Question on selling diamond ring - is it possible?

[Jewlsplus2]

Hi! I''m new here - it looks like you all have a lot of knowledge of diamonds and I''m trying to find out how to proceed. Can anyone help?

My parents died a couple years ago - and my mom left a diamond anniversary band that my sister has possession of. It''s a platinum ring with 3 diamonds that total 1.8 carats. My mom had an appraisal done sometime in 2003 and it was worth $11,000. We can''t divide or share this ring - so we are looking into selling it. However, my sister now tells me the bigger middle diamond is chipped. The chip is not visible to the naked eye but she can feel it.

My questions are:
1. Is it possible for the diamond to be chipped? I thought diamonds were very hard to chip.
2. How does one go about selling an existing ring? Would I need a current appraisal first and then go to a jeweler to see if they''ll buy it? Should we try to sell to a jeweler on consignment?
3. What are the odds of getting any kind of value out of this ring?

Any guidance would be greatly appreciated!
Jules

 

[DonaBella]

Date: 3/7/2006 9:38:22 PM
Author:Jewlsplus2

Hi! I''m new here - it looks like you all have a lot of knowledge of diamonds and I''m trying to find out how to proceed. Can anyone help?

My parents died a couple years ago - and my mom left a diamond anniversary band that my sister has possession of. It''s a platinum ring with 3 diamonds that total 1.8 carats. My mom had an appraisal done sometime in 2003 and it was worth $11,000. We can''t divide or share this ring - so we are looking into selling it. However, my sister now tells me the bigger middle diamond is chipped. The chip is not visible to the naked eye but she can feel it.

My questions are:
1. Is it possible for the diamond to be chipped? I thought diamonds were very hard to chip.
2. How does one go about selling an existing ring? Would I need a current appraisal first and then go to a jeweler to see if they''ll buy it? Should we try to sell to a jeweler on consignment?
3. What are the odds of getting any kind of value out of this ring?


Any guidance would be greatly appreciated!
Jules

I am certainly no expert but I would suggest you get in touch with RockDoc. He posts here sometimes and is highly knowledgeable when it comes to diamonds. Hopefully others will chime in and share some sage advice for you...

If it were me, I would get it reexamined by an appraiser and see if in fact it is chipped and the overall condition of the ring and its stones. The appraisers can then direct you further. RockDoc is one of the many appraisers here at PS...

Good luck and sorry I cannot be of more help...

 

[mrssalvo]

Date: 3/7/2006 9:38:22 PM
Author:Jewlsplus2



My questions are:

1. Is it possible for the diamond to be chipped? I thought diamonds were very hard to chip.

2. How does one go about selling an existing ring? Would I need a current appraisal first and then go to a jeweler to see if they''ll buy it? Should we try to sell to a jeweler on consignment?

3. What are the odds of getting any kind of value out of this ring?


Any guidance would be greatly appreciated!

Jules

yes, diamonds can chip and do, espcially if it has a extremely thin girdle.

I suggest finding a jeweler to consign for you. It is very difficult to sell a ring, there is always ebay or craigslist but a trustworthy jeweler is where I''d go to buy a previously owned ring..

You can expect about half of what it''s worth on consignment, even less selling outright to the jeweler..

 

[AndyRosse]

Definitely first get it appraised by an independent appraiser. You can use the link above under resources to locate one near you. They will not only tell you what a fair price would be for the ring if it were sold to a jeweler, sold in a private sale, etc, but they can also tell you whether any diamonds are chipped.

I know Pearlman''s Jewelers has a previously owned jewelry section, you might want to contact Bill there.

Otherwise, you can sell to a jeweler, sell to a pawn shop, sell on eBay, sell on craigslist, sell in the newspaper (private sale), etc. All come with risks and difficulties, along with different expected payouts for the ring. In the end, you and your sister might just want to hold onto the ring, or have one pay the other for their half interest in the ring.

 

[plg_cp]

Date: 3/7/2006 9:50:13 PM
Author: mrssalvo

You can expect about half of what it''s worth on consignment, even less selling outright to the jeweler..

...and "what it''s worth" is probably not $11,000. There''s a good chance the appraisal value is inflated, as most are. If you get it re-appraised, ask what the street value would be.

 

[Modified Brilliant]

Date: 3/7/2006 9:38:22 PM
Author:Jewlsplus2

Hi! I''m new here - it looks like you all have a lot of knowledge of diamonds and I''m trying to find out how to proceed. Can anyone help?

My parents died a couple years ago - and my mom left a diamond anniversary band that my sister has possession of. It''s a platinum ring with 3 diamonds that total 1.8 carats. My mom had an appraisal done sometime in 2003 and it was worth $11,000. We can''t divide or share this ring - so we are looking into selling it. However, my sister now tells me the bigger middle diamond is chipped. The chip is not visible to the naked eye but she can feel it.

My questions are:
1. Is it possible for the diamond to be chipped? I thought diamonds were very hard to chip.
2. How does one go about selling an existing ring? Would I need a current appraisal first and then go to a jeweler to see if they''ll buy it? Should we try to sell to a jeweler on consignment?
3. What are the odds of getting any kind of value out of this ring?


Any guidance would be greatly appreciated!
Jules

Hi Jules,

Your situation is fairly common and you pose excellent questions. If you are selling, any current appraisal that you have for insurance purposes will not be of any help. A dealer is only interested in purchasing a diamond below what he would normally pay from his suppliers or wholesalers. A dealer will also form his or her own opinion on the weights, color, clarity, cut etc. If you want to make sure that you are getting a fair offer either from a dealer or a private party...then I would recommend a consultation with an independent appraiser. The appraiser will be able to evaluate your ring and give you a range of values that you might expect to receive from different buyers. I usually recommend that the seller shops around and visits 3 or 4 dealers who buy diamonds. This can help establish what the market is currently paying for diamonds similar to yours. Also, you can get a feel for who is "high" and who is "low." If you''re in a larger metropolitan area, you could probably get several "offers" in one afternoon. There should be no charge for an "offer to purchase." Make sure to get the offer in writing with a deadline. That way you can discuss the offer with family members and return to do the deal later if you decide. Also check with the Better Business Bureau to make sure that the dealer has a good business history.
A private sale to a friend is also another avenue to explore. I''m not a huge fan of "selling to the public" through classified ads. You never know who you are dealing with and security is an issue. Hope this helps and good luck!

www.metrojewelryappraisers.com

 

[denverappraiser]

Jewlsplus2,

Get an appraisal. The appraiser should document exactly what you have and they should be able to give you a good idea of what markets may be available to you and what to expect in whatever market you decide upon. Get it all in writing and get it from an appraiser who doesn''t buy or sell this sort of thing. The reason is as much political as economic. It''s very unlikely that you won''t see anything like the $11k mentioned on the insurance replacment appraisal and this has a high possibility of leading to some long term friction between you and your siblings when you finally sell it. There are far too many opportunities to decide that the shortfall is someone''s ''fault''. Don''t let it be you.

There''s a discussion of some of the options associated with selling jewelry here:
https://www.pricescope.com/community/threads/reselling-gems-jewelry-what-can-you-expect.17952/

Neil Beaty
GG(GIA) ISA NAJA
[URL='http://www.gemlab.us/']Professional Appraisals in Denver
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