How to sell non-engagement ring?

[mn_law]

Hi everyone,

I''ve been enlisted by my mother to sell a ring of hers and I''m looking for the best possible way to do that. It''s a non-engagement ring with several tiny diamonds set in platinum. She''d like a relatively quick sale, so consignment isn''t a desirable option. Here''s what''s happened so far:

She took the ring to a local jewelry shop who said that they could only give her $250 for it but encouraged her to sell it privately, where they thought she could get $800-1000 for it. I then took it to a couple of pawn shops today just to see what they''d say. The first guy was pretty short with me but offered $275. The second guy gave me a bit of insight (I think). He only offered me $200 for it, but basically said, "you''d be better off trying to someone that will wear this ring" and said that he''d melt it for the platinum and that, "while the little diamonds are nice, I have a drawer full of that kind of thing." So after I spoke with him, I figured that perhaps all of them were giving me offers based on melt value.

So now I''m trying to figure out how to properly sell this ring. I have lots of experience on eBay and craigslist, so those were basically the two avenues I''ve been considering, but I have no clue what kind of information prospective buyers would be looking for. Is an appraisal a basic must before offering it so that they know how much in diamonds and, I guess, platinum they''re getting? Also, is either eBay or CL better than the other for selling a ring? Am I completely missing something else important?

Any help would absolutely be appreciated. I also uploaded a couple pictures of the ring for reference:

http://img188.imageshack.us/img188/3711/img2900.jpg
http://img5.imageshack.us/img5/5952/img2904q.jpg

Thanks so much!

 

[Ellen]

Date: 6/2/2009 5:32:50 AM
Author:mn_law
Hi everyone,

I''ve been enlisted by my mother to sell a ring of hers and I''m looking for the best possible way to do that. It''s a non-engagement ring with several tiny diamonds set in platinum. She''d like a relatively quick sale, so consignment isn''t a desirable option. Here''s what''s happened so far:

She took the ring to a local jewelry shop who said that they could only give her $250 for it but encouraged her to sell it privately, where they thought she could get $800-1000 for it. I then took it to a couple of pawn shops today just to see what they''d say. The first guy was pretty short with me but offered $275. The second guy gave me a bit of insight (I think). He only offered me $200 for it, but basically said, ''you''d be better off trying to someone that will wear this ring'' and said that he''d melt it for the platinum and that, ''while the little diamonds are nice, I have a drawer full of that kind of thing.'' So after I spoke with him, I figured that perhaps all of them were giving me offers based on melt value.

So now I''m trying to figure out how to properly sell this ring. I have lots of experience on eBay and craigslist, so those were basically the two avenues I''ve been considering, but I have no clue what kind of information prospective buyers would be looking for. Is an appraisal a basic must before offering it so that they know how much in diamonds and, I guess, platinum they''re getting? Also, is either eBay or CL better than the other for selling a ring? Am I completely missing something else important?

Any help would absolutely be appreciated. I also uploaded a couple pictures of the ring for reference:

http://img188.imageshack.us/img188/3711/img2900.jpg
http://img5.imageshack.us/img5/5952/img2904q.jpg

Thanks so much!

Yes. People have to know the details to make an offer. I can''t help with where to sell it, but hopefully someone else will chime in. My computer won''t copy and paste links for me so I couldn''t see your pics.

Good luck!

 

[denverappraiser]

I’m sure you’re correct that the bid from all of the dealers will be based on the salvage value of the materials and that this will be primarily based on the platinum.

I sort of doubt you’ll be able to find a dealer who is willing to invest more than that in it and since you’ve ruled out consignment sales as an option this leaves you with the option of direct retailing it yourself. Assuming that you don’t own a jewelry store or some other sales venue where you can display and promote this sort of thing, this leaves you with newspaper, ebay, craigslist and the like as a means of advertising and direct personal contact as a way of consummating the deal. I agree with Ellen above that very few people will buy a piece without quite a bit more information than you’ve given. An appraisal is likely to help considerably. Frankly, I think this will be a difficult item to sell (which is why the dealers plan on scrapping it for the materials instead of reselling it as a ring) but your best chances happen with a good description by a reliable source and good photographs. These are far more important elements of the appraisal than the value conclusion. The increased chances of a sale for more money may or may not be worth the appraisal and ebay fees.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[lowphat]

I''d say to put it up on Ebay/craigslist and see if you get any bites. I wouldn''t bother with an appraisal since you don''t even know if you would ever be able to sell that for more than a couple of hundred dollars and you''d just waste half of that on the appraisal fee.

 

[denverappraiser]

One of the key questions here is choosing the most appropriate marketplace for the item and your situation. This is EXACTLY the sort of question that good appraisers have been trained to address. Sometimes the ‘free’ answer isn’t the best approach even if it turns out that the educated answer isn’t the one you were hoping for. I think it's incorrect to describe an accurate appraisal as a 'waste', even if it turns out that the cost can't be recovered in a sale. Some appraisals are a waste but some are not.


Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver