Is this buyer telling me the truth?

[3personedgod]

Hi,
I am trying to sell my diamond ring and not having much luck. The last buyer told me "First the diamond is wider than what is considered ideal. The length should be twice the width and in the case of this diamond it is not. The other factor is that the EGL certificate is from "EGL International". "

It is a 1.24 ct marquise
Measurements: 10.61 - 5.83 x 3.46 mm.
Total depth: 59.3%.
Table width: 55%.
Crown Height: 15%.
Pavilion Depth: 37%.
Girdle Thickness: Slightly thick, Faceted.
Polish: Very Good.
Symmetry: Very Good.
Cutlet: None.
Clarity Grade: SI1.
Graining: Slight.
Color Grade: D.
Fluorescence: Very Slight Blue.

He told me the market would only give me around $2,500, maybe less. Is he dealing fairly with me?
Thanks,

 

[neatfreak]

It's hard to say, but the market for used diamonds is not a lot these days. You can usually expect to get maybe 30% or so of what you paid if you are lucky...but now isn't a great time to sell. EGL is known as a softer grading lab than GIA or AGS, so some people don't like that.

Here is some reading:


https://www.pricescope.com/community/threads/reselling-gems-jewelry-what-can-you-expect.17952/

 

[Rockdiamond]

Based only on what you wrote, I''d say that if you are comfortable with the buyer, and need to sell, $2500 sounds fair.
Of course the comfort level is crucial- if you need to send the diamond someplace before you get paid, please make sure the place you''re sending it is reliable and trustworthy. In fact, the offer seems a little high, making me concerned about the trustworthy issue.

 

[3personedgod]

Thanks Neatfreak & David. Yes, I am afraid to send it to someone I have never met. All the promises one gives on their website is really no guarantee.

I am taking it to another diamond buyer in my town tomorrow. They are gold & diamond buyers who come by and set up at the motel. I want someone to look at it. That is important to me because the stone is actually very nice.

I DO need the money soon, but I, of course, also want to get the most I can for it. This doesn''t feel good. The ring was appraised at 8,000.

Is the length to width ratio really that crucial--if it doesn''t negatively affect the look/light, etc?

 

[purrfectpear]

If you can get $2500 for a slightly larger than one carat stone, you should hop on it.

1. Marquise cuts are not so popular these days, so a much smaller resale market.

2. EGL International (vs. EGL US) is notorious for soft color grading. It''s just not respected at all.

3. Anyone setting up in a motel is NOT going to give you any kind of a deal

The specific ratio is not what is driving the resale value of your diamond, nor the specifications. That''s just about what an average 1.24 is worth to the average buyer.

 

[Lorelei]

Date: 2/17/2009 1:39:45 PM
Author: Rockdiamond
Based only on what you wrote, I''d say that if you are comfortable with the buyer, and need to sell, $2500 sounds fair.
Of course the comfort level is crucial- if you need to send the diamond someplace before you get paid, please make sure the place you''re sending it is reliable and trustworthy. In fact, the offer seems a little high, making me concerned about the trustworthy issue.

Ditto.

 

[LD]

If you don't feel comfortable selling to this person, DON'T.

Have you thought about selling it on Ebay and putting a reserve on it or maybe one of the sites that get mentioned on here that re-sell jewellery?

You definitely won't get the appraisal value but you might get a bit more than you're being offered although as others have said, marquises are not particularly popular. Having said that, I love marquise shapes and I'd be tempted - even if the cert is from EGL Int and I can't be the only one!

Good luck and I hope you manage to get what you want.

 

[Rockdiamond]

The more I thjink about this, the more skeptical I''ve become.
Offering $2500 sight unseen for your diamond rasies a lot of red flags. A dealer buying off the street would surely offer less
Please be careful!!

 

[3personedgod]

No, no, David. He did not tell me he would give me 2,500. He said that was the price range we were looking at and that he could only tell me for sure when he saw the ring. I want to trust him. I''m just scared. It is such a pretty thing. Probably the eye appeal is what''s giving me such a hard time with the low price.

 

[Rockdiamond]

I can totally see where you''re coming from.
It''s possible the buyer is on the up and up- or that they will lowball you once they have the stone in hand. Does anyone you know have experience with the buyer?

 

[Noahsmom]

Trust your gut.
I think you might do better selling it on Ebay or through consignment. Even if you don''t know a lot about diamonds, you still know your instincts. I think you need to trust yourself on this one. There are other buyers out there.

 

[3personedgod]

David,

No, unfortunately I don''t know anyone who knows him. He''s got a good reputation with the BBB, but I''m not sure that means much.

 

[3personedgod]

Thanks, Purrfectpear. I will go in tomorrow expecting the worst.

 

[3personedgod]

You could be right about EBay. I''ve been learning as much as I can about diamonds and resale, so it couldn''t hurt to give it a try. I''m trying to get a good photo of it--not so easy!

 

[Rockdiamond]

Not that I disagree Noahsmom- good point!
But selling on eBay might take time, you might also have problems getting the price.......consignment also requires patience.
I can understand the need to make a move that will result in a quick payment.
Not to say anything bad about BBB- but I don;t know tat it would give me the comfort I''d need.
Have you spoken with the buyer?
What''s you gut feeling?
Will they give you something in writing before you ship?

 

[3personedgod]

I have not spoken to the buyer. He''s in CA, and I''m in NY. If it''s not against policy, I will give you his website. My gut is not telling me too much either way. I did not like his comment about the proportions. Saying that because it is not perfectly 2:1 and that that would hurt its value so much didn''t sound right to me. I can understand the EGL International issue, but I also don''t believe that every grading by them is off so much.

 

[Rockdiamond]

Lizzie- the first part of your statement is completely true- a Marquise diamond is not going to suffer a large decrease in value simply because it's not 2:1 ( provided it's not really distorted by being waaay to thin or waaaay too fat)

But the second part is indeed true- anyone trying to sell a diamond without a GIA report quickly learns the value of such a report. It's not possible to use some sort of a formula to figure out how much the EGL report is off- many of the international ones are 3 grades off.

Why not call the guy on the phone?
You may not get all the assurance you need, but you might get a lot closer to a "gut feeling"

 

[mrssalvo]

I would spend the money to have it appraised by and independent appraiser to get the real market value. Use one of the highly respected appraisers recommended here and they will be honest as to whether or not the price is fair and what you can realistically expect reselling it. If someone in CA is offering you a fair price, you can probably find someone in NY to give you a fair price as well and you might be better off selling locally where you could get a local appraiser to be the middle man.

 

[3personedgod]

To all who have helped me with my question, THANK YOU!

I have a consignment shop who wants to do business with me. They saw the diamond several weeks ago. Their reaction assured me that I can get a good price for it. They just emailed me telling me that 5,000 is "just right" for this ring. I am feeling confident about them because they''ve been in this business for over 100 years.

Do any of you have any warnings or suggestions for me about this transaction? They''ve assured me it will be safe and inusred with them. They told me they it will sell within 2-8 weeks. Their cut is 25% (above the 5K I am asking).

I will drive down (next state) this Friday or Monday, depending on weather. I am still nervous about leaving this pretty stone with them, but maybe this is the best I can do and it will all work out.

Thank you all, again, for your expert and caring advice!

 

[JulieN]

Don't want to be a Debby Downer, but $6250 for a second hand marquise sounds extremely high to me. 2-8 weeks also sounds extremely optimistic.

 

[neatfreak]

Date: 2/17/2009 8:39:06 PM
Author: JulieN
Don''t want to be a Debby Downer, but $6250 for a second hand marquise sounds extremely high to me. 2-8 weeks also sounds extremely optimistic.

Ditto. I wish you the best, but I really don''t think you''ll get anywhere near that unfortunately.

 

[purrfectpear]

Yep, especially when Whiteflash has an F, SI1, GIA 1.22 for $3668, and an E, VS2, GIA for $5274.

Good luck and I hope it sells quickly for you

 

[JulieN]

Date: 2/17/2009 8:34:45 PM
Author: 3personedgod
To all who have helped me with my question, THANK YOU!



I have a consignment shop who wants to do business with me. They saw the diamond several weeks ago. Their reaction assured me that I can get a good price for it. They just emailed me telling me that 5,000 is ''just right'' for this ring. I am feeling confident about them because they''ve been in this business for over 100 years.


Do any of you have any warnings or suggestions for me about this transaction? They''ve assured me it will be safe and inusred with them. They told me they it will sell within 2-8 weeks. Their cut is 25% (above the 5K I am asking).


I will drive down (next state) this Friday or Monday, depending on weather. I am still nervous about leaving this pretty stone with them, but maybe this is the best I can do and it will all work out.


Thank you all, again, for your expert and caring advice!

I think I did my math wrong. If they are getting 25%, that means you are getting 75%. And you asked for at least 5000. That means they''d have to sell it for almost $6700. $6700*.75=5025. That''s ...interesting.

 

[Rockdiamond]

Lizzie- A consignment shop needs people to bring in things.
I agree with everyone who's questioning this.
I'd have to say they are being wildly optimistic on both the price, as well as the time frame considering they've never examined the diamond.

Assuming you bought the diamond from a reputable seller, we can use the EGL for something in this case.
It tells us you've got a 1.24ct marquise diamond.
You are looking at it, and tell us it's lovely- and there's nothing to make me believe that's not true.
The EGL report, even if it's off by a few grades means you have a high white diamond.

It might be that a fine jewelry store could sell a D/SI1 1.24 with a EGL report for $6250. All lot of jewelry stores out there really wish they could be assured of selling something like this within 8 weeks.
A consignment shop would need to sell it for a lot less to move it.


Maybe I'm being overly skeptical- but I think they owed you a more realistic evaluation. It makes me question what they are doing overall.

 

[3personedgod]

Thanks to everyone for your comments. I want to do this right. David, they DID see the stone and were impressed. My concern now is that they will hold it for much longer than the 2-8 weeks they promised me. Should I get something in writiing about value from them--or about time with holding it?

I will be as careful as I can be. Maybe these guys are trying to rip me off. How can I tell? Everyone I''ve talked to tells me that I can "trust" them. Everyone tells me they are "honest."

I know this stone is very pretty. I know this because I''ve worn it for a year or more and it gets way too much attention. I call it a "beacon." The light/glow it emits is amazing. I''m a college professor, and students 3 rows back practically fall out of their chairs when they spot it. Sometimes I slide it underneath my finger so I don''t have to worry about that.

But it is just a diamond among many very nice diamonds. This whole selling and appraisal thing has me in a tizzy.

 

[Gypsy]

Pictures??

 

[3personedgod]

I tried to take pictures today. They do not show the stone''s true true beauty. I found it hard to get a clear pic. Not sure how to get it better. I can send what I took, if you''d like. Let me know.

 

[Rockdiamond]

Lissie- I'm sorry- I never meant to imply they were out to rip you off.
If you felt good about it after meeting them, give them a chance.
They should have some sort of consigment agreement.
Look it over.
You should have rights to terminate the agreement reasonably.
They may have the right to sell for a lower price. I'd say it's liely they will get offers- the fact it's a gorgeous diamond is not really in question. It just might take a little longer, and go for a little less.
Hopefully I'll be proved wrong.

 

[3personedgod]

You are a good resource, David. I will go with your advice. The diamond is very nice, so let''s hope for the best. Something so stunning should get something good.

 

[3personedgod]

Thank you for your advice. I know you know what is reasonable, and I will take you advice in hand. Thanks.