Safe way to sell a stone privately...

[BryanK]

Hi guys and gals,

I posted a thread yesterday about selling my ring versus trading up at a local jeweler.

I have located a potential buyer, who is local, via the internet who has interest in the diamond. I have sent him pics of the stone and a copy of the GIA cert. He is interested and asked about the appraisal value and what I think the diamond is worth. He then moentioned meeting at a jeweler of his choice for validation of the stone.

All of this said, I am asking you all what is the safest way to proceed with a sale of this nature. I would demand that the jeweler be local and established....
I feel the buyer wants to veryify the value and then innitate negotiations.

I''m sure some of you have done this before... How have you proceeded, and what aspects do I need to be careful about.

Thanks,

Bryan

 

[JulieN]

meeting at a jeweler is fine.

i think form of payment is the most critical for not getting ripped off.

 

[BryanK]

Would a bank certified check be the best form, or good old cash...

If he wanted to purchase, should I suggest we both go to the bank to arrange payment?

Are counterfeit bank checks an issue?

Thanks,

Bryan

 

[swingirl]

My friend did such a transaction (as the buyer) and I accompanied her. We met at an established jeweler's location whom she called ahead of time asking if they could verify the stone (check it under microscope and confirm the AGS number inscribed on the girdle). It was not an appraisal but they charged a low fee for the service. Once she decided to purchase the stone we went outside and exchanged cash in the parking lot (inside her car). It all went smoothly but I would take someone with you and accept only cash.

 

[neatfreak]

Counterfeit bank checks can be an issue.

I''d ask for cash personally...or have him to a wire transfer directly to your bank and then your bank can verify the money is there before you release the stone.

 

[diamondseeker2006]

I agree. If you wanted to do wire transfer, you could have the jeweler agree to hold the stone until you verified the payment had come in. An independent appraiser would even be better for this because they have no conflict of interest (selling diamonds).

But I really think cash is best, and there needs to be a witness when money and ring are exchanged.

 

[Moh 10]

Certified or cashier's checks can be forged.

I would insist on cash but not to be handed over in a car, or even at a coffee shop as they could have you followed to be robbed.
Sorry, I'm just super careful.

I'd bring the buyer to my bank, and both of us would walk up to the teller.
I'd have the buyer hand the cash to the teller for deposit into my account.
When the teller verifies the cash is okay, as in not counterfeit, hand over the diamond right in front of the teller.

Bring a friend or two also to witness everything.

Wiring the funds into my bank account is also acceptable to me but I'd not hand over the diamond till I hear from the bank that the transfer is sucessful.
This protects me but the buyer may not like it since it may take hours for the two banks to do their thing, and in that time the buyer does not have the money or the diamond.

 

[neatfreak]

Personally I would pay the $100 to do this all with an appraiser who can also act as an escrow agent of sort. Many appraisers have done this and would be happy to do so. Make sure it''s an **independent** appraiser.