So I need to sell a 7 carat diamond

[AllThingsSparkling]

Any advice on the steps I should take? I am located in NYC which of course has its advantages (and potential pitfalls).

Thanks!

 

[Snowdrop13]

Does it have a GIA cert? That would be step one.

 

[AllThingsSparkling]

Does it have a GIA cert? That would be step one.

It does not. GIA has a lab in NYC so I figured I would just do a walk in. Comprabables (from my guess of specs that is...) go for 400k about, so 2nd market I'm going to try to get 200k but how !?

 

[flyingpig]

I would contact a reputable auction house or a vendor

 

[Rockdiamond]

Big stone!
I would make no assumptions on value till you have the GIA report in hand. I've seen many casss of people misled on value by an appraisal.
How long have you owned the diamond?
What shape is it?

 

[AllThingsSparkling]

@Rockdiamond
It's my MILs and she's tasked me with selling, inherited from her mother. RB purchased in the 90s. The comp I compared it to was an I, SI1, "good" cut. It is the sparkliest doorknob I ever saw haha.

 

[AllThingsSparkling]

I would contact a reputable auction house or a vendor

Any recommendations? I'm too nervous to do a private sale, I would like to go through a pro.

 

[Karl_K]

First step is get the GIA report.
Once you know what you have we can better advise you.

 

[ecf8503]

I would suggest contacting Good Old Gold. They take stones on consignment, and they can advise you on what their take of the sale price will be. They can also send the stone to GIA for you, and value the stone accordingly.

 

[Karl_K]

Since they are in NYC I would just drop it off at GIA and get the report before contacting dealers.

 

[Brian Knox]

I also think that dropping it off at GIA yourself is the correct start.

 

[Rockdiamond]

Agree with Brian and Karl.
Get your GIA report before making any other move.
It might be a candidate for recutting.

 

[Karl_K]

I would submit it to GIA then sit back and relax and not worry about what to do until you get the report back.
There are way to many unknowns at this point.

 

[diamondseeker2006]

You've been given excellent professional advice. Please come back here after taking the stone to GIA. I do think stones of that value are more easily sold through an auction house that deals in high end jewels. However, the thought of recutting it to make it more beautiful is an enticing idea! The measurements (and location of inclusions, and other factors) would dictate what style cut to retain the most weight.

 

[Rockdiamond]

Agree with DS- a lot is possivle.
I recall one case where a setter damaged the culet of a round and we recut to Radiant. But most likely would be simply to get to GIA EX cut grade and keep it round.

 

[OoohShiny]

Is it mounted? If so, it will have to be unmounted before it can be fully graded by GIA. Oh, and pics?

 

[AllThingsSparkling]

@Karl_K @Rockdiamond @Brian Knox @ecf8503 thank you guys very much for your thoughts! My next step will definitely be doing a walk in at GIA in NYC and getting a cert to see what the stats are.

I tried to breach the possiblity of recutting and it made MIL and DH very very nervous. I suppose I'm ahead of myself with that and should see the cert first. I do realize there's a possibility of damage always but also... I'd be worth more as an XXX 6.5 than a "good" 7 in my mind. TBD.

@diamondseeker2006 i will start researching auction places... honestly I would love to just get a good deal from a jeweler but am open to consignment/auction whatever ... I just don't to sell the rock short (literally).

Is it mounted? If so, it will have to be unmounted before it can be fully graded by GIA. Oh, and pics?

It is mounted, just in a simple solitaire. When it's in my possession you better believe there will be a photo shoot or 12. I do a little bit wish that I could just uh... keep it. But it's too big for MILs tastes and she'd rather have the $$ (and possibly buy a more modest wearable stone). I'd like a modest 4 carat oval myself

@Rhino are you based in NYC? DM me your business info if so!

I will keep this thread posted on the process for sure! And if anyone has more recs of jewelers let me know.

@ecf8503 GOG is near me and Long Island does love to buy a good honker....

 

[ac117]

@Karl_K @Rockdiamond @Brian Knox @ecf8503 thank you guys very much for your thoughts! My next step will definitely be doing a walk in at GIA in NYC and getting a cert to see what the stats are.

I tried to breach the possiblity of recutting and it made MIL and DH very very nervous. I suppose I'm ahead of myself with that and should see the cert first. I do realize there's a possibility of damage always but also... I'd be worth more as an XXX 6.5 than a "good" 7 in my mind. TBD.

@diamondseeker2006 i will start researching auction places... honestly I would love to just get a good deal from a jeweler but am open to consignment/auction whatever ... I just don't to sell the rock short (literally).



It is mounted, just in a simple solitaire. When it's in my possession you better believe there will be a photo shoot or 12. I do a little bit wish that I could just uh... keep it. But it's too big for MILs tastes and she'd rather have the $$ (and possibly buy a more modest wearable stone). I'd like a modest 4 carat oval myself

@Rhino are you based in NYC? DM me your business info if so!

I will keep this thread posted on the process for sure! And if anyone has more recs of jewelers let me know.

@ecf8503 GOG is near me and Long Island does love to buy a good honker....

Rhino is from GOG so you'll be in good hands with him! Add me to the list that would love to see pics!!!!

 

[Rockdiamond]

My pleasure ATS!!
You will need to have the stone removed prior to submitting to GIA.
If it's a prong set solitaire it's quite simple for most jewelers to remove in front of you.

 

[Rockdiamond]

Also PS does not have a private message system.

 

[arkieb1]

Grace at Jewels by Grace is another person who will take stones on consignment although for a stone with that sort of value, you might be better at one of the large auction houses, once you have a clear idea of the actual colour and clarity of the stone.

 

[madelise]

I wanna see!!!!!


I'm thinking if it isn't xxx proportions, you'll not only get less money but also run into significantly less interest. I mean, if I had $200k lying around, I wouldn't want to buy a giant diamond that is a crappy 1990s cut, KWIM? Those high ticket buyers would want quality.

 

[Wholovesskunks]

I wanna see too!!

 

[kanise]

I wanna see!!!!!


I'm thinking if it isn't xxx proportions, you'll not only get less money but also run into significantly less interest. I mean, if I had $200k lying around, I wouldn't want to buy a giant diamond that is a crappy 1990s cut, KWIM? Those high ticket buyers would want quality.

I'm guessing the buyer for a less than excellent cut stone of this size will only buy at a price that it makes sense for them to re-cut (probably themselves or their business partners) then sell for some profits. It sounds like this stone has been held on to by the family for generations, and stone cutting technologies have improved over the years making the expectation for a high cut stone more standard. Color/clarity will have the biggest impact on price unless it is terrible cut that will require cause loss of significant weight to re-cut.

 

[Rockdiamond]

Remember that selling to the trade will generally bring a price less than wholesale.
Many reasons for this- for example safety. Buying from a private individual carries a lot more risk than buying from a cutter or established dealer. If a dealer buys an item which happens to have been stolen they will be out the stone and the money.
Of course the op stone is not in this category but the buyer putting out a large sum of money would have to take the risk into account.
The auction idea sounds good for this reason.
7cts is an important size. Even recut to 6 is still major.
BTW - super well cut round diamonds didn't just get invented. There's stones that were cut in the 60's and '70's that will blow you away and might get GIA EX.

 

[kanise]

Remember that selling to the trade will generally bring a price less than wholesale.
Many reasons for this- for example safety. Buying from a private individual carries a lot more risk than buying from a cutter or established dealer. If a dealer buys an item which happens to have been stolen they will be out the stone and the money.
Of course the op stone is not in this category but the buyer putting out a large sum of money would have to take the risk into account.
The auction idea sounds good for this reason.
7cts is an important size. Even recut to 6 is still major.
BTW - super well cut round diamonds didn't just get invented. There's stones that were cut in the 60's and '70's that will blow you away and might get GIA EX.

I agree, if this is already an excellent cut it will likely end up in the hands of an investor. If it is a less than excellent cut my thought was just that no matter where it ends up, auction or not, whoever is getting it will likely get it with intention of re cutting it. Stones of this size vary massively in price, color/clarity generally seem to have impact because most stones out on the market have already been cut to excellent that are being put out on the retail market. A quick search on diamonds of this size show pricing in the online retail world ranging from around $100k-800k, almost all of them excellent cut.

 

[oldminer]

Bought in the 90's the chances that this diamond is excellent cut are slim, but it is possible. It is far more likely to have some proportions which would be attended to now by some minor recut, but until you have a GIA report, no one should guess much else.

Having a recut done on your responsibility is not generally a good risk to take on.

Leaving such a potentially valuable stone with a vendor for a long term consignment sale also has risks which you need to think long and hard about before you decide to do it. How well do you know the vendor? Will they change the stone or sell it to someone who fails to pay them? Can they afford to pay you no matter what has happened? Likely, you can't be sure.

Selling the diamonds with a GIA paper, for a relatively immediate payment at an agreed price is the safest way to go. It may not be the highest possible price, but it comes with the most reasonable set of lower risks associated with the exchange of an item for cash. Safety has great value compared to the sometime awful consequences of trying to maximize the selling price in spite of advice about pitfalls.

New York is the right place to sell a major diamond and to get paid for it promptly. Please post a copy of the GIA report and you will get more good advice from many participants. Whatever you decide to do, get the GIA report first and then take a deep breath. You will find being patient and thoughtful will help make the experience a better one.

 

[AllThingsSparkling]

@oldminer thank you for your wisdom! Yes I would rather make a clean quick (and fair) deal than take a riskier route for potentially more $$. I will definitely post the GIA certificate... I'm very anxious to see what I'm working with here and to get further opinions from this amazing community!

@madelise i agree, I mean if I was spending 200k I'd want perfection ready to go... BUT there are some "size queens" out there that just want the mega rock above all else! (And lots of them on LI Haha). I'd rather make a wholesale type deal to an industry person and let them find the customer or recut I think... TBD!

I am also now tasked with selling a natural sapphire halo Diana/Kate-type ring which is also MASSIVE. Like, a platter of a stone, covers 3 fingers practically in its setting but very inky dark. Earrings to match too. Will likely do consignment for that though (unless anyone has other ideAs?). Grandma had some flashy taste and Grandpa had a budget to match. With the proceeds of that we hope to have 2 Diana halo rings made (of sensible sizes ) one for MIL one for me pics to come of all...

 

[AllThingsSparkling]

Grace at Jewels by Grace is another person who will take stones on consignment although for a stone with that sort of value, you might be better at one of the large auction houses, once you have a clear idea of the actual colour and clarity of the stone.

I thought of JBG but I'd prefer to not have to ship it and just take care of it in NYC. She's on the wrong coast! And I think focuses more on old cuts than my dated MRB.

 

[Dancing Fire]

I wanna see!!!!!

I wanna smell it!