer. Make sure that’s a bid to buy from you and not a competitive offer of what they would be charging you for something comparable. These are decidedly not the same thing.

I don’t think you will do that well on ebay or craigslist and I definitely would not recommend spending the credit on merchandise without working out the exit strategy first. You don''t want to end up owning a ring that you don''t want and with no one to sell it to. If the Graff credit is transferable this is probably the way to go but you should check with Graff about their rules on the matter. Also pay careful attention to any expiration date that may apply.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Jewelry Appraisals in Denver

 

[Independent Gal]

Well, the first thing I can think of for you to do with that credit is just to send it to ME.

OK, I''m kidding.

I think Craigslist might be your best bet.

 

[WorkingHardforSmallRewards]

maybe you can find a buisness intersted in buying numerous smaller diamonds for a greater percentage of your purchase price? But probably not, unless they feel that they can sale them for more than graff diamonds is selling them for, which is probably not the case. Maybe you could look through several stores merchandice and find someone who sales a particular size color and clarity for significantly more than graff, and try to work with him on some deals. but i think you may just have to be happy with 70% off, or makes some really nice presents to a couple choice friends

such as myself, buuuudy.

 

[BriBee]

What about trying to find someone who is in the market for an engagement ring or some other jewelry. I''m not quite sure how you might go about finding someone, but if you did you could go with them to Graff, have them pick something out, and then you buy it with your credit and have them give you the cash/check or whatever. It may also be hard to find someone with a budget that large, but they are out there. You could also find several different people with perhaps 5-10k to spend and use your credit to buy several different pieces. I think the hardest part of this is just to find the buyers. Maybe start asking around to family and friends and friends of friends etc...
You could just stand outside the store and solicit people as they walk in

(kidding, although it could work, it would be weird)

 

[Independent Gal]

I wonder what 44K in cash looks like....

There''s always bank wire!

But I suspect that you''ve got yerself a problem there. Unless you can enlist the help of Graff themselves. The market ''up there'' is just so comparatively small that it might be hard to find someone to take it off your hands.

And Graff stuff is soooo inflated (though they WILL knock their prices down, on request... give it a go! they''ve offered me before) that you''d have trouble finding a buyer for anything like what you paid. Even on Signed Pieces, you''re not likely to get back more than half, depending what their margin is.

If you can afford it, I''d buy something beautiful and keep the jewelry till you have someone special or a special occasion for giving it.