shape
carat
color
clarity

Need help selling diamond

Status
Not open for further replies. Please create a new topic or request for this thread to be opened.

cool_koo

Rough_Rock
Joined
Oct 29, 2008
Messages
3
Hi, I was wondering if anyone could help me out. I have a GIA cert. 5ct diamond which is an L color VS2 clarity and good cut round diamond. I brought it to a bunch of dealers hoping to sell it and everyone said my diamond is only worth in the neighbourhood of $20,000 USD. I honestly don''t know what to believe because I bought it for around $80,000 and I know the rappaport price is somewhere around 65-70. How much should I be looking to sell the diamond for and where is the best place to sell it? I am totally blind as to where I can get the best price for it. Any help would be good. Thanks in advance
 

:)

Brilliant_Rock
Joined
Jul 25, 2006
Messages
1,864
Unfortunately selling a diamond gets you MUCH less $ than a vendor can get when they sell to a consumer. You may be able to maximize bang for your buck if you either consign the diamond or find an independent purchaser. I would recommend starting by taking it to an independent appraiser (NOT a GG or someone who sells jewelry, but a truly independent appraiser), tell him/her you want an appraisal for sale value, and go from there.
 

cool_koo

Rough_Rock
Joined
Oct 29, 2008
Messages
3
I actually have, mounted to a ring, one appraiser set it at around $140,000 CDN. Thats why I was so shocked when people offered me no more than 20,000 and no less than 5000. I can''t see how a ring bought 2 months ago for 80 would only be worth $5000-$20000.
 

:)

Brilliant_Rock
Joined
Jul 25, 2006
Messages
1,864
It is more difficult to appraise mounted but a good idea can be obtained from it - was the appraiser aware you were looking for resale value?

ETA I know this must be gut wrenching to have so much $ at stake!!
 

:)

Brilliant_Rock
Joined
Jul 25, 2006
Messages
1,864
Also are you in Canada? Pearlmans in the US would be a place I would approach about consignment.
 

Kaleigh

Super_Ideal_Rock
Joined
Nov 18, 2004
Messages
29,571
Date: 10/30/2008 1:30:51 AM
Author: cool_koo
I actually have, mounted to a ring, one appraiser set it at around $140,000 CDN. Thats why I was so shocked when people offered me no more than 20,000 and no less than 5000. I can't see how a ring bought 2 months ago for 80 would only be worth $5000-$20000.
It's like the new car you buy. You drive it off the lot. Then want to sell it. You don't get nearly what you paid for it. Same thing with diamonds...
2.gif
I'd contact Bill Pearlman, he's a PS vendor and look into consigning it... Good luck!!
1.gif
 

cool_koo

Rough_Rock
Joined
Oct 29, 2008
Messages
3
What is the best way to contact him? Would he be on this board?
 

:)

Brilliant_Rock
Joined
Jul 25, 2006
Messages
1,864
Date: 10/30/2008 2:00:21 AM
Author: cool_koo
What is the best way to contact him? Would he be on this board?
Not often - I have rarely seen him post. People that work with him always rave about him (Bill)

http://www.pearlmansjewelers.com/
 

arjunajane

Ideal_Rock
Joined
Jan 18, 2008
Messages
9,758
How come you can't just return or exchange it if its only a couple months? Did you buy it from a retails store/online/privately?
I second to contact Pearlmans, you can email or call.
 

MMT

Ideal_Rock
Joined
Jun 24, 2008
Messages
2,565
I would try to return it also since it''s only been 2 months. You''ll never recoup your $80 trying to sell it yourself. I bet it is gorgeous. Do you have a picture?
 

purrfectpear

Ideal_Rock
Joined
Mar 31, 2008
Messages
4,079
5.04 J SI2 EGL vg gd 10.94x11.00x6.71 $30492 at Whiteflash for RETAIL. Note it''s a J not an L, but SI2 clarity.

5.01 L VS2 HRD gd vg 10.87x11.01x6.76 $57796 at Whiteflash for RETAIL.

I''d say $30K is probably a fairly good ballpark figure for P2P sales.
 

denverappraiser

Ideal_Rock
Trade
Joined
Jul 21, 2004
Messages
9,150
You paid $80k for a 5ct. L/VS2? Yikes. Does this include the VAT and such?

Not that it matters all that much, but where did you get that $65-70k Rap figure? It's decidedly deceptive and you might want to discuss what it means with whoever provided you with it. These numbers do not stand alone in isolation.

There have been lots of threads on the subject of consumers selling diamonds. I agree with the above that you should start by talking to whoever sold it to you. You paid a premium for the dealer and perhaps they will be willing to work with you to help you sell it even if they won't agree to a refund.

Talk to your appraiser about what they mean by 'value' and how they came to their conclusion. It should be written right in the report but if it's not there, ring them up and ask. Any statement of value must contain an element of what it's worth to whom and under what circumstances. My guess is that they are answering a completely different question from the one you're asking. If they don't understand the question, find a different appraiser who does. The correct answer to the wrong question is doing you no favors.

It's also worth noting that the marketplace for big diamonds is currently pretty much frozen. The people who buy such things are waiting to see what happens and there's very little traffic happening with these goods at the moment.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver
 

neatfreak

Super_Ideal_Rock
Joined
Feb 17, 2007
Messages
14,169
Unfortunately appraisal amounts are often very over inflated and don''t really reflect the true value of the stone. As Neil put it the price you paid and the Rap "price" you have come up with is quite a bit bigger than retail...

I second trying to take it back to the original jeweler, especially if they sold it to you under false pretenses.
 
Status
Not open for further replies. Please create a new topic or request for this thread to be opened.
Be a part of the community Get 3 HCA Results
Top