Smartest course of action for getting rid of Leo diamond?

[slvrwhispr]

I''ve got a Leo diamond I NEED to get rid of. Three years ago, my now ex-husband dropped $3,000 on this ring that was precisely the opposite of everything I wanted, and exactly $2,500 more than the specific ring I told him I wanted. I was mad then, I''m mad now, especially since HE couldn''t afford it and I ended up paying it off. He''s long gone now, and I want the ring to follow suit. However, since I paid off 2/3 of it, I''d like to get as much as I can in the way of returns.

I''ve browsed the forums, read some of the FAQs, but when it just comes down to it, there''s so much info that while I feel more knowledgable on how diamonds are resold, I don''t know what I, specifically, should do to make sure I get the best return.

I''ve got this lovely blue folder with the paperwork from the diamond purchase. I''ve got a GEMEX light performance analysis and an International Gemological Information appraisal report which tells me that the clarity is SI1, the color is E, and weight is 0.48ct. Square modified brilliant cut. And it says that the total estimated retail replacement value is $2,965. He got it from Jared.

Should I still get it appraised again, since this was done on 1/29/2004? Should I take it back to Jared? Should I take it to a private dealer? What''s a girl gotta do to get rid of this thing without losing her shirt?

 

[MichelleCarmen]

Try selling in the classified ads of your city''s newspaper. There are always jewelry up for sale there, but since your diamond is a "Leo," it may attract more attention than the usual stuff that''s up for sale there. Be sure to take safe precautions when meeting up with a potential buyer. Another idea would be a consignment shop, if you''re willing to pay the seller a commission.

Stay clear of eBay. Everyone expects a deal there and you''ll not recover much of what was paid for the stone by selling that way.

 

[avlis]

well there is good news and there is bad news. The Leo diamond is a special cut, branded diamond. This is both good and bad. to someone like me, I think your (ex)husband overpaid by atleast $1000 for the diamond, but this is compared to a non-Leo diamond of equal(or better) properties. However, because it is a Leo diamond, I believe they all sell for the inflated prices, so if someone specifically wants a Leo diamond, the price your (ex)husband paid wont seem so inflated. however, either way to sell it to a private party I imagine you will have to offer a substantial discount from the current retail cost to move it. the short answer is dont be looking for your $3000 back, think more like $1000.

BTW i am no expert, this is just on person's thoughts.

 

[Diamond*Dana]

Reselling jewelry is difficult. I have sold on ebay, and I do agree that you will probably not get your best price there. You might want to try Craigslist as well. Also, see if you can find a jeweler in your area that might sell jewelry on consignment. I know that some PS''ers have had some luck with Pearlman''s (one of the vendors here), so you may want to see if they could help you. Good luck!

 

[Gypsy]

I would get it re-appraised diamond and metal prices have risen considerably since your appraisal. Then I'd try consignment at Pearlmans or, if you want to try it, ebay. I would stay clear of craigslist as I've heard it can be very dangerous.

 

[Jypsie]

I agree with Craigslist. When you go that route, please meet the potential buyer at a busy, public location, do not accept money orders or cashier''s checks (lots of good fakes out there). I see in my local craigslist ads that individuals will typically meet at a jewelers or a bank - both are typically patrolled, and around here all banks seem to have private duty police officers posted outside. If you do decide to give Craigslist a try, please do not give out personal information (telephone numbers, etc) have individuals contact you through the email in the ad, or setup a dummy email address through gmail or something that you only use for this purpose and then toss the account once you are done with the transaction.

I also agree with trying to find a jeweler that will sell on consignment.

 

[BigDiamonds]

Hmmm...that''s tough. I would start by finding out what the current retail price for a stone with your specs is, and then discount from there. If I were looking to buy a diamond second hand, I would need at least a 30-40% discount to make it worth the risk. The suggestions here regarding eBay, Craigslist (if popular in your city), and consignment places are all good, and as other people have mentioned, be careful with your personal information.

Does Jared have a trade-in policy? It sounds like you would rather have the cash, but could you possibly trade the stone in towards another piece of jewelry or a watch?

 

[marcy]

I think you''ll have a hard time getting anywhere near what you paid for it.

Would you mind keeping the diamond and having it remounted as a pendant? Or maybe see if Jared''s might allow you to trade it for something else.