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Selling a diamond

Discussion in 'FAQ' started by pricescope, Aug 11, 2000.

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  1. pricescope
    Ideal_Rock

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    by pricescope » Aug 11, 2000
    I received this question by email:------quote--------I'm getting all kinds of info on buying diamonds. I want to sell one. What
    is the percentage of the purchasing price can I expect to get if I'm selling
    one? I have a round VSI .46 carat diamond I want to sell, where can I found
    out how much I can expect to get for it? and, will any jewelry store buy it
    from me?Thank you for any help you can give me.
    -------end of quote----This is a really important question. We try to teach consumers how to buy diamonds but how to sell them and not to be reaped off?I'll make some research and ask experts to help us with this question too.leonid
     
    


    


  2. pricescope
    Ideal_Rock

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  3. Iceman
    Brilliant_Rock

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    by Iceman » Aug 11, 2000
    ****First of all let me tell you were not to sell .Don't sell it to a pawn shop or a Jewelry store. The pawn shop makes
    its living off of other peoples misfortunes and wont even be close .
    The next step up is a Jewelry store , now they can buy this piece of
    jewelry , or gemstone, any day of the week with one phone call . So, to
    make it worth their while, they will offer you half of wholesale or
    cost.*** Where to sell itYour best bets are (1) the newspaper (2) auction house (3) one line
    auction house
    (4) consignment.Before we get into this lets look at what to expect to sell them for!
    First get an appraisal, this will also help sell the item. From the
    appraisal, is a price where most Jewelers will sell the item. You will
    never get this , and Im surprised every day that they do!
    Fair Market Value is what you will get (willing buyer and willing
    seller) this is usually half of a retail appraisal. That's what can be
    expected from a newspaper add, The bad side is you get everybody good or
    bad calling and you don't want them to come to your house, so you can
    set up a meeting at a Jewelry store with a gemologist, maybe the one who
    did the appraisal to have him verify it only and not take up his time,
    unless you pay for it.
    Auction house , everybody has one of these around town. You tell them
    what you will let it go for and they will pull the product if it doesn't
    reach that price. There commission is minimal.
    On- line Auction house, the most famous is http://www.ebay.com there
    are others. People use these a lot more then you think. You can have it
    run in the paper locally and world wide on the internet.
    Consignment: This is were you leave it with a Jeweler in his Estate
    section case. He then has a piece of inventory to show and nothing into
    it. This sometimes takes some time, but is safe.I don't buy off the street and I buy in volume so I get great deals from
    my suppliers, which if I don't like the product or don't sell it I can
    return it.I hope this helps you understand the industry a little.
    The iceman
     
  4. StevL
    Brilliant_Rock
    Trade

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    by StevL » Aug 11, 2000
    leonid,
    If the diamond is of a good quality or a larger size (3/4ct up) I would get a lab report done. This would also help to sell the diamond.As far as how the internet buyers work, I have no idea. You know everyone chooses to do business a little different.

    ------------------
     
    


    


  5. StevL
    Brilliant_Rock
    Trade

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    by StevL » Aug 11, 2000
    If you sell the diamond to a jeweler you will more than likely take a pretty good hit. It's hard to say because we don't know how close you bought the stone, nor how long ago, and what grade it is.I would suggest you finding a jeweler your Very Comfortable with. Let them try to sell it for a retail price in the up coming holiday season, and pay them a set fee.I have done this many times for my customers, and most of the time they don't loose a dime, and every so often they make a little money. Just an option.Good luck........------------------
     
  6. pricescope
    Ideal_Rock

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    by pricescope » Aug 11, 2000
    Thank you Steve. That I guess would be the best and painless solution.If in worse case there is no such a jeweler, are there other reasonable ways to sell the diamond? How to estimate its value?Is it worth to get it certified before?

    I've seen some websites that offer to buy your diamonds. Are they any better than traditional pawnbrokers?Thanks,leonid
     
  7. pricescope
    Ideal_Rock

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    by pricescope » Aug 11, 2000
    Steven, Thank you very much for your insight. I hope the person who asked this question will find this information helpfull.leonid
     
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