Fair pricing for my trade-in

[garek007]

Hi,

Well my marriage lasted a whopping 6 months and now I'm left with a ring I don't need. I've gone to two jewelers who both price it at less than half of what I paid for it.

What is fair pricing when you are selling a ring back? I paid about 7500 for the center stone, setting and peripheral diamonds, and the retail value puts it at 11,000. But two places only offered me 3000$ for it. Is that right?

Here's another thing. I went to one guy first, who priced it at 3k, then when he said he wasn't interested and I said I wanted more anyway, I asked who else buys rings. He recommended another store. I went there today and they priced it at the same price. Do you think it's possible he knew I might go in there and called ahead to tell them how to price it? Could all SD jewelers be in cahoots to get jewelry at the lowest possible cost? Seems like it would be a profitable scam, a sort of reverse price gouging. What do you think?

 

[ruby59]

I paid $7,500 for my diamond ring. The put together price was $14,000. I went to 3 places here on the east coast and was offered betwee $2,500 and $3,000. So unfortunately, based on my experience, it sounds about right.

 

[diamondloveaffair]

that's about right. depends on your negotiation skills as well as the quality of the diamond ring. When you buy retail, you are already overpaying for value. When you sell it, buyers usually take in way below the market value in order to resell and make a profit.

 

[TracyBear]

Why don't you try consigning it? Most places only charge 10-20% of the final selling price. When I tried to sell it back outside the original vendor, I was offered 65% of the original price. The price of diamonds had gone up since I've purchased it so this was disappointing. If I still wanted the upgrade, I'll probably consign my piece.


http://jewelsbyericagrace.com/now_accepting_consignments

 

[sonnyjane]

I'm sorry As others have said, it really isn't THAT uncommon to be offered less than half that what you paid. As was mentioned, would you try consignment or even selling it on Diamond Bistro? You might be able to get a little more that way.

 

[Rosa]

Sorry about your relationship ending.

I would try selling on Diamond Bistro, or this site that I read about several years ago: http://www.idonowidont.com/ which was started by a guy in your exact situation.

Good luck!

 

[garek007]

How much more do you think I could really get on a site like IdonowIdon't? If it's only a few hundred more, probably not worth it.

I'm not sure who does consignment in SD near me, how do I find this?

 

[Christina...]

I think your best bet would be to go to a reputable independent appraiser for assistance. They can help you determine the quality of the stone and setting and offer advice and suggestions as to what 'fair' resale value is for you. Lots of things impact what you can potentially sell the stone for and how quickly...your location, market, etc. A good independent appraiser can help you sort it all out. If you aren't sure where to find one you can look under resources tab at the top of the page and see if one is listed in your area. Good Luck!

 

[denverappraiser]

It seems unlikely that your jeweler is cahoots with his competition but I suppose anything is possible. Around here (Denver) competition is pretty fierce. The resale market for used things is substantially different than the retail new market for those same things. That's not just about diamonds by the way. Aside from the difference in the product you've got a lot of non-gemological issues at play? Is your item likely to be popular? Does he already have enough of them in inventory? Does he have any money on hand? These sorts of things affect the bid, and that's his call. You get to decide if you want to accept. I second Christina that a good place to start is with a competent appraisal. Find out what you have. Discuss these issues with your appraiser. That's part of what you're paying them for. How to set your price, what market to sell through and the like are all perfectly valid questions to ask. Unfortunately, what you PAID and even 'retail value' (whatever that is) are remarkably unimportant.

 

[diamondseeker2006]

Is the diamond GIA graded? If so, post the grading report and exact weight of the stone and we can look it up. People here do sell used diamonds, but you'd have trouble selling less than GIA Excellent cut. If you bought an uncerted or unreliably certed stone, then I am sorry to say that it is probably worth a lot less than you paid. Settings bring little on the secondary market, so the main value is in the center stone.

 

[bcavitt]

Unfortunately for you, retailers sell at retail and buy at wholesale. When they buy off the street, they buy at less than wholesale.
Another inalienable fact is fast money is always cheap money. You will usually get more money selling it yourself (slowest money) than consigning it (faster money), than selling it to a jewelers/pawning it (fastest money).

The only good thing about this is that at least you got your ring back. Many ex-fiancees keep the ring considering it a gift from their man. But that is another thread.

Good luck!

 

[diamondseeker2006]

Yes, actually since you were married, the ring belonged to her and she did not need to give it back. It is only in a broken engagement that she has the obligation to give the ring back.

I looked back at your previous posts and saw you have a GIA certified G VVS1 princess stone. First, I would call Union Diamond and see what they'd offer you to buy the diamond back. Hopefully they'd not try to scam you since you bought the diamond from them. I think a princess may be a little harder to sell here because we don't have as much cut info on those. The good news is that you bought this stone in 2010 and prices increased a lot in 2011, so I would think you can get more back than you have been offered thus far, if the diamond is really a nice one.

If you want to sell yourself, you are going to need excellent photos and especially a close up of that center stone. You can list the ring on Diamond Bistro and Loupe Troop and then post the listing and links in the Pre-Loved part of this forum. You have nothing to lose and no commission to pay other than DB charges a dollar to list. If you don't have luck selling it outright, then I'd consider consigning with someone like Good Old Gold, but you'd have to see how much commission they'd charge.

 

[garek007]

Thanks all, very good advice...

Yes she agreed to give me the ring back... I didn't want her to have it as she couldn't even give me a year of marriage, but again, that's another thread. I left her with the two wedding bands and all of the furniture, so it seemed a fair trade.

Yes, the one poster was correct, it's GIA certified and a pretty good cut, but I don't think it was listed as 'excellent'.

I'll see what Union Diamond will give me, but here's the main thing. I want this to be easy and not take up a lot of my time. Yes, I want the fast, easy money.

That said, I do want fair, but I'm only willing to go the long route if it's a significant amount more. Considering that two retail stores have offered me 3k for the ring, what would be your best guess for what I could get in the private market, Good Old Gold, consignment, etc?

If it's only a few hundred more then I'd probably just sell to a retail jeweler. If it's a 1000 more then I might do it.

 

[CharmyPoo]

Try selling on diamondbistro.com and loupetroop.com first. If no bites, then try eBay. I think you will do better than trying to sell to a diamond retailer or pawn shop.

 

[diamondseeker2006]

Check Union Diamond first. Because they might be more willing to give you closer to wholesale than the local guys who were only going to buy if you gave it away. You could get a higher percentage selling it here if it was an ideal cut round. But half may be realistic for a princess that isn't AGS Ideal graded and we have no way to judge the cut.

I am terribly sorry for what has happened. I have a hard time understanding people sometimes.

 

[garek007]

Called UD already, they do not do buy backs.... But they did mention IdonowIdont. Is this site safe and reputable?

Don't be sorry diamondseeker, it was actually the best thing that could have happened. Sure I spent a lot of money to learn a valuable lesson, but I dodged a bullet too.

Did you mean to say half may be UNrealistic?

 

[two_little_birds]

Try selling on diamondbistro.com and loupetroop.com first. If no bites, then try eBay. I think you will do better than trying to sell to a diamond retailer or pawn shop.

+1

 

[kenny]

"Fair" is a dangerous word full of pitfalls and misunderstandings.

There is one price for a 'new' diamond, for sale in a fancy jeweler on Fifth Ave. in Manhattan NY.
The exact same diamond has a much lower price when I offer to sell it to a pawn shop in Detroit MI.

The difference might be a factor of 10, but both prices are 'fair" for each venue.

The idea that ONE price is fair regardless of venue (as if it was an ounce of 24K gold) is common and false.

 

[ruby59]

IdobutnowIdon't works differently then say ebay in that your diamond ring will be checked by a gemologist coming and going. This way no one can claim the diamond has been misrepresnted or switched. But they do charge a fee for the service.

And just to add: I had a 3rd party independent appraiser who used to post on PS evaluate my diamond. He graded it conservatively at $14,000. However, the retail stores I brought it to had their own ideas of what it was worth, and it was not even close to that. And for them, even a GIA report would not increase the value. Based on my experience, the only thing that mattered to them was their evaluation of the diamond. If you had a GIA report great, but I was told it would not increase the price they offered. The 3rd party appraisal did not impress them much either. All they cared about was their gemologist's in house evaluation.

 

[diamondseeker2006]

Called UD already, they do not do buy backs.... But they did mention IdonowIdont. Is this site safe and reputable?

Don't be sorry diamondseeker, it was actually the best thing that could have happened. Sure I spent a lot of money to learn a valuable lesson, but I dodged a bullet too.

Did you mean to say half may be UNrealistic?

No, I think you should get half because you didn't pay high retail for your diamond. Plus it was bought before the price increases of 2011. If you list it and show your sales receipt, someone is going to be thrilled to buy a quality diamond or diamond ring at half the price. You might even sell it for more than that if you can find price comps of current similar diamonds. I'd list it here on Pre-loved after listing on DiamondBistro and LoupeTroop. When people come here with a budget close to the price of your ring, we can show them the link. The seller is not allowed to post/recommend their own stones on Rocky Talky.

I would also give no personal details. Some people are afraid of rings that came from a failed relationship. I think it is no one's business so I would just say you have a ring that is no longer needed and want to sell. If they ask you, just say....we decided to part ways.

(And yes, you are right that it is good you found out about this person's character before any more time was wasted! Good attitude!)

 

[Christina...]

Called UD already, they do not do buy backs.... But they did mention IdonowIdont. Is this site safe and reputable?

Don't be sorry diamondseeker, it was actually the best thing that could have happened. Sure I spent a lot of money to learn a valuable lesson, but I dodged a bullet too.

Did you mean to say half may be UNrealistic?

No, I think you should get half because you didn't pay high retail for your diamond. Plus it was bought before the price increases of 2011. If you list it and show your sales receipt, someone is going to be thrilled to buy a quality diamond or diamond ring at half the price. You might even sell it for more than that if you can find price comps of current similar diamonds. I'd list it here on Pre-loved after listing on DiamondBistro and LoupeTroop. When people come here with a budget close to the price of your ring, we can show them the link. The seller is not allowed to post/recommend their own stones on Rocky Talky.

I would also give no personal details. Some people are afraid of rings that came from a failed relationship. I think it is no one's business so I would just say you have a ring that is no longer needed and want to sell. If they ask you, just say....we decided to part ways.

(And yes, you are right that it is good you found out about this person's character before any more time was wasted! Good attitude!)

I completely agree. I wouldn't go for the fastest money yet, unless of course it's a matter of eating or not eating. List the stone for a week, two weeks, a month, whatever length of time you feel is appropriate and see if you get any bites. I'd be very surprised if you didn't get a few nibbles at 50-70% of comparable online prices.

 

[Christina...]

IdobutnowIdon't works differently then say ebay in that your diamond ring will be checked by a gemologist coming and going. This way no one can claim the diamond has been misrepresnted or switched. But they do charge a fee for the service.

And just to add: I had a 3rd party independent appraiser who used to post on PS evaluate my diamond. He graded it conservatively at $14,000. However, the retail stores I brought it to had their own ideas of what it was worth, and it was not even close to that. And for them, even a GIA report would not increase the value. Based on my experience, the only thing that mattered to them was their evaluation of the diamond. If you had a GIA report great, but I was told it would not increase the price they offered. The 3rd party appraisal did not impress them much either. All they cared about was their gemologist's in house evaluation.

I agree, I don't believe that an independent appraisal is going to benefit him at all if he intends to sell to a jeweler, but an appraiser can help him sort out what he could likely expect to receive in a given market in a given area. As Kenny mentioned a stone will likely sell for more from a high end jeweler on 5th Ave than at a Pawn Shop in Detroit. But an appraiser can help him understand what he might expect to receive from that pawn shop, and if there may be better avenues for him to explore to realize a better return on his money.

 

[garek007]

Thanks yes, maybe I'll list it. I have time, but the gal at the jeweler yesterday said prices may change and that her 3k offer was subject to change if I didn't "act fast". Probably just salesman propaganda to get me to sell low.

 

[denverappraiser]

IdobutnowIdon't works differently then say ebay in that your diamond ring will be checked by a gemologist coming and going. This way no one can claim the diamond has been misrepresnted or switched. But they do charge a fee for the service.

And just to add: I had a 3rd party independent appraiser who used to post on PS evaluate my diamond. He graded it conservatively at $14,000. However, the retail stores I brought it to had their own ideas of what it was worth, and it was not even close to that. And for them, even a GIA report would not increase the value. Based on my experience, the only thing that mattered to them was their evaluation of the diamond. If you had a GIA report great, but I was told it would not increase the price they offered. The 3rd party appraisal did not impress them much either. All they cared about was their gemologist's in house evaluation.

The purpose of the appraisal is for YOUR benefit, not the buyer's. They can (and should) hire their own experts if they need or want one. That particular store may not consider lab grading in their bid but others can/will. In the end, they can offer whatever they want but you are under no obligation to accept. THAT is where your value came in hiring the appraiser, not in getting something to use as an advertisement to show your buyer.

 

[diamondseeker2006]

Thanks yes, maybe I'll list it. I have time, but the gal at the jeweler yesterday said prices may change and that her 3k offer was subject to change if I didn't "act fast". Probably just salesman propaganda to get me to sell low.

Forget her, then. Prices are expected to INCREASE this year, not decrease.

 

[denverappraiser]

IDNID is effectively an escrow service. You list whatever advertisement you want and buyers buy whatever they like based on the ads. If a deal happens, they take both the merchandise and the money and have someone evaluate the ad claims against the merchandise that's now in hand. If it passes that test they send the goods to the buyer and the money to the seller less a commission. Done. If it doesn't match up to the standards of their guy, the deal is off. I don't know if there's a rejection fee if the answer is no here but it seems likely.

If the buyer doesn't like something other than what appears in the ad, tough. The refund policy is among the worst in the industry.

If the bidder doesn't pay quickly, the seller keeps the goods and the deal is dead. No harm, no foul but I presume that'll get them banned from future bidding.

If the buyer pays but the seller doesn't pony up the goods or the goods fail their inspection, they give the money back to the buyer and the deal is dead.

All of this means that sellers are reasonably well protected. Personally I think buyers are taking a substantial risk by shopping there.

 

[denverappraiser]

Thanks yes, maybe I'll list it. I have time, but the gal at the jeweler yesterday said prices may change and that her 3k offer was subject to change if I didn't "act fast". Probably just salesman propaganda to get me to sell low.

Indeed they MAY change. With a couple of blips, it's been good for the last 200 years or so but this may be the month.
Take the risk. If you're not hurting for the money or just jonesing to get rid of it, I think it's unlikely that time is going to hurt you (and it might even help)

 

[ScorpioLove]

Hi garek.
I purchased a 2 carat round GIA diamond in 2009. A few months ago, I went through the "Sell Your Diamond" link on Pricescope to get assistance with the sale of this diamond. https://www.pricescope.com/sell-your-diamond

I submitted the information on my diamond, and got an email response back from White Pine Diamonds.
http://www.whitepinediamonds.com/

Like you, I purchased before the huge increase in diamond prices, so I received an offer that was $2k more than what I'd initially paid for it.
This might be something for you to look into. Of course, there are no guarantees, but hey, it doesn't hurt to try, right?

 

[TC1987]

Consider splitting them up. Sometimes you have better luck resetting the diamond into a pendant or an inexpensive but brand new generic solitaire ring, and selling that and the original setting separately. Many women will buy a secondhand semimount ring for a colored gemstone or a diamond sim. Few will buy it for an engagement ring or a gift for a spouse. Also, a used semimount has far less stigma associated with it and is less likely to raise questions about "why are you selling," because it's not all that uncommon for a woman to change the setting for her diamond. There are people on PS who have changed theirs 3 or 4 times. An entire complete engagement ring might have a stigma that a new pendant and a used empty semimount ring just don't have.

But it's a princess, so be careful about who remounts it, if you go that way. The corners are fragile and prone to breakage.

P.S. - I am sorry that your marriage didn't work out.

 

[oldminer]

Your heading indicates to me that you wish to do some kind of "trade-in" and not simply sell the ring. A trade-in is very different than an outright sale and needs to be handled quite a bit differently in most cases. If you are seeking to make a trade let us know so we can advise you better. The replies before mostly seem oriented about selling your ring outright.