Need expert help with a very large diamond (value/sell/keep)

[TheGeckoLady]

Ugh! I’ve been debating about what to do with the 10ct diamond ring my grandmother gave me. Here’s the original thread with lots of photos -https://www.pricescope.com/community/threads/greatest-christmas-gift-ever-10-2ct-diamond-ring.169880/

Half of me wants to keep it but it lives in the bank vault. I go visit it and wear it once or twice a year then put it back. The other half of me is thinking about selling it and buying something amazing but more practical for daily wear. I have small hands so anything over 3cts looks ridiculous.

I will probably end up sending it to GIA to have it certified which will cost about a thousand dollars but I have no idea what it will cost to get it to and from them or what service I should use. I’m interested to know if anyone has an educated guess as to what it’s worth, just a ballpark range. I really have no idea what it’s value would be or how to go about selling it if that’s what I decide to do. I’m a very skeptical person and I don’t trust many people.

 

[LibbyLA]

Re: Need expert help with a very large diamond (value/sell/k

I'd think you'd want to start with taking it to a good appraiser to get a general idea of what you have and what it's worth so you can insure it before sending it to GIA.

liz

 

[chrono]

Re: Need expert help with a very large diamond (value/sell/k

It shouldn't cost $1000 to have GIA take a look at it, does it? I agree with Libby to first have a local gemmologist verify that it is a diamond and its basic stats before going through the hassle and expense of shipping it off to GIA.

 

[GemFever]

Re: Need expert help with a very large diamond (value/sell/k

It shouldn't cost $1000 to have GIA take a look at it, does it? I agree with Libby to first have a local gemmologist verify that it is a diamond and its basic stats before going through the hassle and expense of shipping it off to GIA.

Sadly it does cost about that much (~$910). It gets more expensive the bigger the diamond is.

OP -- What a stone! Sorry no idea on value, but I second Libby's suggestion about getting it appraised first.

 

[TheGeckoLady]

Re: Need expert help with a very large diamond (value/sell/k

I found a local appraiser through the appraisers link here but it was going to cost $1000 to get it appraised which seems crazy if I’m going to send it to GIA. Do I need to have it appraised before I send it to GIA though? I’ve never dealt with shipping anything this valuable.

 

[diamondseeker2006]

Re: Need expert help with a very large diamond (value/sell/k

The diamond absolutely HAS to be insured before it leaves your hands. So if it is not insured, you'll need some sort of appraisal to get insurance on the stone. I wouldn't even worry about having an elaborate appraisal, just one that will set a value so the stone can have some insurance before sending it to GIA. After that I'd probably get a new appraisal based on the GIA grading and then adjust the insurance value.

 

[TheGeckoLady]

Re: Need expert help with a very large diamond (value/sell/k

The diamond absolutely HAS to be insured before it leaves your hands. So if it is not insured, you'll need some sort of appraisal to get insurance on the stone. I wouldn't even worry about having an elaborate appraisal, just one that will set a value so the stone can have some insurance before sending it to GIA. After that I’d probably get a new appraisal based on the GIA grading and then adjust the insurance value.

Thanks. I guess I’ll call around and see if I can find someone to appraise it for less than a grand. I may not be able to afford to sell it! lol This is why it’s been living at the bank.

 

[GemFever]

Re: Need expert help with a very large diamond (value/sell/k

If it's going to cost $1K to appraise it before you can insure it before sending to GIA... I'd either just appraise without sending to GIA (with a very good appraiser, one of the reputable PS ones), or just take it to GIA myself (drive, fly).

Good luck with it! How would you sell it? Maybe you could contact JbEG and ask them to send it to GIA for you (if you consign through them)?

 

[diamondseeker2006]

Re: Need expert help with a very large diamond (value/sell/k

Just call a couple of very fine jewelry stores in your area and ask if they do appraisals and tell them you have an heirloom ring and ask what they charge for an appraisal. You need one that is not based on the value of the item!!!

 

[TheGeckoLady]

Re: Need expert help with a very large diamond (value/sell/k

If it's going to cost $1K to appraise it before you can insure it before sending to GIA... I'd either just appraise without sending to GIA (with a very good appraiser, one of the reputable PS ones), or just take it to GIA myself (drive, fly).

Good luck with it! How would you sell it? Maybe you could contact JbEG and ask them to send it to GIA for you (if you consign through them)?

This may be an excellent excuse for a quick California trip! I didn’t even think of that.

 

[GemFever]

Re: Need expert help with a very large diamond (value/sell/k

If it's going to cost $1K to appraise it before you can insure it before sending to GIA... I'd either just appraise without sending to GIA (with a very good appraiser, one of the reputable PS ones), or just take it to GIA myself (drive, fly).

Good luck with it! How would you sell it? Maybe you could contact JbEG and ask them to send it to GIA for you (if you consign through them)?

This may be an excellent excuse for a quick California trip! I didn’t even think of that.

Double check the GIA site for what kind of ID you need to get in. From what I hear, it's like a top-security bunker

 

[VRBeauty]

Re: Need expert help with a very large diamond (value/sell/k

First of all - I love your diamond! Love that warm shade and the nice big facets - that baby oozes personality!

You're absolutely right - it will cost you over $1,000 to get the stone removed from its setting, appraised, graded, and... and possibly re-appraised... but going to that time and expense will help ensure that you get a fair deal if you decide to sell the diamond. Not that long ago a PS member sold a 5.13ct pear-shaped diamond for (we think) about $25K. https://www.pricescope.com/community/threads/did-anyone-see-that-big-lemony-is-up-for-grabs.181787/ Granted that diamond came with not one but two settings, but it was also much smaller than your stone. In other words, in all likelihood your diamond is worth $25K and probably a good deal more than that, so it'll be worth your while to get the grading and expert opinion on its value before you approach potential buyers.

 

[arkieb1]

Re: Need expert help with a very large diamond (value/sell/k

Hi,

Have you tried emailing Grace & Erica - Jewels by Erica Grace, the girls might have a rough idea what it would bring, and they take all sorts of things especially antiques on consignment and they get Dave Atlas to do valuations to go with the piece as well which should not cost you extra, just all part of the sale.

 

[TheGeckoLady]

Re: Need expert help with a very large diamond (value/sell/k

That yellow pear was beautiful! My dream engagement ring I picked out when I was 13 was a huge pear with trillions like that. Never could anyone to buy it for me at $676K. Haha!

I’ll definitely check out Grace & Erica. That may be a good avenue to sell it as well.

 

[Rockdiamond]

Re: Need expert help with a very large diamond (value/sell/k

Wow! What a cool diamond.
Here's my take: it's a very unusual stone, clearly very cool. Based on the few photos I'm looking at, there's plenty of color in the diamond. In my opinion it's a potential candidate for recut.
Maybe others will chime in with different opinions, but from what I see the stone could gain a lot of color if it was properly cut. For this reason, it might make the most sense to see if you can find a large diamond company that want to buy it.
For sure it is not an easy thing to sell, although it may contain great value.
It might make the most sense to use the thousand dollars for a trip to New York City instead of spending it on an appraisal, or GA report. The diamond is going to be recut neither of those will be valid after the recut

 

[two_little_birds]

Re: Need expert help with a very large diamond (value/sell/k

Nothing to add that hasn't already been said, but wow, just wow... that's an awesome gift from granny!

 

[TheGeckoLady]

Re: Need expert help with a very large diamond (value/sell/k

Wow! What a cool diamond.
Here's my take: it's a very unusual stone, clearly very cool. Based on the few photos I'm looking at, there's plenty of color in the diamond. In my opinion it's a potential candidate for recut.
Maybe others will chime in with different opinions, but from what I see the stone could gain a lot of color if it was properly cut. For this reason, it might make the most sense to see if you can find a large diamond company that want to buy it.
For sure it is not an easy thing to sell, although it may contain great value.
It might make the most sense to use the thousand dollars for a trip to New York City instead of spending it on an appraisal, or GA report. The diamond is going to be recut neither of those will be valid after the recut

That is excellent advice, thank you. I found the little Sell Your Diamond tab last night and put in my info just to see if any diamond brokers might contact me to give me their thoughts. I woke up to an email and phone call from dealer who would like to make an offer as soon as I get my appraisal. So it’s nice to know there’s interest even if I have no idea how much that interest is worth yet. The jeweler down the street said they would do an appraisal for $50 (I didn’t elaborate past “diamond ring”) so I may try to do that today. I’m excited and terrified but it will probably make up my mind on whether I should sell it or keep it.

 

[Rockdiamond]

Re: Need expert help with a very large diamond (value/sell/k

You're welcome!!
My advice is to save the $50- you're in the driver's seat.
Tell the jeweler if he wants to look at, you'll show it to him for free- ( and that you're charging $50 to others for a peek

Seriously, don't throw good money after bad- anyone who's interested will give you an offer - which in a sense is an evaluation- for free.
Then, after you've gotten multiple offers you can better evaluate each,

 

[babs23r]

Re: Need expert help with a very large diamond (value/sell/k

The diamond is gorgeous. As far as color, would it fall into a fancy category ? If so, the value would be even higher .

 

[partgypsy]

Re: Need expert help with a very large diamond (value/sell/k

Please keep us posted on the process, I'd be curious to hear about it. I do feel you should have an appraisal and or gia report before selling, really so you know what you have and what the buyer knows what they are getting. For small items this can be expensive but it is worth your while for an item like this.
I would check and see if there is a reputable jeweler with a gia gemologist on it's staff, that does appraisals. I had an appraisal done in my town at a jeweler with trained staff and it cost me all of $200. Can also look in tab "Resources" for independent appraisal near you.

 

[TheGeckoLady]

Re: Need expert help with a very large diamond (value/sell/k

Just had an interesting encounter with the jeweler down the street. I do feel good that my guess as to grading matched his. He said it was P color and I1 clarity. He only wanted to give me his verbal estimate on what he would probably buy it for after consulting with some of his colleagues which would probably be in the $12,000-$20,000 range. Ha, I’d buy it for $12K too! $1000 a carat for a 10 carat stone sound like a great deal to me. I asked about getting a written estimate and he said it would be $200 (they told me $50 on the phone) so I thanked him for his time and left. I totally understand that if I sell it to a jeweler or broker they will want to pay wholesale so they can make money but am I out of my mind in thinking $20K is too low?

 

[LibbyLA]

Re: Need expert help with a very large diamond (value/sell/k

Here are the comps for larger marquise stones available through PS's search function. There's only one diamond that's anywhere close to the same size as yours, but it's a much higher color grade and possibly/probably a higher clarity. There's only one I1 stone, but it's a J color and AGS graded. The lowest color grade is K. Don't know whether any of this is at all helpful, but there's one 5.82 K SI2 for about $25K... You're looking at wholesale rather than retail and whoever buys it will probably be looking at recutting it.

Very neat diamond and ring.

liz

 

[diamondseeker2006]

Re: Need expert help with a very large diamond (value/sell/k

Is your grandmother still living? I'd be inclined to say that I would not sell a gift like that as long as my grandmother was living.

 

[Rockdiamond]

Re: Need expert help with a very large diamond (value/sell/k

Yes, you'll find a long line of buyers @ $1000 per carat...

Comps can be useful- but also remember that modern cut Marquise- and a stone like yours are in a totally different category.

About the color - let's say it's "cape"- in the range fro O-P down to U-V ( hypothetical as I'm just going by pics)
A recut to modern standards might increase the color to Fancy Light Yellow- but no guarantees.
This potential works for you.
Do you have a UV light?
Knowing of the stone is fluorescent is important


The term "GIA gemologist" is incredibly deceptive IMO- I know part gypsy is giving advice with good intentions- which really proves my point.
The ONLY people who can call themselves GIA Gemologists work for GIA.
Period.

"GIA trained gemologist"? Sure, they're all over the place.
I've seen far too many sellers using this ploy.
By adjusting the terminology to "GIA Gemologist" in promotional literature, consumers feel that they can get something that relates to a GIA document.
Nothing could be further from the truth.
Unfortunately, having a earned Graduate Gemologist degree from GIA means very little without extensive practical experience.

 

[bebe]

Re: Need expert help with a very large diamond (value/sell/k

I think this is a gorgeous stone as is but I bet a recut would be aewsome too.
Can't wait to hear what you end up doing. If it was me, I would do the recut
and luv that baby!

 

[TheGeckoLady]

Re: Need expert help with a very large diamond (value/sell/k

I really appreciate everyone’s feedback! The broker in NY felt like they would also be in the $10,000-$20,000 range but then after looking at more photos said they thought it was laser drilled for clarity enhancement and that I would be better off keeping it. I had already said I wasn’t interested at selling at that price anyway. I can definitely see what they think are drill marks. I just thought they were needles. The thing is, my grandmother said she bought the ring in the 50’s (she is old so I take her stories with a grain of salt) but I remember seeing it for the first time in the 80’s so I definitely know she’s had it that long. I also know that she never sent it anywhere. She actually kept it in a drawer in the house which I always thought was a terrible idea! LOL So it seems unlikely to me that it would be laser drilled. Isn’t that more of a modern technology?

And just to clarify, the only person in the family who hold any sentimental attachment to the ring is me! My grandmother bought it from a friend who was having money problems at the time as a favor so she’s never cared about it. She’s actually never really liked the ring. She’s not a very flashy person. When she gave it to me she said to do whatever I wanted with it as long as I didn’t get “bonked over the head” from someone trying to snatch it off my hand. But it looks like I’ll probably just keep it in the bank. It doesn’t seem like I’ll get enough from a dealer to be worth selling. I would want to get it GIA certified to put it on consignment in hopes an individual would pay retail for it and I’m not quite prepared to pay for everything that’s involved in doing that.

 

[JulieN]

Re: Need expert help with a very large diamond (value/sell/k

You could always visit Diamonds by Lauren or Good Old Gold since you are in NY.

 

[TheGeckoLady]

Re: Need expert help with a very large diamond (value/sell/k

You could always visit Diamonds by Lauren or Good Old Gold since you are in NY.

I wish! I’m in Texas. I was just talking to a dealer in NY and they evaluated the ring via photographs. It would be much more convenient to be able to take it to different dealers in person. I wouldn’t be apposed to trading for something else if I found the right diamond. Maybe one day…

 

[chrono]

Re: Need expert help with a very large diamond (value/sell/k

Laser drilling has been around since the 1960s per JCK.

 

[TheGeckoLady]

Re: Need expert help with a very large diamond (value/sell/k

Sorry forgot to attach photo. See comment below.