Selling diamond

[mmulliki]

We are upgrading my wife's diamond. The local jeweler where we originally purchased it is offering to give us full value if we upgrade with them. However, their prices are significantly more than what we can get online and we would be charged 7.5% sales tax. They are offering to buy it back from us for $7000 (we originally paid $10500).

The diamond is GIA certified (cert # 12604721) 1.5 ct. H VS2 with Excellent symmetry and polish.

Can anyone suggest where i might be able to get more for this diamond than the local jeweler? Or, is $7000 the best i can expect?

If it matters, i am located in Minneapolis, MN.

Thanks

 

[beach]

Contact the online vendors and see if they will offer you money to put towards a trade with one of their diamonds.

 

[mmulliki]

I already checked with JamesAllen and they would not do it because i didn't purchase from them. Does anyone know of an online vendor that trades?

 

[marcy]

I believe you will get the most money trading at the jeweler where the original diamond was purchased.

 

[oneandahalfrock]

The price the jeweler is offering you seems pretty decent, BUT you need to be able to compare prices with the diamond you will be buying to make sure this is your best bet.
If his mark up on diamonds is significantly higher than some of the online retailers, than the different between what you're getting for the stone and what you could consign it for or sell it yourself for, might not make selling to him your best option.

 

[bennyblanco]

what kind of cut?

 

[diamondseeker2006]

$7000??? Grab it and run!!! I don't think you'll do better than that!

 

[Dancing Fire]

$7000??? Grab it and run!!! I don't think you'll do better than that!

not really, if her stone is well cut $7000 would be a steal.

 

[dinamit]

I once discussed trading in my stone with Infinity diamonds, even though it didn't come from them. What they offered was pretty fair, although I decided to keep it.

Since you are in the US, you might want to have a chat with Wink from High Performance Diamonds? If he can't help, he might suggest someone who can.

dinamit

 

[oldminer]

A full buy-back deal always sounds good, but is it? Please look at the cost on Pricescope of the diamond you wish to upgrade to. See how costly it should be. Then compare how much your jeweler wishes to charge you. Subtract the difference between these two prices, on-line and from your jeweler. Take this amount away from the $7,000 allowance and see how much you actually are being given for your trade in.

As an example: If you can buy a $18,000 diamond from your jeweler and the price on-line is $13,000, then the $5,000 difference from the $7,000 trade in amounts to a token $2,000 being given to you for your old diamond. In such as case as this example you would be well advised to shop for the upgrade diamond first and then see how much, in reality, your diamond is worth. If you pay $13,000 for a new diamond and only get $5,000 for your old one, you spent $8,000 out of pocket. If you pay $18,000 for the new diamond and get $7,000 you will have paid $11,000, much more than the $8,000 above. It all depends on getting the right asking price on the upgrade first and then flogging the old diamond as a trade or a direct sale. No one can tell you how you'll do until you find the upgrade stone and compare the asking prices from any potential seller....

Hope this makes sense for you.

 

[diamondseeker2006]

$7000??? Grab it and run!!! I don't think you'll do better than that!

not really, if her stone is well cut $7000 would be a steal.

It would depend on how many years they have had the stone. If it has been just a few years, getting back $7000 after paying $10,500 would be super compared to trying to sell it on ebay or something. He did not really give the cut info, so that is hard to say. I don't know anyone who happened to get an ideal cut stone at a local jeweler unless they were educated here first!