A question from another poor schlub who had his engagement called off but fortunately got the ring back....
I''m interested in selling an engagement ring and could use some advice. Here is the situation:
I purchased the ring 2 years ago. I paid cash directly to the ringmaker who was a friend of a friend. He operates on jewelers row in Philadelphia and, besides being the friend of a friend, is very reputable. Unfortunately, because he does not have a retail operation my options are limited in terms of returns, trade-ups, trade downs, etc.
Here are the specs of the ring and the conditions under which I bought it:
Center stone
Emerald Cut
1.4 carat
Measurements: 7.67 x 5.69 x 3.65 mm
Depth: 64.1%
Table: 67%
Girdle: thin to slightly thick
Cutlet: very small
Polish: very good
Symmetry: good
Clarity: VS2
Color: J
Fluorescence: Faint
GIA Cert
Setting
14K 2 tone gold
6 tapered baguette diamonds weighing .33 ct total weight
GIA color: G/H range
GIA clarity: VS2 range
I paid $5,000 cash for the ring. The retail replacement value appraisal two years ago was $8,800. I got it appraised after the ring was purchased so there was no need for the appraiser to inflate the value. Unfortunately I do not know the cut quality as the stone was apparaised while in the setting.
My questions are:
1. What is the market for emerald cuts these days? They were pretty popular when I bought the ring. Do you think the value increased in the past two years?
2. What would be the best way for me to sell? I''m thinking of consignment as I''m not in immediate need of money and would rather wait longer to get more of a return. Are there other avenues you would suggest?
3. What are the chances that I get back what I paid for the ring? Not trying to make any money on the deal, but losing a substantial amount would just throw salt in the wound.
4. If I do sell consignment, what type of venue would you choose? I live right near jewelers row in Philly. I could go to a discount jeweler that would probably sell my ring faster but for a lower price. Or I could go to a more prestigious place and may have to wait longer.
5. What % cut on the selling price is reasonable for a consignor?
6. Is another appraisal necessary after only two years? How much would that set me back?
Can anyone give me some advice or even a recommendation on where I should sell (if you''re familiar with the Philly area)?
Thanks for your help.
Ben
I''m interested in selling an engagement ring and could use some advice. Here is the situation:
I purchased the ring 2 years ago. I paid cash directly to the ringmaker who was a friend of a friend. He operates on jewelers row in Philadelphia and, besides being the friend of a friend, is very reputable. Unfortunately, because he does not have a retail operation my options are limited in terms of returns, trade-ups, trade downs, etc.
Here are the specs of the ring and the conditions under which I bought it:
Center stone
Emerald Cut
1.4 carat
Measurements: 7.67 x 5.69 x 3.65 mm
Depth: 64.1%
Table: 67%
Girdle: thin to slightly thick
Cutlet: very small
Polish: very good
Symmetry: good
Clarity: VS2
Color: J
Fluorescence: Faint
GIA Cert
Setting
14K 2 tone gold
6 tapered baguette diamonds weighing .33 ct total weight
GIA color: G/H range
GIA clarity: VS2 range
I paid $5,000 cash for the ring. The retail replacement value appraisal two years ago was $8,800. I got it appraised after the ring was purchased so there was no need for the appraiser to inflate the value. Unfortunately I do not know the cut quality as the stone was apparaised while in the setting.
My questions are:
1. What is the market for emerald cuts these days? They were pretty popular when I bought the ring. Do you think the value increased in the past two years?
2. What would be the best way for me to sell? I''m thinking of consignment as I''m not in immediate need of money and would rather wait longer to get more of a return. Are there other avenues you would suggest?
3. What are the chances that I get back what I paid for the ring? Not trying to make any money on the deal, but losing a substantial amount would just throw salt in the wound.
4. If I do sell consignment, what type of venue would you choose? I live right near jewelers row in Philly. I could go to a discount jeweler that would probably sell my ring faster but for a lower price. Or I could go to a more prestigious place and may have to wait longer.
5. What % cut on the selling price is reasonable for a consignor?
6. Is another appraisal necessary after only two years? How much would that set me back?
Can anyone give me some advice or even a recommendation on where I should sell (if you''re familiar with the Philly area)?
Thanks for your help.
Ben
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