Need advice on selling engagement ring

[JulianGI]

Hello

I purchased an engagement ring from James Allen a little bit over an year ago ! My engagement has been canceled so I am looking to get rid of the ring. I got the diamond for $3700 and the setting for $1250 ! Since it has been less than 2 years of my purchase they are offering to buy back the diamond for 70% of the original price and return the setting to me ! That is going to be around $2600 . Do you think I will be better off trying to sell the whole ring or I should go ahead and sell the diamond and then get stuck with the setting (which by the way is there a way to be sold) The ring has been appraised by them for a little less than $6900 and considering that I spent right around $5000 on it, getting $2600 for it seems low ! What would you advice me (I'm in no hurry of selling the ring now). Thanks in advance for your help !

 

[SandyK]

Since you aren't in a hurry and it sounds like you still have close to a year to take advantage of JA's buy back policy, I would try listing it somewhere else to see if you can sell the ring as is for more. I'm in the process of selling my engagement ring through I Do Now I Don't and so far everything is going smoothly (note that they take a 15% commission, so you should factor that into your asking price).

 

[JulianGI]

If I just sell the diamond for 70 percent of the original price (which from what I have read is pretty fair) what do I do with the setting, where do I sell it at and how much should I ask for it ?

 

[diamondseeker2006]

Well cut diamonds can often be sold by listing on LoupeTroop.com and then make a thread on the Pre-loved section of this forum (go to Pricescope Cafe and see Pre-Loved PS Jewels). You may be able to sell the diamond for a little more than the 70% but settings rarely get more than half what you paid. But if someone likes it with the diamond, that's your best bet for selling it. There is no commission but the buyer may want it to go to an appraiser to hold til you receive the money and they'd send to the buyer. Buyer would pay for an appraisal.

 

[arkieb1]

I agree try listing the whole thing on Loupetroop and Diamondbistro and on the preloved section in here first. Settings sell for half to a bit under less than half but a well cut diamond set in a nice ring might get a bit more overall because you might be able to sell both at once.

If you have no luck then take it back to where you got it.

 

[denverappraiser]

The whole 70% offer is a contractual obligation that doesn't have an expiration date. That means you can use it as something of a 'reserve bid'. Try and sell it intact through other channels; if you get it, great, if not you can always go back and take the dealer offer.

Selling used jewelry can be tough, but used mountings where the stone has been removed are especially hard. IF you can sell it intact and directly to a consumer, that's where your top dollar is likely to be.

 

[Gypsy]

Can you post it on the pre-loved board? I have someone I can link to it, possible, depending on what it is. Used settings aren't worth much though. So set the price based on the stone.