Need to sell a diamond what to do?

[whttiger25]

I have a diamond I bought for a marriage proposal. Well....things turned sour and I'm stuck with a diamond. Wondering what to do?

I bought it on b2cjewels.com and took it to a trusted dealer and everything checked out.The diamond is what it's supposed to be. I'm past the 1 month return policy though.

Stats (GIA):

Carats: 1.50
Clarity: FL
Color: F
Cut: Ex/Ex/Ex Fiery Ideal Cut 1.8 HCA
Flourescence: Medium Blue.

I paid $16,990. Online pricing services suggest it should be $19k online or $24k at a jeweler so I don't believe i got ripped off, and $11.4k selling to jeweler or $16.2k private party.

I went to an online diamond buyer (wpdiamonds.com) and they offered me $9.5-10.5k for it which feels pretty bad but confirms the online trade-in price range. Not looking to take a $6k+ loss.

Any advice? Should I hold it for investment value? Will I have luck selling it private party? I hope to get married someday but have to meet someone new first...not sure if I should sit on it but taking a huge loss sounds like a bad idea too. How do you even goo about getting a good private party deal? What would you do?

 

[telephone89]

You can list it on diamondbistro or loupetroop for a private sale, you can also look at consignment.

 

[MollyMalone]

Oh, I'm sorry, that is a tough situation for you to be in. There's this handy article, How to Sell Your Diamonds: A Guide for Consumers -- written by independent appraisers (and PS forum participants) Neil Beaty & David Atlas-- in the Resources section of the web site:
https://www.pricescope.com/wiki/diamonds/how-to-sell-your-diamonds
In addition to explaining the usual options, it notes that PS has a feature whereby you can receive quotes from dealers:
https://www.pricescope.com/sell-your-diamond

But have you contacted B2C and asked them what they might be willing to do for you? Although you are beyond their 30-day return policy for a full refund, perhaps they would agree to accept a return with the understanding that you will be charged a "restocking fee". That might be the easiest, fastest way to get most of your money back.

 

[whttiger25]

Thank you both. I will contact B2C first and go from there. Much appreciated!

 

[whttiger25]

Does anyone know, if I do take a loss, could that be considered an investment loss for tax purposes?