Is this a fair price for my ring? (0.70ct solitaire)

[susief]

Hi- longtime lurker here

I am selling my engagement ring as I never wear it. I can't wear it to work (hospital doctor), and it just gets in the way at home. It's been sitting unloved in a drawer and I'm just not very sentimental about it.

It's a 0.70ct RB solitaire, GIA certified J SI1, VG cut, in a platinum trellis setting, all from Blue Nile. I don't want to risk selling privately (unless maybe in person), so have got prices from jewellers.

I'm in the UK and have been offered £700 (about 1070 USD) by two different jewellers for it. Is this about right for a secondhand piece? I knew I wouldn't get much but don't want to be ripped off either.

Would really appreciate any thoughts! Thank you.

 

[Snowdrop13]

Oh, that's very sad! I'm in a similar position but enjoy wearing my ring at weekends and when I'm going out. I have colleagues who wear their ring on a chain around their neck at work too. Do you like any other pieces of jewellery? How about resetting the diamond into a pendant? Not sure about value but similar diamonds seem to be £1100 ish on Blue Nile. You'd have to add in the setting costs too.

 

[susief]

Thanks Snowdrop! Really appreciate your reply.

I think part of the problem is the ring doesn't have much meaning to me - it wasn't my original engagement ring, or bought for a special occasion - whereas my wedding ring (a plain band) is so meaningful (and much more comfortable). I feel a bit obligated to wear it because it's there, and would like to be free of it, daft as it sounds... I don't wear other jewellery except for little ear studs and already have those. Thanks for looking up the BN prices - the offers I've had don't look too bad considering that.

 

[MisterMadelise]

Why not offer it for sale on eBay or here? You'll make more money selling it privately to another consumer who is hoping to save money, rather than to a retail marketplace who already knows how to get things at wholesale prices.

 

[susief]

Thanks MisterMadelise - I'm just worried about selling something so valuable on eBay, getting scammed, things getting lost in transit or a private buyer claiming things aren't as described, switching out stones etc (paranoid, me? ) I would only want to do the sale in person and that limits potential buyers, especially being in the UK... I would definitely advertise on PS if I was in the US.

 

[Madison2]

You would probably get more on diamond bistro or ebay. It sounds like like a nice diamond and there is probably someone out there who is looking for a small diamond within their budget.
I have sold on ebay with no problems.

 

[susief]

Thanks Madison - that's reassuring. I might list it with a decent reserve and for collection in person only.

 

[Texas Leaguer]

Hi- longtime lurker here

I am selling my engagement ring as I never wear it. I can't wear it to work (hospital doctor), and it just gets in the way at home. It's been sitting unloved in a drawer and I'm just not very sentimental about it.

It's a 0.70ct RB solitaire, GIA certified J SI1, VG cut, in a platinum trellis setting, all from Blue Nile. I don't want to risk selling privately (unless maybe in person), so have got prices from jewellers.

I'm in the UK and have been offered £700 (about 1070 USD) by two different jewellers for it. Is this about right for a secondhand piece? I knew I wouldn't get much but don't want to be ripped off either.

Would really appreciate any thoughts! Thank you.

Sounds like you are being very level headed about this. Good that you are putting priority on security. The easiest thing to do is to sell it to the trade. If you got multiple offers from legitimate businesses, that is probably the right price for your area. Having said that, you might want to discuss a consignment arrangement with one of the jewelers which could net you a higher price. You may have to wait to get your money, but that does not seem like the issue for you.
Good luck!

 

[susief]

Thanks Texas Leaguer, I appreciate your response! You're right that I am putting a priority on the security ay wanting to sell to trade and know I will be paying for this. I've since noticed that one of the companies that has offered (White Pine Diamonds) has links to Pricescope which is somewhat reassuring. I will look into consignment too. Thanks again all.