Selling a diamond --need advice.

[windowshopper]

I would like to sell my diamond ring to then buy a different shape stone (I have an emerald cut and would like an older round or cushion stone) I have spoken with someone who said they would be interested in it but have not yet quoted me a price. (they also said they would give me more if I traded it in toward something they have) My question or request is, I would like some feedback on what you all think I might garner as either a trade-in AND alternatively just to sell it. The stone is a 3.27 emerald cut. It is very asscher looking as it is more squarish. It is also very very deep. So I believe it is probably best priced as a high 2.8 or 3. All that being said it is a very beautiful stone with great presence and the depth (in my opinion) to a certain degree adds to its appeal as it gives it some height and bulk. I digress. It is certified by HRD and the GIA. (they match) The measurements are 8.78 by 7.54 by 5.93. Depth 78.6%, table 65%, girdle is medium to slightly thick. No culet and No fluorescence. Polish is Good, symmetry is Very Good. E color VVS2. Any comments, suggestions, advice, or general guidance is much appreciated. OH--it is set in platinum flanked by two clipped corner baguettes and paved shoulders and basket--all colorless and near colorless and vs or vvs. Deco- ish...
Window Shopper

 

[strmrdr]

Selling a diamond.
Face it your not likely unless you’re very lucky to get close to what you paid for it.
You might be much better off keeping it and using it in another project.
After reading that you decide you still want to sell it so what are your options?
1:>e-bay or similar auction place.
2:> newspaper ad
3:> word of mouth
4:> dealer
5:> pawn shop
Lets take these from the worst to the best based on what you can expect to get.
There will be some exceptions and you might get lucky but I wouldn’t count on it.

Pawnshops:
You can expect to be offered 15%-20% of what you paid for it if they are interested in it at all.
Be prepared to show a receipt to prove it isn’t stolen and have the certificate handy at the higher end pawnshops.
Don’t have the receipt then there are some shops that wont touch it.
Don’t have the certificate and or receipt figure that the 15% figure might even be high and you will have to go to the lower end pawnshops.

Dealer:
It really depends if you trade it in on something else or if it’s an in demand shape in a higher quality range you might get offered close to the wholesale price of the diamond.
Depending on how big a markup you originally paid this can be from 50% to 75% of what you paid for it.
If its just another diamond if they are interested at all they likely wont offer more than the pawnshops will.
Again having your receipt and the diamonds certificate will raise the price offered a lot most of the time.
Consignment is a good option sometimes also.
You might get lucky so don’t dismiss the dealers out of hand.

Word of Mouth:
Sometimes this can be the best way just get the word out that you are looking to sell it you might get as high as 90% of your money back if your really lucky but be prepared for some real low offers and don’t get too upset with them for offering it.

Newspaper ad
If you have the time and run the ad multiple times and turn down the low offers you might be able to hit the 90% range if your lucky but sometimes you will just have to cut your loses and take the lower offers.

E-Bay or Auction:
In general people buying on E-bay are looking for a bargain but you never know you might have the exact product that multiple people are looking for and get a decent price for it.
The first time you offer it set your reserve high to test the market if it reaches it great if it don’t then you will know what the market price is and set your reserve accordingly.

This one is listed at the top because sometimes weird things happen when people start bidding against one another and you might get more than you expected for it.

……………………………….

 

[strmrdr]

Another consideration:
Often a dealer will consider a setting that the diamond is in worth no more than the scrap value of the metal its made of.
This can be rather painful with a $2000 designer setting.

 

[Richard Sherwood]

Hi Window Shopper. With a valuable item like you've got, it would probably be a good idea to have it professionally appraised. Have the appraiser give you reasonable estimates on the value of your diamond in the different market levels (see "Reselling Your Gems & Jewelry" under the Guerilla Gemology topic).

Then you will be armed with knowledge, which quite possibly could keep you from making a costly error. An investment of a hundred dollars or so might save you thousands.

 

[windowshopper]

Richard Sherwood:
Thanks so much--I actually had it appraised in 2000 for insurance at a very reputable jeweler for 58000. But I know that appraisals are high retail replacement.
WS

 

[Richard Sherwood]

-----------
But I know that appraisals are high retail replacement
-----------

That's why I suggested that you ask the appraiser to give you "reasonable estimates of the different market levels". That way you will have a better idea if the vendor is offering you a fair price for your stone.

Examples of different market levels would be:

Average Traditional Retail (traditional jewelry store pricing)
Low Retail (sale pricing, or internet pricing)
Auction Retail
Auction Liquidation
Cash Liquidation with a knowledgeable estate dealer

Once you have these figures you will have a much better ideal of the market value of your diamond.

 

[windowshopper]

i see-------well since my appraisal was done 4 years ago in another state i would appreciate a recommendation of someone good in NYC
Thanks again!

WS