Anyone wanna buy a ring?.....need some help selling it.

[srgone]

Unfortuntely my engagement didn''t work out

. I bought my ring from one of the Priscope affiliates and they will give me 75% of what I paid for it, which is a last resort. I ideally would like to get at least what I paid for, if not more since I got what I believe is a great deal. The ring is a gorgeous H & A cut round brilliant set in a Vatche X-Prong setting. I have it listed on E-Bay right now, but it doesn''t look like it''s gonna sell. I am not sure if that is the best avenue to try and sell it on and was looking for any advice on a better way, or from someone with experience. I did put it in a local paper for one week and only got one call from an uneducated consumer who had no idea about diamonds and was obsessed with color and clarity and had no idea about the importance of a diamond''s cut. I would also welcome anyone on this site who may be interested, as I would sell it for less, since I received so much help getting educated and purchasing it.

Below is a link to the E-Bay page.

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=2674065846&category=42947&rd=1

The price paid on the page should be listed as the retail price and isn''t the price I paid. Since there was a bid placed (a friend of mine, messing with me : ) I can''t change it.

Thanks for any help.
Sergio

 

[knowverylittle]

I know little about diamonds but would imagine the 75% buy back is a good deal. You will have to take a little hit. Short of opening your own Jewelery store I doubt you could ever get more than you paid for it.

Imagine you had bought the same ring from a local B&M for $15K, how much would they give you back? Probably nothing, so don't feel too bad.

Sorry to hear about things not working out. C'est la Vie sometimes.

 

[pqcollectibles]

Ooooohhhh, Sergio!

I am soooo very sorry for your loss!

I remember all your hard work and how excited you were to find the perfect ring.

I do hope everything works out for you!

 

[Mara]

Sergio, take the 75% offer from your original vendor, that is better than you will get anywhere else in my opinion. I highly doubt it will sell on eBay at a higher price....eBay is for discounts and bargains. A pawn shop would only give you around 15% of the value, and any other vendor/jeweler would have no reason to take it back from you for 100% of what you paid--esp since you didn't pay wholesale and that is what they could get it for.




Take the 75% and go on a great vacation

Sorry that the engagement didn't work out...best of luck.

 

[Caratz]

Did you buy from a vendor with a lifetime upgrade policy?

If you did, and you don't want to throw $2700 down the toilet, you could always just hold onto the diamond for now.

Then when you meet the love of your life in a year, or two, or three, you can always trade it in for something better -- without taking a loss.

Sorry to hear the bad news. I guess we have to hope that things always work out for the best . . .

 

[elmo]

I have an alternate suggestion...doesn't this seller have an upgrade policy? Keep the stone and get 100% towards your next purchase. Depending on how long it is before you decide to do this again, the 75% cash-out may be a better deal though. But it's something else to consider.

(Ha, hit reply at the same time.)

 

[knowverylittle]

Good thinking people. If the store is feeling charitable they may even do a deal where you get 75% now and the other 25% as a discount up in a few years time if you spend a few thou more on a new stone. Sounds like a Win-Win scenario to me, it is worth asking.

If you loose 25% you 'may' be able to write it off on your AGI when doing your taxes treating it as an investment loss?

 

[Mara]

Good points..the stone is an ACA as you can tell from the eBay auction (boy I wish I could buy it!!

)..so WF does have an upgrade policy. If you don't need the cash, I'd hang onto it and see if maybe in a year or two, your luck changes.




One thing though and this is just a female perspective...I don't know that I'd want to know that my fiance-to-be was hanging onto his ex's ring and traded it in for MY ring. So if you do meet Ms. Right in the near future (hopefully!), I would keep the whole trade-in thing under wraps if possible.




Another scenario, and I am not sure if WF will do this, but what about trading it in NOW and getting something like a store credit (e.g. $10k towards future purchase). Then you have the credit, don't have the ring around to give you bad memories, etc.




I'd personally trade it in or something to recover the full amount. But if you can't wait and need the $$ or similar, then take the 75%

Good luck!

 

[pqcollectibles]

It is a gorgeous ring and Sergio put so much heart into selecting it. That lady doesn't know what a good thing she lost!

 

[elmo]

I also like the additional suggestions about trading up now and the 75% cash now/25% store credit later, good ideas. I do think if you've had it with women and are planning to join the peace corps for five years

, you'd potentially recoup the 25% just by investing the money from a 75% cash settlement now.

 

[diamondsman]

did you buy the stone and the ring separately, and if yes please give the breakdown.how much was the stone? and how much was the ring?

Then I could give you some more advise .

sorry about the engagement

 

[wanderlost]

I'm sorry to hear your story... I would like to say its probably in the
1% (or 0.01%) catagory for ebay auctions as there is a WEALTH of information
provided instead of a glaring lack - in trying to hide something...

Hopefully someone will read your auction and become informed - perhaps come
here or do further research themselves and contact you once the auction
closes... in any case, good luck.

 

[glitterata]

The thing is, anyone buying the ring from you instead of Whiteflash would risk being in your situation with NO buyback policy--so you'd have to offer a discount to offset that risk.

 

[srgone]

Great thread people, thank you very much for all of your comments.

I believe I paid $6K for the stone and $1200 for the setting. I especially like the idea of using the 25% as a tax deduction.'

Mara, I totally agree with you and would feel awfull using anything that anything to do with this ring and give it to someone else. Thats one of the reasons why I'm not sure if I'm digging the upgrade option, although WF does provide it. Not something I would do.

Even though it was a mutual decision, when we first broke up, I actually shed a tear looking at the ring, wondering how could it or me be not good enough for someone. I do realize that it wasn't me and her problem, so I am loving the decision now, but thanks for the sympathy.

Anyway, if nothing else I hope to have educated a person or two with my EBay listing and prevent one of those other thieves out there from getting a sale. Thanks again for the ideas and the wishes. Keep em coming.

Sergio

 

[Caratz]

----------------
On 12/2/2003 12:51:47 PM srgone wrote:

Great thread people, thank you very much for all of your comments.

I believe I paid $6K for the stone and $1200 for the setting. I especially like the idea of using the 25% as a tax deduction.'

Mara, I totally agree with you and would feel awfull using anything that anything to do with this ring and give it to someone else. Thats one of the reasons why I'm not sure if I'm digging the upgrade option, although WF does provide it. Not something I would do.

Even though it was a mutual decision, when we first broke up, I actually shed a tear looking at the ring, wondering how could it or me be not good enough for someone. I do realize that it wasn't me and her problem, so I am loving the decision now, but thanks for the sympathy.

Anyway, if nothing else I hope to have educated a person or two with my EBay listing and prevent one of those other thieves out there from getting a sale. Thanks again for the ideas and the wishes. Keep em coming.

Sergio----------------

Something just ain't right.

The ebay listing says that the purchase price for the ring was $10,400.

But now you say You paid $6000 for the stone and $1200 for the setting?

Did you pay $10,400? Or did you pay $7,200?

And I see you have a bid on ebay for $6000? So no 25% loss after all, right?

Something just ain't right.

 

[srgone]

I had someone help put together the page, and it should be that it retails for $10,400. He thought he was helping me out. He then bid on it to try and get it started, and you can't edit a listing after someone bids on it so it remained that way. so I actually don't have it sold. Oh well.

 

[Mara]

srgone..you can cancel the listing then re-list...just be sure to cancel his bid before you cancel the listing.

What about having WhiteFlash sell it on consignment for you? Though you may not get more than the 75% through that either, not sure.

 

[aljdewey]

It actually wasn't sold because the bid didn't meet the minimum reserve.

 

[fire&ice]

For fear of sounding harsh, I would *never* bid on an item on ebay in the thousands with no feedback. Also, you have to be careful about someone helping you out with the bidding. If this guy reached your reserve, you would have to pay ebay their fee.

Also, I sincerely doubt you can take a loss of the 25%. If you can, that's one creative accounting process. You are not in the diamond investment industry. Your one diamond was not an investment for capital gain. You also need the gain to offset the loss. You can, however, take the full deduction if you *gave* the ring to a charity.

Good luck, but if you don't want to hold on to the ring, I'd cut bait & move on. You, yourself, said that it pains you to look at it. I wish your circumstances could be different. In the end, you have to make the best out of a bad situation.

 

[srgone]

Yeah that feedback thing, I did notice that after I listed it. I apparently created more than one account and of course the other one had my feedback on it. It was only three or four comments so I didn't think it was worse the hassle. Not so sure now, but anyway.
They do have an option to combine accounts and feedback, but of course you can't do it when you have an item for sale. I do plan on relisting it when it ends and make any corrections since it is free to relist. I am not worried about the bid because he is my best friend.
after thinking about it, the tax thing might not work either, because I live at home and take care of my mom and dad and normally can't beat the standard deductions by itemizing.

Thanks again for all the help.
Sergio

 

[Chrisk327]

I'm sure the tax thing wasn't too serious...

Just to clarify on your tax situation it wouldn't matter if you itemize or not.... HOwever I think really that is a shady tax idea, as an accountant I wouldn't do it. I wouldn't sign a return that someone did. Reality, its not an investment, just like a car, you can't take the money you lost on that on your return. But if you lose money in the stock market you can.
sorry for the boring accounting talk,
Chris

 

[knowverylittle]

The tax thing was semi-serious. I am fairly new to this country and have read lots (on the web mostly) about tax in the US - it is certainly more liberal than the UK. If an accountant (Chrisk327 says he is, and I trust him already!) says no then probably best not to do it. I knew it would be a gray area.

My reasoning for legality: People certainly invest in Gold, heck there are advertisements on TV

If you sold at a 2K profit the IRS would want you to pay capital gains on that profit. I am a Landlord and am pretty sure if sell a property at a loss that is tax deductible. OK, ok I am not an accountant but had to justify the thought process!

 

[phoenixgirl]

Take the 75%. You're lucky to get it.

No one is going to give you, random non-jeweler, more money than they could give to White Flash or another reputable jewelry store with all the guarantees, services, and buy-back/trade-up options available therein. You did get a good deal because there are some really great, high-quality, competitive vendors selling on the internet. But no one is going to take a risk on buying a diamond from a random person without a serious discount not available at any store. Most people would like to know that if there's a problem with their diamond, they're dealing with someone with a vested interest in solving that problem. You just want to unload your ring. You really are lucky to have bought from a store that has such a generous buy-back policy.

 

[aljdewey]

Actually, it sounds as though Whiteflash is going out of their way to help you with the 75%.




Their website buyback program currently offers 70%, so it looks like they either changed it , or they are stretching it to try and help you out.




I agree with the others.....in the open market, a deal has to be a HUGE deal (significant savings) to offset the very high risk of no return policy, no buy-back, no nothing! I think the buy-back is your best bet myself unless you have the time/energy to be more creative.




A final suggestion: perhaps you could work with Rich Sherwood, one of the appraisers here. ....he may be able to help you and maximize your return. He's very knowledgeable about what the market will bear and he's had a great deal of experience in it.

 

[Kay]

I agree with the others that the 75% buy-back is probably more than you could recoup selling it yourself.

The tax deduction issue is interesting. First off, as has already been mentioned, you can use capital losses to reduce your taxable income even if you do not itemize. Under section 1211 of the Internal Revenue Code, losses from sales or exchanges of capital assets are allowed only to the extent of gains from sales or exchanges of capital assets plus the lower of $3,000 or the excess of losses over gains. Thus, you can deduct up to $3,000 in capital losses each year, even if you have no capital gains, and excess losses can be carried over to other tax years.

Section 1221 defines a capital asset as "property held by the taxpayer (whether or not connected with his trade or business)," except for eight categories of property specifically excluded from the definition of "capital asset." The eight excluded categories include inventory/stock in trade, copyrights, supplies regularly used in the taxpayer's trade or business, etc. I do not see anything in this code section or the treasury regulation for this section that requires the asset to be held by the taxpayer for "investment" in order for it to be a capital asset. Please let me know if you are aware of another code section that contains such a requirement, because I am now very curious about this topic. Sales of artwork trigger capital gains or losses, even if the owner personally "uses" the property by hanging it in his home, so I would expect jewelry to be the same.

 

[fire&ice]

First, the reason why it isn't for business's is because that's reported on Schedule C or Schedule K etc.

You want to take the offset from your capital gains go right ahead, pass go & proceed to the IRS audit department.

They (IRS) has especially cracked down on the sale/donation of Artwork.

 

[mango]

I was also engaged long ago and wore the diamond ring, and then the guy called the whole thing off. It was very hard, very embarassing, but in the end I am SO GLAD that I didn't marry him! Now I have been happily, ecstatically married for 8 years...and incidentally, have a much nicer ring on my hand too!

Here's my 2 cents about your ring. The buy back policy is extremely generous and is a terrific option. Or, trade up and get something for yourself. Or, how about re-setting it for a new purpose? The jeweler my ex-fiance had used refused to buy anything back at all. The diamond ended up being re-set and used for his brother's girlfriend's e-ring, and everyone was happy in the end.

I wish you the best, time heals all wounds. You will find your special someone out there later, and then you will be so glad this engagement was broken. IMO, in a way, that's what engagements are for...

M

 

[srgone]

I have already discounted the whole tax bit, so I am not thinking about it.
The diamond is way to much for me to sport around, I'd rather have the cash and invest it for the next lucky lady who comes along

who'll probably deserve more.
I am very happy that I can at least get 75% back from my cost, don't get me wrong, but I also know that I got a lot better deal than many people who are B&M shoppers and people that could use an education which was who I was targetting.
I also am not too sure of how many B&M shops have some of the great upgrade and buy back options that you can find on the internet.
I have received some suggestions on sperating the ceneter stone and the setting and selling them that way, as I know there is plenty of interest in the items seperately. We'll see how it goes. Thanks again for everyone's input.
Sergio

 

[Tazman282]

Well I am here and in some ways interested in what you got. I am looking at that exact same setting but am not really sure on the stone itself. How much would you want for it? And to everyone else on the board how much would you spend on this ring? I am interested in finding out the results of this one. I am in the same price range and it seems like a good deal but I think might be able to get a better deal elsewhere. I missed one already that was an AGS0 1.12 E eye clean SI1 for 5500. I would also have to get the setting resized to at 6, anyone know how much that would run? Hope to hear from you all soon...

 

[strmrdr]

Maybe im just a jerk but the only thing it hate worse than liars is liars with a lame excuse. re. ebay stuff above.
Then the stuff about how its worth more than anyone can get a similar stone with all the bonuses that he cant offer yet his is worth more.
Pure BS.
Up till now iv been quiet about it but no more.
I wouldn't buy from this person no matter how good the deal is.
And thats my bottom line.