Best route for selling diamond/ring?

[EllieTO]

I have a solitaire that I'm planning to sell. I'd like to hear suggestions for the best way to sell it. Here are some points to consider.

The diamond was originally from Blue Nile, a Signature Ideal RB stone. It was set locally in a simple WG 6-prong solitaire setting (not Tiffany style). I have the GIA cert (dated 2010, if that matters), as well as the appraisal certificate for the complete ring. The stone is 0.7 ct F VS1, no fluoro, scores 1.0 on HCA.

- I'm not in a huge rush, but would like to have it sold within a few months.
- I'm located in Toronto. Should I try to sell it to a local jeweler/wholesaler, or online (consignment or Loupe Troop)? I don't feel very comfortable going to the diamond district and talking directly to wholesalers, but I can be convinced if that's the best way to go.
- How can I estimate the wholesale value of the diamond? There are two similar diamonds on Blue Nile right now, just a bit larger at 0.73 ct (F, VS1, Sig Ideal) and they're listed for USD $4,300. What would be the approximate wholesale value, or how should I price it for online sale?
- Would I be better off selling it as a complete ring (used), or a loose diamond? If the latter, what can I do with the empty ring? Not so much for making money on it, but just to get rid of it.
- I also have a wedding band, a very thin half-eternity channel set band. It has been resized so is not even a flawless circle anymore. Does this have any resale value, or what can I do with it? I really just want it to go somewhere rather than keeping it myself.

I would appreciate any advice on how to go about selling the diamond, and what to do about the rings. Thanks!

 

[oldminer]

It is best if you can sell it to someone local to you that is in need of a diamond or ring that is like the one you own. It isn't common to find such a person to sell to, but it offers the simplest solution. Selling it to a firm that says it is a "diamond buyer" is worth investigating. The sad truth is that you will find little demand at a price that might make any sense to you. Selling to a dealer will liquidate the diamond ring, but will not net you but a small fraction of retail

You can try to several websites where consumers go to offer their diamonds and rings for sale to other consumers. If you price your diamond with a sufficient discount from current retail to interest a consumer you may be able to get far more than what a dealer would offer, so it is definitely worth trying. Look at what is being sold and price your to stand out financially in order to promote a rapid sale. If you try to squeeze out the best possible price, you will end up either never making a sale or not making the sale within the time frame you wanted to keep it to.

Best wishes for finding a local client right away who will just buy it and pay you.

 

[denverappraiser]

‘Wholesale’ is a loaded word in this business. Looking up similar items on BN is a good place to start for comparison sales although you might want to check their various competitors as well. There’s plenty to choose from. What you have sounds like pretty mainstream goods and a lot of people are looking for it. The secondary market site you mentioned surely has similar things for sale as well. A brief warning on using loupetroop and the like for comps. Sellers set their own prices. They can ask whatever they want and they routinely are, umm, hopeful. Asking for big bucks isn’t the same as getting it and using a delusional comp to set your own prices doesn’t do you any favors.

OK, so there’s your ‘retail’ price. That’s the price to the end consumer. Dealers are normally going to want to be into it for half to ¾ of that.

Incidentally, I think you may be a little high on your comps quoted above. In the database here I see nearly a hundred retail dealer offers for superficially similar stones to what you describe, and every one of them is cheaper than the one you chose, some by nearly a factor of 2.

https://www.pricescope.com/diamonds/search?vendor=-1&inhouse=-1&shape=1&minprice=1&maxprice=1600000&mincarat=0.7&maxcarat=0.71&mindepth=0&maxdepth=100&mintable=0&maxtable=100&mincut=1&maxcut=1&mincolor=3&maxcolor=3&minclarity=6&maxclarity=6&minsymmetry=1&maxsymmetry=8&minpolish=1&maxpolish=8&minflourescence=1&maxflourescence=6&checkbox_panel1=,04,03&checkbox_panel2=&sort=&page=1&pageview=24&adv=false

 

[EllieTO]

Thank you both for the input! I agree I'd rather price it lower and sell it, instead of holding out for a higher price.

Incidentally, I think you may be a little high on your comps quoted above. In the database here I see nearly a hundred retail dealer offers for superficially similar stones to what you describe, and every one of them is cheaper than the one you chose, some by nearly a factor of 2.

https://www.pricescope.com/diamonds/search?vendor=-1&inhouse=-1&shape=1&minprice=1&maxprice=1600000&mincarat=0.7&maxcarat=0.71&mindepth=0&maxdepth=100&mintable=0&maxtable=100&mincut=1&maxcut=1&mincolor=3&maxcolor=3&minclarity=6&maxclarity=6&minsymmetry=1&maxsymmetry=8&minpolish=1&maxpolish=8&minflourescence=1&maxflourescence=6&checkbox_panel1=,04,03&checkbox_panel2=&sort=&page=1&pageview=24&adv=false

I think this is because my comps were for BN Signature cut with the associated mark-up. It's a good point, I should price it based purely on specs. But it is on the higher end of Ideal cut.

 

[denverappraiser]

Branding doesn’t usually translate well into the resale market. That is to say, just because they can get extra for their brand and the things it stands for, doesn’t mean you can.