pricescope
Ideal_Rock
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If you want to sell a diamond – what are your options?
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Regular Guy
Ideal_Rock
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coda72
Brilliant_Rock
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I don''t know the answer to this question, but I definitely would like to know. I would like to sell my old engagement ring, and I just refuse to let someone buy it on ebay for $500, when it originally cost $3500!
I''m not sure I trust the consignment option though. I''m too cynical, I think they''ll just take my ring and never give me the money. Where can I sell my ring and walk out of the place with cash in my hand (besides the pawn shop)?
I''m not sure I trust the consignment option though. I''m too cynical, I think they''ll just take my ring and never give me the money. Where can I sell my ring and walk out of the place with cash in my hand (besides the pawn shop)?
strmrdr
Super_Ideal_Rock
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mrssalvo
Super_Ideal_Rock
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I had my stone appraised by Richard Sherwood. It is now on consignment with a local jeweler. Based on the appraisel value, my jeweler and I agreed on a fair Consignment price that we are both happy with. However, who know''s how long it will take. Definitely not the route if you want quick cash for your stone. If I wanted cash right away I would probably try the local paper.
Mara
Super_Ideal_Rock
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This question has cropped up alot in the past...here are the ways we see discussed the most on here.
Pawn Shop: Expect about 10% of the value for a sell, they will of course turn it around and sell it for WAY more.
eBay: Maybe reap about 35% back but it''s hard to sell a diamond on eBay, trustworthiness is an issue and lots of other inventory
Consignment: Could possibly reap a good amount back, better luck trying it with a smaller boutique jeweler with more rare and/or individual unique pieces with that type of audience
Sell to Jeweler: This is iffy, maybe reap 50% of market value depending...some say more unique/rare is better, aka D VVS2 but others say that jewelers would prefer to take something that is easily sold, aka I SI.
Classifieds: Could possibly reap back a good amount here, but it''s iffy finding a serious buyer and/or a safe transaction! Could also take a while to sell (though Consignment and eBay possibly could as well)
Trade-In to Jeweler: Could possibly trade this to a store if they are interested, you will get credit and/or money towards a future bigger purchase. Not sure how much would be reaped back here..maybe up to 50% if you guarantee a much larger purchase for them later.
I could not see myself trying to resale a stone, it''s just too much hassle and you will not get what you paid. I would try to see if I could do a trade-in to a jeweler for store credit or something similar...then I could at least put that money to use somewhere..hard to say though. For almost any stones I have now, I would rather just reuse them in another way, aka a custom piece or something than try to resale them.
Pawn Shop: Expect about 10% of the value for a sell, they will of course turn it around and sell it for WAY more.
eBay: Maybe reap about 35% back but it''s hard to sell a diamond on eBay, trustworthiness is an issue and lots of other inventory
Consignment: Could possibly reap a good amount back, better luck trying it with a smaller boutique jeweler with more rare and/or individual unique pieces with that type of audience
Sell to Jeweler: This is iffy, maybe reap 50% of market value depending...some say more unique/rare is better, aka D VVS2 but others say that jewelers would prefer to take something that is easily sold, aka I SI.
Classifieds: Could possibly reap back a good amount here, but it''s iffy finding a serious buyer and/or a safe transaction! Could also take a while to sell (though Consignment and eBay possibly could as well)
Trade-In to Jeweler: Could possibly trade this to a store if they are interested, you will get credit and/or money towards a future bigger purchase. Not sure how much would be reaped back here..maybe up to 50% if you guarantee a much larger purchase for them later.
I could not see myself trying to resale a stone, it''s just too much hassle and you will not get what you paid. I would try to see if I could do a trade-in to a jeweler for store credit or something similar...then I could at least put that money to use somewhere..hard to say though. For almost any stones I have now, I would rather just reuse them in another way, aka a custom piece or something than try to resale them.
bar01
Brilliant_Rock
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- Jul 13, 2004
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- 622
As Mara mentioned - and based on the expertise of Richard Sherwood - In this post
Some more considerations for determining, the market you want to resell in.
A seller needs to determine how desireable the item you're selling is.
Most consumer sellers want to get the most they can for their item. Put forth some intelligent effort and allow time to sell the item.
Time is of the essence.. a typical jewelry retailer will sell 40-50% of the year's volume during the Christmas selling season. This runs from October to late December. Also consult with a tax professional about tax benefits if selling near the first of a new year. It may be advantageous depending on other factors to delay payment til the year ends.
It also might be suitable if you have a large earnings year to donate the item to a museum or other source that you can get a donation credit for. Also you can write off fractional amounts in a donation and spread the credit over several years. The IRS regs change every year so, seek advice from an accountant or tax professional.
If you've got an incredibe stone or have one that is is a piece in fashion demand ( such as an old Tiffany or designer piece, art deco, art nouveau etc) you should get a pre auction estimate from Christie's or Sotheby or perhaps one of the well known auctions locally. Talk to the jewelry specialist and they will want photos of the item and gem reports. Then they should supply you with the estimate and a reserve price.
The major auctions can be good for certain pieces. The specialist at the auction house will guide you as to how to consign it properly. I also believe both Christie's and Sotheby's have "boutique" auctions for lower value items. So if you don't have items that are the "cat's meow", they may still be able to sell it for you.
Another option is if you bought the stone on the internet to go back to that seller and ask how much commission he would want to sell it for you. A reasonable range is probably 10% to 30% less than what you paid, but you need to consider if there are any price increases and factor that in as well.
If you are going to consign it to a jeweler, make sure you have them supply you with a copy of their jewelers block policy, or ask for a rider or endorsement for a specific amount for your item. It is also advisable for consigment that you limit the time the jeweler has to sell it. Also consider the season...
A smart way to "guarantee" that a jeweler will pay you is to get him to sign a UCC-1 form, and FILE it with your Secretary of State UCC Dept. If the jeweler won't do this, find one that will. This is a very reasonable request, as it sort of makes legal title to the item.
Consumers do, however have to take an independent realistic view of how desireable the item they have is. Bringing a jewelry item that is not in fashion vogue, isn't good, but if the center stones, are good quality or decent size, it may be better to have the stone(s) removed and consign them unset. If you're really unsure about the marketability of your item, it might be wise to see an independent appraiser who doesn't buy or sell, to garner advice. If you have an old cert, you possibly may need to get it updated. Don't be conservative with putting forth some effort and expense. Don't wait till you're desparate for cash. Research prices being asked by sellers for similar item locally and on the internet. Put yourself in the buyers position, of making the offer competitive with what others are charging. Use good rationale and do the research, in the end it will pay off. The less you do to provide an incentive to buy, the less you'll get.
It would also be a good idea to have a gemprint done on the diamonds you are consigning to them, to make sure if they don't sell that you're getting the same ones returned to you.
I would advise against putting ads in the paper, unless you show items at a safe deposit area of a bank. You never know who can show up at a home, who may make for a security risk.
Hope this helps....
Rockdoc
A seller needs to determine how desireable the item you're selling is.
Most consumer sellers want to get the most they can for their item. Put forth some intelligent effort and allow time to sell the item.
Time is of the essence.. a typical jewelry retailer will sell 40-50% of the year's volume during the Christmas selling season. This runs from October to late December. Also consult with a tax professional about tax benefits if selling near the first of a new year. It may be advantageous depending on other factors to delay payment til the year ends.
It also might be suitable if you have a large earnings year to donate the item to a museum or other source that you can get a donation credit for. Also you can write off fractional amounts in a donation and spread the credit over several years. The IRS regs change every year so, seek advice from an accountant or tax professional.
If you've got an incredibe stone or have one that is is a piece in fashion demand ( such as an old Tiffany or designer piece, art deco, art nouveau etc) you should get a pre auction estimate from Christie's or Sotheby or perhaps one of the well known auctions locally. Talk to the jewelry specialist and they will want photos of the item and gem reports. Then they should supply you with the estimate and a reserve price.
The major auctions can be good for certain pieces. The specialist at the auction house will guide you as to how to consign it properly. I also believe both Christie's and Sotheby's have "boutique" auctions for lower value items. So if you don't have items that are the "cat's meow", they may still be able to sell it for you.
Another option is if you bought the stone on the internet to go back to that seller and ask how much commission he would want to sell it for you. A reasonable range is probably 10% to 30% less than what you paid, but you need to consider if there are any price increases and factor that in as well.
If you are going to consign it to a jeweler, make sure you have them supply you with a copy of their jewelers block policy, or ask for a rider or endorsement for a specific amount for your item. It is also advisable for consigment that you limit the time the jeweler has to sell it. Also consider the season...
A smart way to "guarantee" that a jeweler will pay you is to get him to sign a UCC-1 form, and FILE it with your Secretary of State UCC Dept. If the jeweler won't do this, find one that will. This is a very reasonable request, as it sort of makes legal title to the item.
Consumers do, however have to take an independent realistic view of how desireable the item they have is. Bringing a jewelry item that is not in fashion vogue, isn't good, but if the center stones, are good quality or decent size, it may be better to have the stone(s) removed and consign them unset. If you're really unsure about the marketability of your item, it might be wise to see an independent appraiser who doesn't buy or sell, to garner advice. If you have an old cert, you possibly may need to get it updated. Don't be conservative with putting forth some effort and expense. Don't wait till you're desparate for cash. Research prices being asked by sellers for similar item locally and on the internet. Put yourself in the buyers position, of making the offer competitive with what others are charging. Use good rationale and do the research, in the end it will pay off. The less you do to provide an incentive to buy, the less you'll get.
It would also be a good idea to have a gemprint done on the diamonds you are consigning to them, to make sure if they don't sell that you're getting the same ones returned to you.
I would advise against putting ads in the paper, unless you show items at a safe deposit area of a bank. You never know who can show up at a home, who may make for a security risk.
Hope this helps....
Rockdoc
I tried posting my engagment ring on a few diamond chat sites with no luck and spreading the word around with no luck as well. I contemplated ebay, but knew from looking at the posts that I probably would not get a decent value off of it. On a whim, I posted it on craigslist.com and finally sold it! I got a decent amount back, which I was pretty happy about! I have to admit, I was a bit nervous and cautious about selling it to this stranger...is this person really interested or pulling my chain? Is he some psycho preying on women or a gentlemen? I emailled him a bit, and then had my boyfriend talk to him. When we finally decided to meet and sell, I made sure to pick an open public place and brought someone with me. I even bought a conterfeit marker to check the bills! You can never be too careful! Also, I was very polite to this person and completely honest about the diamond. I told this person to take their time looking over the diamond and decide for themselves. I didn''t want to rush the person or seem too willing to sell. Of course this person tried to bargain down, but I was extremely firm with my price. Yes, I need to sell, but not as bad as you want to buy. When he finally said yes, I replied are you sure? You realize this is a final sale. You can''t go back. Be sure. And he was sure. He''s happy, and I''m happy!
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