Family Heirloom Diamond Ring - Advice on Selling

[Kaffine14]

I need some advice on selling a family diamond ring - it is my boyfriend''s grandmother''s ring and she would like to sell it in order to help finance his future engagement ring purchase as well as his twin brother''s future engagement ring purchase. It would probably be easier if it looked more like a classic engagement ring but it looks like a cluster diamond cocktail ring made of outstanding quality diamonds.

Quick history of the ring - each diamond was hand picked in the New York diamond district in the 1930s. The stones were brought together in a custom design, I will post pictures eventually. Basically the biggest stone is about a carat pear shaped diamond, then there are about 50 bagette diamonds and 15-20 round diamonds, I need to find out more information on the stats. I know that the color in each stone is between D-G. It has been appraise at around $14,000 by Frank Adams jeweler in Albany, NY. I think it could be sold in the $10,000-$14,000 range.

Does anyone have any advice or contacts that you could put me in touch with on how to sell it? Something in the New York/ New England area would be ideal in this transaction. Any advice would be helpful.
Ebay?
Estate Jewelry stores?

 

[purrfectpear]

It sounds like a pear in a classic ballerina style mounting (very popular around that period). In spite of the appraised value, a 1 ct. pear will probably sell closer to $4,000. The rest of the melee will not really increase the value much at all. Sorry to be the bearer of bad news. Diamonds do not resale for anything close to their "appraised" or even retail value.

 

[tradergirl]

PPear is right. That ring should probably sell around 3,500 - 4,200 or even less since nobody is buying anythign these days. There''s a recent article on PS about reselling diamonds and the fallacy of expecting to get what an [insurance] appraisal states as value. The real hard core bargain hunters around here seem to be trying to buy at $10-12 per point.

 

[glitterata]

Here''s the article about selling your diamonds.

And a discussion of the article.

Perhaps you or your brother could use the ring as an engagement ring? Or at least use the center stone? That would be more cost effective.

 

[K9]

Some jewelers who deal in estate pieces as well as new may give you a trade-in value. Something else to check into.

 

[Lulie]

Date: 1/22/2009 10:36:39 AM
Author: purrfectpear
It sounds like a pear in a classic ballerina style mounting (very popular around that period). In spite of the appraised value, a 1 ct. pear will probably sell closer to $4,000. The rest of the melee will not really increase the value much at all. Sorry to be the bearer of bad news. Diamonds do not resale for anything close to their ''appraised'' or even retail value.

I agree w/purr, when I heard my oldest sister was trying to sell mother''s marquise ring, I jumped on it, [even thogh I didn''t like it] she was offered 1/4 of it''s value from several [reputable] local stores.
Not sure if ebay would be your best choice....their fees are crazy, I sold a diamond bracelet for $1,000 paid $100 [ebay/payal fees]
Keep us posted

 

[suchende]

If it were me, I would ask to re-set the stone and use it in my own ring. It sounds like a nice center stone and I am a sucker for family history. Of course, if the hope had been to get two rings out of one, that does rather complicate matters.

Please don't forget to post pictures!

 

[:)]

I am afraid that I have to agree with the above posters. I should alert you that there are different types of appraisals - to get an appraisal for selling purposes, you need to alert the (independent) appraiser (not jeweler, but a real independent appraiser) that you are seeking an appraisal for sale purposes and the value is lower for that type of appraisal (as opposed to an insurance type of appraisal). I am sorry.
It sounds like a neat ring though - I see that general style often in estate/vintage websites and stores. If you can post them, we would love to see pics - sounds like a neat story behind it too!

 

[neatfreak]

Yeah, PPear is right on target....you''d be very lucky to get $5k for it...more likely $3-4k as the others have suggested.

 

[suchende]

On the other hand, we haven''t been told the clarity yet, so it is probably pre-mature to guess at a sales price

 

[neatfreak]

Date: 1/22/2009 8:45:20 PM
Author: suchende
On the other hand, we haven''t been told the clarity yet, so it is probably pre-mature to guess at a sales price

Still not going to be anywhere near what the appraisal states unfortunately.

 

[suchende]

Date: 1/22/2009 8:46:35 PM
Author: neatfreak

Date: 1/22/2009 8:45:20 PM
Author: suchende
On the other hand, we haven''t been told the clarity yet, so it is probably pre-mature to guess at a sales price

Still not going to be anywhere near what the appraisal states unfortunately.

Never meant to imply it would be, but a D IF is going to get her a bit closer, and if the center stone turns out to be a G-H I1 or I2, we''re off in the other direction.

 

[mrssalvo]

Date: 1/22/2009 8:45:20 PM
Author: suchende
On the other hand, we haven''t been told the clarity yet, so it is probably pre-mature to guess at a sales price

see if the person who appraised it will buy it from you for $14,000...

unfortunately the other posters are correct that you will probably not be able to get any near the appraisal price. Also, pears are not exactly the most popular shape so you even more limited in finding someone who will buy it.