Oval resale value

[oval regret]

Hi there,

I’ve been told that fancy diamond resale value is significantly lower than round solitaire. I was wondering how much would I be able to get back (50%, 60% ...) original sale price if I were to sell my 3.1 carat oval. Thanks.

spec:
3.1 carat
VS1
E color
Depth 66%
Table: 57% (thick - very thick)
measurement: 10.82 x 7.84 x5.18
Fluorescent: none

 

[oldminer]

No one can guess about what your original cost was. The diamond has a relatively fixed value in the minds of diamond dealer buyers that has nothing to do with what you might have paid. If you bought the diamond with nearly no mark-up at all, you might get the percentages you mentions, but that is highly doubtful.

 

[yssie]

If you want to replace it with another stone, if you find a vendor who would take it in trade toward a new stone you’d likely do better than selling outright.

The mount is likely an almost-complete loss unless you keep it and reuse it.

 

[RunningwithScissors]

Also depends when you bought it. Diamond prices fluctuate.

My original e-ring was a 1 ct oval purchased in 2005. We sold it in 2019 to pay for an upgrade. Because it was well cut, an in-demand size, and we bought it when diamonds were considerably less then in 2019, we recouped the full price of the diamond (minus the setting.)

 

[Mreader]

I’m so sorry that your still unhappy with your ring I am flummoxed as to why your jeweler would not do an exchange once you got it. I wonder if there is any way to appeal to them to reconsider?

 

[MillieLou]

I’m so sorry that your still unhappy with your ring I am flummoxed as to why your jeweler would not do an exchange once you got it. I wonder if there is any way to appeal to them to reconsider?

I agree, it seems such a shame to take a hit like that on a brand new ring. I am assuming from your previous posts that you want a different diamond / ring, rather than just wanting to get rid of it? (Apologies if circumstances have changed). If so, I would speak to the jeweller and ask if they would do an exchange for a higher priced item, or for a "restocking fee" - even if they wanted something like 10-15%, that's nothing compared to what you would lose selling and re-buying

It seems so strange that a reputable jeweller would not allow an exchange on a newly purchased, unused item. Has the jeweller definitely been asked about the exchange? I know you were unhappy that you had been cut out of the whole purchase (as I would be, to be honest) - is it possible it was a second-hand purchase or some other reason for it to be final sale..?

 

[MollyMalone]

I’m so sorry that your still unhappy with your ring I am flummoxed as to why your jeweler would not do an exchange once you got it. I wonder if there is any way to appeal to them to reconsider?

I agree, it seems such a shame to take a hit like that on a brand new ring. I am assuming from your previous posts that you want a different diamond / ring, rather than just wanting to get rid of it? (Apologies if circumstances have changed). If so, I would speak to the jeweller and ask if they would do an exchange for a higher priced item, or for a "restocking fee" - even if they wanted something like 10-15%, that's nothing compared to what you would lose selling and re-buying

It seems so strange that a reputable jeweller would not allow an exchange on a newly purchased, unused item. Has the jeweller definitely been asked about the exchange? I know you were unhappy that you had been cut out of the whole purchase (as I would be, to be honest) - is it possible it was a second-hand purchase or some other reason for it to be final sale..?

If you take a look at ovalregret's very first post here on PS,

Did I overpay for my oval? 3 carat looks like a 2 carat.

Hi there, Sigh, I feel like we overpaid for a 3 carat. Im in a little bit of regret because I relied on my fiancé to do his due diligence. I knew he was looking for an engagement ring and I wanted to part of the process. Somehow he was secretive about it and took matter in his own hands. He...

www.pricescope.com

you'll see that this diamond was not already part of the jeweler's inventory.

The jeweler "called it in" for viewing. Had ovalregret's fiance decided against it, the jeweler would have returned the fiance's deposit, returned the stone, and not been out any money. But because ovalregret's fiance was pleased and purchased this stone, the jeweler promptly paid his source for it. It would be very unusual imo for his wholesaler to later agree to take it back & refund the jeweler.

If the jeweler thought he could quickly "flip" the diamond, he might be willing to swallow the cost, for the time being, by accepting the return in order to make it part of his inventory. But I imagine he doesn't think it's likely that he'll have a potential customer soon come into his store looking for a 3-3+ carat oval of such high color.

 

[MillieLou]

Ah that makes sense, thank you @MollyMalone . It does not sound unreasonable of the jeweller.

OP I'm sorry I can't help with an estimate. It sounds like a very niche market. I would suggest getting the opinion of a consignment specialist who deals in high value items such as Jewels By Grace; I'm sure others here can suggest others who offer similar services.

 

[Mreader]

If you take a look at ovalregret's very first post here on PS,

Did I overpay for my oval? 3 carat looks like a 2 carat.

Hi there, Sigh, I feel like we overpaid for a 3 carat. Im in a little bit of regret because I relied on my fiancé to do his due diligence. I knew he was looking for an engagement ring and I wanted to part of the process. Somehow he was secretive about it and took matter in his own hands. He...

www.pricescope.com

you'll see that this diamond was not already part of the jeweler's inventory.

The jeweler "called it in" for viewing. Had ovalregret's fiance decided against it, the jeweler would have returned the fiance's deposit, returned the stone, and not been out any money. But because ovalregret's fiance was pleased and purchased this stone, the jeweler promptly paid his source for it. It would be very unusual imo for his wholesaler to later agree to take it back & refund the jeweler.

If the jeweler thought he could quickly "flip" the diamond, he might be willing to swallow the cost, for the time being, by accepting the return in order to make it part of his inventory. But I imagine he doesn't think it's likely that he'll have a potential customer soon come into his store looking for a 3-3+ carat oval of such high color.

I see. That makes much more sense now.

 

[AprilBaby]

Such a shame, a gorgeous ring!

 

[denverappraiser]

Use the database her to get a feel for what similar stones in a competitive marketplace cost NOW. Use that in your formulas. What you paid doesn’t matter. Expect a bit of resistance. Jewelers don’t like to take 3 caraters into inventory because they’re kind of expensive and they move slowly. Consider consigning it to someone.

 

[Bron357]

Hmmmmmm.
Its a shame you are wanting to sell your beautiful new engagement ring because its dimensions arent to your liking.
I understand that you are disappointed that your 3 carat Oval is visually slightly smaller than ideal proportions for a 3 carat oval but to sell it and lose $20,000 or more seems crazy.
In your first post you were concerned that money had been “wasted” because it “looked like” only 2.5 carat and that money could be spent elsewhere. Now you are considering taking a $20,000 or more loss on this ring AND then spend another large sum on its replacement.
It is a beautiful diamond ring and it looks HUGE on your finger. The “missing 1 mm” or so would not be visually appreciated it by anyone if you were to put a more ideally cut 3 carat oval diamond alongside it.
If you are wanting more visual finger coverage it would be more economical to up size the diamond halo. Take it up to 10 points per diamond and sell the original setting. Youll take a loss on the setting but that will be less of a loss than selling the 3 carat diamond.

 

[headlight]

Can you post a video? I would like to get a better impression of what it looks like.
In the meantime, let’s review:
1. Looks huge, looks like a 3ct diamond;
2. Size of diamonds in halo and band is, IMO, perfection;
3. You are wearing a 3ct stone of VS1 clarity;
4. You are wearing a 3ct stone of E color.
5. Your beloved selected for you on his own a 3ct diamond in VS1 clarity, E color, in a halo with diamond shank.
6. You are extremely blessed to have such an incredible ring and an even more incredible fiancée/husband.
Please ignore any and all charts.
NO ONE would ever think for even a second that it is not a 3ct diamond.
Furthermore, before they could even begin to calculate in their mind the size of the diamond, they will be blinded by the glaring white light emitting from your massive E color stone.
Do not fret for one second more. You are the envy of every girl that sees your sparkler.
SMILE

 

[yssie]

Completely agree with previous posters.

You're going to take a bath selling this ring. Between a stone of such high value that it'll be hard to move and a used setting that offers no flexibility on stone size at all, if your original concern was "wasting money" - selling now is absolutely guaranteed to waste more.

We're a forum full of diamond nuts. We understanding wanting newer, better, bigger, higher colour, higher clarity, etc. We understand the mind-clean value of small changes that most others would never notice, let alone care about. However, if you're going to sell your ring, you should do so with eyes wide open to the monetary wastefulness of that decision. You might or might not be okay with that - we're not going to judge that.

 

[Venusara]

I saw your pictures in your original thread and it looks bigger than 3ct to me because your fingers are proportionately small! I don't think that little difference in face up size will be visible. I really hope you choose to keep it, it's an absolute banger! And I think it's so romantic that he tried to keep it as much of a surprise as he could, while also trying to figure out what your dream diamond is. He chose a beautiful diamond, and 3.1 carats is 3.1 carats at the end of the day!!

 

[lovedogs]

If you want to sell then its completely up to you. I said in your original thread that I think you are unhappy bc you weren't involved in the process, and it's totally fair to be upset about that.

But definitely understand that you'll spend a lot of $ trying to sell and then re buying a new stone bc you wont get what you paid by and stretch.

If you know all of the above and are ok with those issues then I think you should do what will make you happy. In the end, you just dont like this ring and that's ok. Just make sure you go in w your eyes open.

 

[yssie]

If you want to sell then its completely up to you. I said in your original thread that I think you are unhappy bc you weren't involved in the process, and it's totally fair to be upset about that.

But definitely understand that you'll spend a lot of $ trying to sell and then re buying a new stone bc you wont get what you paid by and stretch.

If you know all of the above and are ok with those issues then I think you should do what will make you happy. In the end, you just dont like this ring and that's ok. Just make sure you go in w your eyes open.

^ lovedogs said it better than me. But yeah. All of this.

 

[AnastasiaBeaverhausen]

OP, maybe it'd help put your mind at ease if you actually got to see more 2-3 ct ovals in-person and compare them to your own? Hopefully, you'd end up falling in love with your ring and choose it above all others! Lol. Or worst case scenario, you go, "Yup, I can definitely do better" and make up your mind to sell/trade what you have.

 

[737liz]

I understand being unhappy that you weren't involved. You have to look at the thing every day for the rest of your life. Being physically reminded that your partner didn't realise that a big part of the ring was the journey of chosing together is a feeling I know VERY well. If it helps at all, as much as I still don't love my original ring, I am sentimental about it now, whereas before I was just angry that he didn't do his due dilligence, was overcharged, and didn't seem to 'know' me. Now, I look down and I am reminded that he did his best, was very proud, but ultimately was not as capable as I am. It is a perfectly fitting representation of our life together!

But selling low to just be rid of it is something I think you may regret later on. The advice to take your ring and compare it to other ovals is a great idea. Be sure to ask them to deep clean your ring before looking at other ovals. A slightly dirty oval set into a ring will never measure up to a loose perfectly clean stone.

Have you contacted the branded oval cut vendors inquiring how much a trade would get you? If I were you I would start there.

 

[ringupthebling]

Also depends when you bought it. Diamond prices fluctuate.

My original e-ring was a 1 ct oval purchased in 2005. We sold it in 2019 to pay for an upgrade. Because it was well cut, an in-demand size, and we bought it when diamonds were considerably less then in 2019, we recouped the full price of the diamond (minus the setting.)

Do you mind sharing the specs of your oval that you were able to recoup the full price of?

 

[ringupthebling]

While it’s generally understood that diamonds are not investments, I have heard of some success stories like @RunningwithScissors where people were able to recoup the majority of the diamond’s original price after a long period of time. I understand that prices and demand fluctuate, but are there certain specs, particularly with ovals, that typically do slightly better in the resale market? @denverappraiser brought up an interesting point that jewelers don’t like to take 3cts because that type of inventory tends to move slowly - what about 2cts? And is carat weight more important than color or clarity? Are there certain thresholds for carat, color, and clarity for oval diamonds that have slightly better resale value should that ever need to be an option down the road?

 

[denverappraiser]

It’s not a plot. It’s about the money. A 3 carat E/VS1/GIA oval here sells for $60,000 or so unless there's an unknown problem. That’s quite a bit of cheese. That’s the competition. Even if they can buy it for, say, $30k, which gives them a good markup when it eventually sells, most jewelers don’t have that kind of money in their checking account waiting to go into inventory. If a customer shows up looking for one, they won’t be surprised if it’s not in stock, they never are, and the world is full of vendors who will give them a short term consignment if they have a live customer waiting. They’ll order one in and make the sale in a few days.

In the meantime, that money will buy them half a dozen smaller round stones that will sell faster, even with a smaller markup. They may be able to ‘turn’ that money 3 or 5 times in the time it takes to wait for just the right customer who is looking for such a specialized stone. It’s easy math. What would YOU do in their shoes?

 

[denverappraiser]

There are definitely weight points that people aim for. That's the reason a 2.10 costs so much more than an otherwise similar 1.90. All of the parameters matter but yes, I think weight is the biggest, especially in these bigger sizes. We're talking about second marriages and upgrades. The customer went cheaper when they were younger because they had to for financial reasons, and now they want that 3-carater (or 2 or 5 or whatever) that they've always dreamed of. It's a different marketplace.

 

[RunningwithScissors]

Do you mind sharing the specs of your oval that you were able to recoup the full price of?

My oval was GIA 1 ct F VS1, no visible bowtie to my eyes.

 

[rockysalamander]

Not on point for your questions....but if your goal is better visual size on your hand, have you explored different settings for this stone? Double halo, oblong halo (bigger melee in ends than sides can lengthen), solitaire (this actually does make the stone look bigger to many), three stone, etc.

 

[Victor Canera]

I'm really sorry you don't love your ring. A couple of questions. When did you buy this diamond?
The reason I'm asking is that larger diamonds have appreciated considerably in the past year. I'd estimate the value increase for a stone like this one at 20-30%. Another thing going for you is the popularity of ovals. To give you an idea, a 3ct E-VS1 with no or faint fluorescence trades in the 45-55k ranges at the wholesale level. A jeweler would most likely discount their offer about 10-20% of wholesale however since they already have access to wholesale prices.

Good luck

 

[RunningwithScissors]

My oval was GIA 1 ct F VS1, no visible bowtie to my eyes.

I forgot to mention that I came across the original receipt a few weeks ago while cleaning out an old filing cabinet. We actually made money on the resale of this diamond (I had thought we had just broken even - I thought DH had paid more for it originally.) DH purchased it in 2005 for $4K and some change. We sold it in 2019 for $6K. We sold it before I knew about Loupe Troop and the pre-loved forum on PS. I wonder if I could have gotten more for it, but oh well.

 

[Rockdiamond]

My experience is different than Victors, but it could easily be a geographical difference.
From where I sit....cash buyers are not offering anywhere near 10-20% below wholesale prices when buying stones off the street, from consumers.....especially stones going for over $30k.
Here in NYC, cash buyers will offer about 1/2 of wholesale or less. Neil outlined the reasons well- cash flow is number one. The guys sitting with large stacks of Benjamins, waiting for street-level ( consumer) sellers are quite hesitant to give them out unless they're "stealing" it.....

Sweet deal for @RunningwithScissors for sure!! Great work!

But it's truly an outlier. In my experience, selling diamonds is very hard work. More so for consumers..... In general, a stone being sold by an established dealer is worth considerably more than the exact same stone being sold by a consumer.
As the dollars get higher, it becomes far more difficult for a consumer to sell their diamond.
Say it's a $30k stone. As a consumer, would you expect another consumer to pay you in advance? Why should they trust you?
Of course, you'd never want to ship before you get paid....so are you going to meet the buyer on the corner and do the deal?

While prices have increased considerably over the past year, all of these factors erase the gains. Additionally, the increases may be temporary, related to the pandemic.