sellling ring

[Promise123]

Hey guys,

need some advice... i have an old ring from my mom's 1st marriage that i am going to sell and use some of that money to buy a ring for my future fiancee.

What is the best way to get as much as i can for that ring?

Thanks!

 

[MichelleCarmen]

Hi,

What are the specs on the ring? What is the setting like? It's difficult to get much on the resale market. Ususally 50% is a high amount. I've sold before and lucked out a few times, but generally, people want DEALS!

How big is the diamond? For my mom's eng ring, it had a .38 diamond in a heavy gold *outdated* setting. The diamond was taken out and put into a pendant and I sold the gold for scrap and got a few hundred.

 

[Promise123]

The diamond is in a standard white gold band... diamond is round, brilliant cut, and just under 1 carat. Is my best option craigslist?

Should i get an official appraisal before i do so? I have no real documents for the ring.

Thanks.

 

[denverappraiser]

This article might be helpful.

https://www.pricescope.com/journal/consumer%E2%80%99s_guide_reselling_diamonds

 

[diamondseeker2006]

It would be great to have an appraisal, but you probably won't get half of the appraised value. I recently sold some diamond earrings to a jeweler. Once you get an appraisal, I'd just go to a few reputable jewelers and see what they will offer you for the stone.

 

[LoveMunkie]

You can sell it privately as well if you're willing to deal with the hassle and you find the right buyer. My ex and I were able to sell our stone for almost what we paid for it (minus the setting) because we saved by purchasing it online. We found the deciding factor was a detailed appraisal on the extremely well-cut stone and helping to educate the couple who purchased it. Once they priced out the same cut-quality at local jewelers, they were very excited to purchase it. Ultimately we only lost $500 on it

 

[denverappraiser]

this user is spamming.

"

A bid is decidedly not the same things as an appraisal. It may indeed be the highest price and it's probably the least headache but getting bids from a few 'eminent' jewelers is, in my opinion, NOT a reasonale methodology for either designing a marketing strategy or for evaluating what you can expect to get on resale, especially if you're considering other marketing paths as part of your decision.

 

[denverappraiser]

Appraisal services are not all the same, Appraisers are not all the same, and even all reports written by a particular appraiser will not be the same. Any statement of value must contain an element of what the item is worth to whom, when and under what circumstances or it's of no use whatever. This means that the first step of the appraisal must be a conversation with your appraiser about your objectives and what you are hoping to learn from your session. An appraisal is not just a report but the report should cover this solidly. Don't just read the value conclusion and then try to convert that to a sales price with a formula, read the 'fine print' too.