Looking for a place to sell a diamond in San Diego

[Kathski]

Hello to everyone at Rocky Talk. I am new to posting, but a long time lurker at PriceScope. Before my question, I want to thank all of you for your time and effort in answering all of our questions. I have learned so much just from lurking that you were the first place I thought to come for help.

My mother received a 3 carat diamond and platinum ring as an inheritance. She is completely uncomfortable wearing it as she feels it is too big and asked me to help her sell it. We have an appraisal and a GIA report for the diamond. I have read enough on PriceScope to know I will not be getting any where near retail. My questions:

I do need to sell it, but wanted to know is it worth trying to consign the ring, or is it best to just sell the diamond alone?
Can you recommend some places to consign/sell in the San Diego area?

Here is basic information on the diamond:
Weight: 3.03 Cts. (actual)
Cut grade: Fair
Depth: 58.94%
Table: 66.7%
Polish: Good
Symmetry: Good
Clarity grade: SI-1
Color grade: J
Fluorescence: Strong blue (lw), moderate blue (sw)
Feather, indented natural, crystal (located in the center of the stone)

Again, I want to thank you for your help and time.

 

[kenny]

By selling locally you are not reaching 99.999% of potential buyers.

Consignment is safe but you have the share the proceeds with the jeweler ... which is fine if you prefer that route.

Personally, I'd get it removed from the setting because there are more customers for a loose diamond.
Next I'd get a qualified appraiser to check it for chips and get it repolished if needed.

I'd drive it over to GIA in Carlsbad, CA for a new report with a new date.
I'd list it on sites like
www.diamondbistro.com
www.loupetroop.com
www.idonowidont.com

To decide on a price I'd find comps on Bluenile's huge database.
Price is some percentage of today's retail ... 50% to 75% perhaps.
There's a good chance the lower you price it the faster it will sell.

You may look into paying an appraiser for escrow service.
(S)he ships the diamond only after the payment has cleared.

Good luck.

 

[ringo865]

Or get it recut for roughly $450 and you'll (or Mom) have a smaller stone that is AGS Ideal and if you (or Mom) still doesn't want to keep it, it'll still be worth far more than a 3 ct GIA fair cut.

 

[kenny]

Yes, GIA's fair cut is horrible light performance compared to ideal cut.
Fair cut means lots of light is leaking out the bottom that could be reflected back to your eyes.
A recut to ideal proportions will make the diamond desirable to member of PS, but mut many buyers are ignorant of cut and light performance but ALL buyers understand carat weight and with a huge table percentage of 67% (you want close to 56%) recutting for ideal light performance will likely cause this 3.03 ct diamond to fall below 3 ct, a major milestone when it comes to price per carat.

I don't have the expertise to make the call but I suspect dropping well below 3 ct will lower the value more than the better cut will improve the value to the vast majority of buyers since they are not well-iformed about cut.

If you can also post the crown angle and the pavilion angles, better yet post the GIA report #, some experts here may offer you more information about expected weight loss when recutting to ideal proportions.
If the girdle was placed where it belongs (in the side view) there will be less weight loss.

 

[Kathski]

Thank you for your replies. This is greatly appreciated. We have a GIA report, but I don't have it with me, but will get a copy from my parents. I had not thought about selling the stone myself by putting it up online, but do like the thought of using an escrow service. Part of my reason not selling it myself was the stress of dealing with the money and safety and an escrow service would help to reduce my concerns.

I do have some more questions though. Is there much difference between the amount a dealer would take if I consigned the stone as opposed to paying an appraiser for providing the escrow service? Would any appraiser be willing to do this or do you have recommendations?

 

[Tophat1]

If it were me, unless I was really hard up for money, I would send the stone to Good Old Gold for an AVR recut, which I think would be extra gorgeous on a J-MBF. I'd rather keep the stone in the family and have a rocking new old cut than sell for below value.

 

[kenny]

Thank you for your replies. This is greatly appreciated. We have a GIA report, but I don't have it with me, but will get a copy from my parents. I had not thought about selling the stone myself by putting it up online, but do like the thought of using an escrow service. Part of my reason not selling it myself was the stress of dealing with the money and safety and an escrow service would help to reduce my concerns.

I do have some more questions though. Is there much difference between the amount a dealer would take if I consigned the stone as opposed to paying an appraiser for providing the escrow service? Would any appraiser be willing to do this or do you have recommendations?

Even though it has a GIA report, I'd get a new one.
The stone has been set and that can result in tiny micro chips not reflected on the GIA report, since it was generated before the diamond was set.
I, as a buyer, would not consider buying a diamond with a report older than, say, a year or two.
Selling a diamond (especially as a private party) is all about reducing fear and suspicion.
A report from GIA helps do that, and a new one does it even better.

Though you do have to pay a jeweler to remove the diamond from the setting the fee for the grading itself is small, and you don't have to pay a jeweler to send it to GIA.
They will accept the diamond from you in person (after going through some security) and their lab in Carlsbad is close to San Diego.
This saves you money on shipping and insurance ... which is problematic since you don't know the value
Be sure to check out GIA's museum and bookstore.
They are on a cliff overlooking the ocean, stunning view!!!!!

GIA's diamond grading fee schedule: https://www.gia.edu/gem-lab-fee-schedule
3.00 to 3.99 ct it's $250.
2.00 to 2.99 ct it's $169.
A tiny price for the value of the stone.
If it's recut for ideal proportions or just polished up to remove tiny nicks from being set or wear and tear it will lose weight.
That makes the old report invalid.
Actually, selling it with a report claiming a weight of 3.03 when the weight is now less is not only unethical it may be illegal.

The fee for consignment will vary with the jeweler.
Basically the more valuable the stone the lower the percentage.
Understandably, sellers want in-demand goods that sell fast.
A well cut GIA 1.01 ct G VS2 will sell faster than a poorly cut GIA 6 ct P I2 or D IF.
I think sell-ability affects whether they'd even accept the stone and what commission percentage they'd take.

You wrote, "Fluorescence: Strong blue (lw), moderate blue (sw)"
That's odd since GIA usually states only one strength.
Does anyone know why two are stated, and what lw and sw mean?
Is it an extremely old report?

The fee for escrow service would be much much less than the commission a jeweler would take to sell your stone.
Keep in mind a jeweler can command a higher price than a private party ... the higher price may more than cover the commission.

To find a reputable appraiser click on the above blue tab for RESOURCES.
Then click on APPRAISERS.
Then find your location.

Good luck.
Selling is complicated, but you've done the right thing by coming to PS.

 

[Kathski]

Thank you again for all of the replies. I should have been more specific with the initial information on the diamond and for that I apologize. We sent the stone to the GIA in March of 2016. We had originally taken it to an appraiser who then told us to get the report. I did not have the report in hand, so used the information from the appraiser. I have the report number:

GIA report #5171558026

The information from the GIA was a little different then the appraisers info. I should have waited until I had the report in hand, but was anxious to get started. I appreciate the opportunity to learn. My parents also appreciate the help.

 

[girlguineapig]

I think the diamonds I had recut just a short while ago had similar proportions generally (you can look up my thread for the before and after). A lot of carat weight would be lost if recut - it could possibly go all the way down to around 2.2 carats, but you would have to talk to someone to be sure. On the other hand, maybe that would make the diamond acceptable enough to your mom to keep it and wear it? I would love to have a 2.2 carat ideal diamond in my family to admire.

 

[kenny]

Yeah, with those proportions you'll lose diameter.
The HCA score of 8.0 confirms the poor cut.
https://www.pricescope.com/tools/hca
I've never seen a score that high (you want under 2.0)
This is an ideal example of a diamond cut for weight not light performance.
If you get it cut for ideal cut you will be astonished at the transformation in light performance.
You mom might just decide to keep it, after all she didn't want to wear it because it was too large, but it will have a smaller diameter after the recut.

But again, before deciding you need an estimate of weight loss and an expert appraiser's advice on how the value will change.
I suspect you'll get more money for it as a very poorly cut 3 ct since so many buyers understand weight, but not cut.




On the plus side a recut may make the clarity grade go up.
Feathers are listed as the first inclusion, which means they are more grade-setting than the other inclusions.
Looks like all the feathers are at the girdle so they may be partially or fully polished off in the recut.
Also the cavity and naturals will likely be gone.
At 58.9% I'd guess the depth won't change.

 

[gretag]

Kenny is not most buyers. Don't unset it and sell it as is with GIA report, the Diamond alone will set the price you will not get anything for the setting. Is it eye clean under the table the crystal is it dark?

 

[kenny]

Kenny is not most buyers.

Very true.

 

[Rockdiamond]

+1 to gretag
You have a GIA "Good" cut grade.
Without looking at a stone like this, it's totally impossible to say it was cut with weight retention as a primary goal of the cutter.
It might be an attractive ( saleable) diamond, in spite of getting bashed by others who have not seen it.
I write this so you won't feel "hobbled" trying to sell it.
Also - the possibility of a recut is based on many factors- again, the stone would need to be evaluated in person to know if a recut is feasible.
Private sale will yield your highest return- but offer the greatest risk.
Consignment might be a possiblility locally- or online.
I have found that the best ( most active) sellers will want a hefty commission for selling your ring on consignment. Sites or store that are not all that active may want lower commission, but it can take years to sell something like this.....
I wish I had an easier answer

 

[Diamondz1]

If you're not in a hurry, you could have the stone unmounted and sent to Brian Gavin for a recut evaluation (http://www.brianthecutter.com/diamond-recut-service/). They'll provide you with a digital map of the diamond and an estimate of the final carat weight. Then you can choose to proceed, or not. They don't charge for the evaluation so, if you decide not to move forward, you'll only be out the cost of unsetting the stone, and shipping both ways (maybe $150?).

If you move forward, I think a recut costs $350 per carat, and you can opt to have them send the stone to AGS for a report for $250. (AGS is a grading lab, like GIA.)

If you asked, I bet they'd give you an estimate of the diamond's value before and after the recut as a courtesy.

 

[ringo865]

Please post pics too if you can. That's a huge table and I'm basically curious (nosy)

 

[Kathski]

Thank you again for all of the suggestions and will be sharing all of the information with my Mom so she can decide how she would like to proceed. Sorry for not replying sooner as I have been out of town. I will try to get a photo up as soon as possible.

 

[Dancing Fire]

+1 to gretag
You have a GIA "Good" cut grade.
Without looking at a stone like this, it's totally impossible to say it was cut with weight retention as a primary goal of the cutter.
It might be an attractive ( saleable) diamond, in spite of getting bashed by others who have not seen it.

David
Do you really need to see a stone with these proportions ? ...67% table with a flat crown =

 

[Tophat1]

And it is actually GIA fair, not good