It ended not well.... So how do I sell an expensive ring?

[WhnHarryMetSally]

I need some advice.... Big time.... Here''s the details. I recently bought an engagement ring for a realtionship that soon went sour. The ring we bought listed in the window (in NY''s Diamond district) for $46,000. After much discussion, we were offered a price of $27,000. We took the ring to an independent appraiser (also in the Diamond District) and we received an appraisal of $36,000 minimum.

We ended up purchasing the ring for $25,000. The ring is a full 3 carat round center stone, brilliant cut, G-H, VVS2, with 2 oval "fancy yellow" sidestones, each at .75 carats (4.5 carat total weight), in a 14 kt white gold engagement setting.

I have been pricing similar rings on Blue Nile, Ashford, Diamond.com, etc, and all sites are pricing a single 3 carat (without even including the two fancy yellow oval sidestones) consistenly at approx. $38,000 to $40,000.

OK.... so... what do I do? Anyone have any ideas as to how to get proceed. Someone suggested e-bay, but I would never buy something worth this much on e-bay, so why would I think someone else might? Help! ....please.

"Harry" .....
NYC / North Jersey

A picture of what the ring looks like is attached.

 

[job]

WhnHarry,

Check out this old post for some insight

https://www.pricescope.com/ubb/Forum1/HTML/000014.html

Also, new and used automobiles are bought and sold on e-bay all of the time so might be worth a try (you can set a minimum price and you might get lucky... cost is very low if item doesn't sell)

Job

 

[caratgirl]

Harry, so sorry! I understand how you feel about Ebay. I also have a stone I want to sell, but just the thought of Ebay problems has me squirming.

First of all, before you sell it, get a really decent appraisal by a gemmologist. You may already have this. This does not mean a jeweler that appraised it that is not certified. You will then be able to 'discount' your ring appropriately from the estimated value (50% is usually the norm). If you got a good price, then you should be able to still break even or a bit lower.

If you want to still go Ebay, it's going to be hard, because you are not going to want to offer a return I imagine. Just the thought of having something switched on the ring or having it returned damaged would give me nightmares. Second, without a lot of feedback, probably you would not get any bites, but I could be wrong. Maybe some Ebayers here could give you better advice.

I would go for the newspaper ad. Unfortunately, the only place that I would feel moderately safe would be at work - and I don't know your office situation. Mine would be relatively easy, since it a mid-sized company and I have an office. I have heard of going to Police stations to do business, but these days, I'm not sure if they would welcome this type of traffic.

Another option would be your bank or the other party's bank. However, they are going to want an independent jewelry appraisal, so then you have to drive to that jewelry store and be exposed to possible theft again.

Am I just too paranoid from living in Southern CA? If you live in a smaller town then it might be okay.

I do know one thing. Stay away from Pawn shops! Maybe you could place the ring on consignment in an upper-scale jewelry store?

Hopefully others will take the time to reply and recommend other options. Good luck.

 

[Rhino]

"We ended up purchasing the ring for $25,000."
"After much discussion, we were offered a price of $27,000."

You paid 25k for it and you're being offered 27k? This is a no brainer. Make your 2k on it and count your blessings that you're even getting your money back.

Rhino

 

[WhnHarryMetSally]

No no no..... I have not been offered anything for it.... I bought it for $25, and that was the price they lowered it to (from $27K).... They will not buy it back from me, but they'll give me $25K towards a new purchase (of greater value). Since rings of similar center stone size and spec are being sold online for no less than $33 K, and up to $40 K (and that price does not even include the added value that the pair of sidestone fancy yellow diamonds bring with them). I was wondering what I should do.... ..how can I sell it and not lose my shirt (since I do think that I got a good value for it to begin with)?.....

 

[kathishopping]

hi there,
you paid 25 g's for the ring and the jewelry store will give you a 25,000 store credit......PERFECT...get yourself a new watch!!

 

[slmulkey]

If it were me, I'd have the fancy yellow diamonds made into earrings, or two pendants, and sell them or give them away as very nice presents. I'd keep the center stone to use in a ering when you find the girl of your dreams. Some people don't like the idea of reusing diamonds from a broken engagement, but I wouldn't have a problem with it as long as the setting was different.

I second the advice of another poster though, you need to get a good appraisal done regardless of what you decide. If you decide to sell it, the additional information you get will make it more marketable and will help you to determine what a fair price for it is.

Good luck to you.

 

[Rhino]

Ok. You state the stone is a G-H, VVS2. Who determined this? If this diamond is not accompanied by a GIA or AGS Report you have to assume that this grading may not even be accurate so going by the prices ANYWHERE may not be a good indicator of what value you have. If you're here in the NY area (which it seems you are) you can book an appointment with me for a verbal appraisal if you want to know the nitty gritty on your stone and it's street value. For a small comission we can feature it on our website if you decide to do so and give it international exposure. Just a thought.

Rhino

 

[pyramid]

Just a consumer. Why not buy another round stone for the $25k. If you need it in the future at least it will not be the same diamond or how about buying a pair of diamond stud earrings for the value - if you could afford to give you next fiancee or wife earrings for that price.

 

[Mara]

Hmm I'm not super sentimental but I don't think I'd be into either a) a stone that my ex bought for his other fiance or b) a stone that was traded in for no particular girl after my ex and ex-fiance went their separate ways. It would be different if it was a family heirloom or even if you bought it from another friend of a friend, but for some reason, the whole ex-stone thing never sits well with me...possibly because it's too personal and close to the heart? Who knows. Just my two cents.

Anyway if you decide to sell it or don't want to trade it in for a Rolex or something (coool ideal!), Rhino's suggestion is great on posting it on his site for a small fee. That is really an ideal situation, you should try to get the stone to sell on consignment on a vendors site. It will be much more effective and net you more $$ than eBay or a pawn shop, or even a trade-in at another store, plus you can piggyback on their web exposure and reputation to get your stone sold for probably a very decent amount. Also yesterday someone posted that DirtCheapDiamonds policy is to take some stones on consignment for sale as well. DCD is highly reputed and has many stones for sale.

You may want to first take the stone to an independent appraiser and get the numbers checked. Have them run a Sarin too. Then you will know more certainly what sort of make this stone is. It may help you pitch it to the vendors for sale, or sell it to a customer through them if it turns out to be a very excellently cut stone vs a typical mall store buy.

I would also do this because the way you bought the stone sounds a little iffy. If it was in the window for $45k but you got it for $25k when all was said and done..that's a $20k discount. A little steep? Seems like the stone was really worth $25k anyway and the vendor if it was an offline B&M probably made some good $$ off it, so maybe it was even worth less. So definitely get it checked out. You never know....I am leery of people who post one price and then knock it down sooooo much ...you really have to wonder what you are buying and is it worth EITHER amount?

Good luck!!

 

[WhnHarryMetSally]

Wow! So many responses so fast.... Thank you ALL so very very much!..... Seems like I stumbled onto some really nice (and informed!) diamond experts, here! I think the suggestion by Rhino is a good one. You see......I'm in marketing, and I know my stuff. In fact, I know it well enough to know that I don't have the reputation, experience, credentials or support system to be in the diamond bsuiness (what if the buyer wants the ring re-sized?... what if the ring is worth "more" as a single stone - no setting, and no sidestones?).... what if what if what if....??? ..... So, I'll take my own advice, and leave the diamond business to the diamond experts! ......I therefore think that maybe the best move is to get it appraised by a certified lab (you ALL seem to agree that I should do this), and to then take it to Rhino and see what he can do with it over time, for a commission, if he wants to take a crack at it.......

Also, I want to once again express my sincere thatnks to all that have taken the time to respond to me.

What a nice group you have here! Thanks for welcoming me... and for trying to help me....

Happy Sunday! Tom

 

[Giangi]

DEFINITELY give Rhino a chance. He's a great!

 

[Richard Sherwood]

Yeah, Rhino's okay.

Just be prepared for the hump, the dragging leg, and all that drooling. My God, the drooling...

 

[pqcollectibles]

While I don't presume to know all the inner workings of the B&M biz, I will share a local experience I had.

Our jeweler has a gorgeous 3+ carat invisible set, 18K WG dome style band ring for sale. Her asking price is $6995. One day while I was in her shop looking through books, I happened upon the book from the vendor she purchase this ring from at a show. The MSRP of the ring was listed on the page as $7995. Since I showed a particular interest, the jeweler worked her discount magic, and the $6995 price became a $5200 sale offer. That was roughly a 25% discount on her asking price. I have read that the tag prices were often 3 times the jeweler's actual purchase price. A rough estimate on this deal means she bought the ring for about $2650 ($7995 x .33) and would sell it for $5200 ($6995 less 25%). At that, she is still grossing nearly double what she paid for the ring to begin with. Keep in mind she still has expenses to meet,... personnel, lights, water, rent, advertising, insurance, etc.

Maybe that will guide you as to the true price of the ring you bought, all though the markup numbers may not be exact to your particular purchase.

Definitely, take the ring to an independent appraiser before you even try to proceed with the sale of the ring. The info the appraiser will provide is going to be crucial and sometimes demanded by anyone seriously interested in purchasing the ring/and or stones. The other alternative is to "part it out" as suggested above. Use/sell the side stones and center stone seperately. You will probably stand a chance of getting more return on your investment that way.

Hope this helps.

 

[Hest88]

----------------
On 5/4/2003 5:20:59 PM Richard Sherwood wrote:

Yeah, Rhino's okay.

Just be prepared for the hump, the dragging leg, and all that drooling. My God, the drooling...
----------------

Don't forget that dusty horn, or those black birds perched on his back all the time.

Serious, I agree with the others. If I were in your situation, I'd do, in order of preference.

1) The Rhino consignment
2) If I trusted the jeweler, I'd get the credit.
3) Or, if I were worried the jeweler wouldn't still be there the next time I got engaged or expected some other hassle, I'd purchase another diamond for that price and put it in a safe deposit box for my future fiancee.

 

[Heyjud]

So sorry it didn't end too well
But you'll be better off
As time will tell.

As far as the diamond,
Whatever you do
Some day you'll find a love that's true!

All the best....
heyjud