UK courier for diamond ring with their own insurance

[Lykame]

I am looking at various options to sell my ring in the UK, and one of the methods is by auctioning it. However if this is successful I need to be able to courier it to the new owner, and I want the service to insure it whilst it is in their possession. I am aiming for a sale value of £8,500 or above.

This is proving really difficult - Royal Mail will only insure for up to £2,500. A lot of other companies don't offer insurance. Fed Ex can't do it. I'm not 100% sure about UPS in the UK.

I know there are courier services who can insure up to around the value of £10,000, but who are they? They must be absolutely trustworthy, registered with Companies House and with good reviews. I found one place but they have only been on Companies House since June... Made me suspicious.

And then what do I say? Do I tell them what it is or what? I presume I can insure the ring for whatever the ring sold for? Will they accept the listing and hammer price as proof? Also the buyer will have to pay an additional amount so perhaps it needs to be insured for that total value as that is what the buyer is paying.

Finding this all quite stressful to be honest. I would prefer to hand deliver the ring and would be willing to drive anywhere in Britain for that but am also very worried about meeting up with a stranger, and wouldn't know how to prove that meeting had taken place, and where would be a safe place anyway?

Is anyone able to recommend a UK courier service who meets this criteria and just offer some general advice about it? I have never done this before and hopefully never again....

Thank you!

 

[lissyflo]

I assume you mean a private auction somehow, not via an auction house? If you do mean an auction house, I think it’s the buyer’s responsibility to collect or arrange transport, not yours as the seller.

If via private auction, it might be worth looking at some auction house websites regardless. They often have a page listing details of local courier firms they recommend to those who bid on items. I have no idea of the insurance they might offer, but at least it would give you some contact details to make enquiries.

 

[Lykame]

I assume you mean a private auction somehow, not via an auction house? If you do mean an auction house, I think it’s the buyer’s responsibility to collect or arrange transport, not yours as the seller.

If via private auction, it might be worth looking at some auction house websites regardless. They often have a page listing details of local courier firms they recommend to those who bid on items. I have no idea of the insurance they might offer, but at least it would give you some contact details to make enquiries.

Thank you!

It's likely going to be through an online auction house - so I keep the ring, it gets auctioned by them, the money goes to them, I deliver the ring, the money comes to me minus fees.

It's a company called William George and Co? They had suggested I could deliver it to them for someone to organise collection but they wouldn't insure it whilst they have it as they don't usually take possession of items. Also that might put off a purchaser.

I would rather organise transport myself so I know it's all fine rather than have someone else order it and then risk them saying how it didn't arrive etc.

 

[OoohShiny]

If you do deliver it, you could request that you meet in a local bank so that there is excellent CCTV.

Or, perhaps, you could ask them to meet you at the local Police Station - even if you just do the exchange in the foyer / reception area, they would have to be pretty ballsy to try a fast one with that level of security.

At what point do the funds get released to you? As soon as the ring is exchanged?

If so, you could make the call together on loudspeaker while in the Police Station and hand over the ring as soon as the money transfer is complete, videoing it on another phone/camera. You could then check your bank account on your phone/by calling up using Telephone Banking, to make sure the transfer has gone through.

You could also specify that you will need photographs to be taken of you both holding the ring up for the camera at the point of exchange - at least that way you would have something to post on Facebook (if you have it) which, as I understand it, would automatically identify the person through (Big Brother) facial recognition if you needed to find them?

 

[Lykame]

Thank you!

I had thought about the idea of a police station. I might need to pop into one to ask. I guess a legitimate person would not mind meeting there but it does seem a bit... Rude perhaps? But it would make it safe for them and me. And I would be happy to travel to one convenient for them pretty much anywhere.

I've asked the auction company what they take at proof of collection because filming etc also seems a bit rude... Perhaps it's reasonable to expect the person named as paying to come along with their passport so I know I'm delivering to the correct person and I could take a photo of the ring on their passport? But that's their confidential information.

I'll see what the auction house says. Conveniently by this point the auction house will have their money so that's less of an issue. I want to be polite and respectful but also safe.

I phoned UPS... UPS don't insure jewellery...

 

[meely]

When I have bought items at auction it has always been up to the buyer to arrange collection and the item would stay at the auction house, a lot of people collect. To do it any other way just sounds very strange and I would not feel overally comfortable as a buyer let alone a seller. I think I would consider a different more traditional auction house. I haven't sold or bought with them before but fellows always has a great selection of jewellery, I would also imagine that the prices realised but be higher relative to that of lesser known houses.

 

[OoohShiny]

I hear what you're saying, @Lykame, but I also think that anyone with nothing to hide would appreciate your desire to ensure safety for both of you.

I am personally not keen on the excessive use of CCTV we have nowadays, but equally, if I'm involved in a transaction for thousands of pounds, I have no issue using it for an actual useful purpose and would be pleased that the other party was suggesting safe methods of transaction. lol

Don't be afraid of making realistic and proportionate demands - it's business, not a personal relationship

 

[Maisie]

I’m not sure you can make a transaction like that in a police station. Especially if you start filming with your phone. They would likely ask what you were doing and ask you to leave. Lots of dodgy people in UK police stations

 

[Maisie]

There is a company called Malca Amit who might be able to help. I haven’t used them before but it seems they do exactly what you are looking for. And they are listed at Companies House.

 

[rockysalamander]

I am looking at various options to sell my ring in the UK, and one of the methods is by auctioning it. However if this is successful I need to be able to courier it to the new owner, and I want the service to insure it whilst it is in their possession. I am aiming for a sale value of £8,500 or above.

This is proving really difficult - Royal Mail will only insure for up to £2,500. A lot of other companies don't offer insurance. Fed Ex can't do it. I'm not 100% sure about UPS in the UK.

I know there are courier services who can insure up to around the value of £10,000, but who are they? They must be absolutely trustworthy, registered with Companies House and with good reviews. I found one place but they have only been on Companies House since June... Made me suspicious.

And then what do I say? Do I tell them what it is or what? I presume I can insure the ring for whatever the ring sold for? Will they accept the listing and hammer price as proof? Also the buyer will have to pay an additional amount so perhaps it needs to be insured for that total value as that is what the buyer is paying.

Finding this all quite stressful to be honest. I would prefer to hand deliver the ring and would be willing to drive anywhere in Britain for that but am also very worried about meeting up with a stranger, and wouldn't know how to prove that meeting had taken place, and where would be a safe place anyway?

Is anyone able to recommend a UK courier service who meets this criteria and just offer some general advice about it? I have never done this before and hopefully never again....

Thank you!

I'm not sure which auction site you are using (or perhaps a local auction house), but a few thoughts:
1) You should not ship the diamond until the payment clears.

2) Even if they funds clear, they can demand a refund via a credit card or the like if they disagree that they received what they bought. I'd recommend that you use a third-party to escrow the funds.You send the diamond to an appraiser or jeweler, they send the funds to the same. That third party then send the diamond. Some auction houses offer this service and some don't.

3) You should include a very clear list of which countries you will ship the stone to.

 

[Lykame]

When I have bought items at auction it has always been up to the buyer to arrange collection and the item would stay at the auction house, a lot of people collect. To do it any other way just sounds very strange and I would not feel overally comfortable as a buyer let alone a seller. I think I would consider a different more traditional auction house. I haven't sold or bought with them before but fellows always has a great selection of jewellery, I would also imagine that the prices realised but be higher relative to that of lesser known houses.

I agree that trying to figure out a way to do this in a non-conventional way is not ideal. I was putting myself into the buyer's shoes and not feeling particularly pleased about the options.

Fellows do look good. Their turn around time is looking a little long for me right now; I have one other option I'm working on and if that doesn't work and I cannot find a safe way to transport then I'll look into it. Thank you so much.

 

[Lykame]

I hear what you're saying, @Lykame, but I also think that anyone with nothing to hide would appreciate your desire to ensure safety for both of you.

I am personally not keen on the excessive use of CCTV we have nowadays, but equally, if I'm involved in a transaction for thousands of pounds, I have no issue using it for an actual useful purpose and would be pleased that the other party was suggesting safe methods of transaction. lol

Don't be afraid of making realistic and proportionate demands - it's business, not a personal relationship

It is absolutely a business, yes! It just feels a bit awkward... Would love a method where no meeting was involved.

 

[Austina]

I have bought from Fellows and they’re trustworthy. BBC used them as an expert company when they did an expose of a diamond investment company.

 

[Lykame]

I’m not sure you can make a transaction like that in a police station. Especially if you start filming with your phone. They would likely ask what you were doing and ask you to leave. Lots of dodgy people in UK police stations

I had purposely not mentioned my thoughts about a police station here originally because I was thinking... I know there's nothing illegal about selling an item of jewellery but someone doing something like that in a police station makes it feel like an arrestable offense! Haha!

If that ever was an option, I would speak to the police station first before doing it. I don't honestly imagine they would facilitate it and also you're right, there are unsavoury people there. I probably would need to worry more about other attendees than the person buying the ring from me! It seems like there should be better options available to me. I do want it to be safe though.

 

[Lykame]

There is a company called Malca Amit who might be able to help. I haven’t used them before but it seems they do exactly what you are looking for. And they are listed at Companies House.

Oh my gosh, these guys look amazing!!! And they have an office in Hatton Garden. I will phone them tomorrow if they're open... Wow great find! Wow! Seems like exactly what I need if I go this route. Thank you so much.

 

[Lykame]

I have bought from Fellows and they’re trustworthy. BBC used them as an expert company when they did an expose of a diamond investment company.

Did they? That's reassuring!

I'm currently juggling more than one option and it's a bit overwhelming. I have a diamond company offering to just buy the ring straight from me, which would be ideal to me. I know I wouldn't get what they will make, but I can hand deliver it and they would give me a bank payment when I'm there. Then it would just be done and over with. Only thing being they cannot meet with me until the second week of September and they will only confirm they'll buy it once they see it. I'm actually going abroad for two weeks next week, so I'm part of the problem here, but I really want this done quickly even if I get a tad less money out of it. I'm on a bit of a time crunch. If I had absolute faith they would buy it that would be the end of it, but I want to ensure I have all my options covered.

So I thought I could look into auctions in the interim... And hence this saga. Reading the info on the Fellows website they do a pre-catalogue etc... Seems like it would take some time. If the other options don't pan out I will definitely go to them, wish I had found them first really. Although the company I'm currently dealing with are lovely too, I don't know what their audience is like though. The quality of some of their stuff is also pretty terrible considering what this place has taught me... Hmmm.

 

[Lykame]

I'm not sure which auction site you are using (or perhaps a local auction house), but a few thoughts:
1) You should not ship the diamond until the payment clears.

2) Even if they funds clear, they can demand a refund via a credit card or the like if they disagree that they received what they bought. I'd recommend that you use a third-party to escrow the funds.You send the diamond to an appraiser or jeweler, they send the funds to the same. That third party then send the diamond. Some auction houses offer this service and some don't.

3) You should include a very clear list of which countries you will ship the stone to.

The current place I'm considering... I keep the ring, they auction it. If someone buys then they receive an invoice by the auction place for the hammer price plus a surcharge. They pay the auction house. I then receive their information and send the ring. Once it's sent and received they get two days, and if all is well the hammer price is released to me.

I thought that seemed nice on a number of levels - is there a chance it could go wrong? Well there's always a chance but anything in particular?

If Malca Amit, the company @Maisie recommended, can ship to a place... Then I can ship there... Great point to make.

Thanks!

 

[Maisie]

Oh my gosh, these guys look amazing!!! And they have an office in Hatton Garden. I will phone them tomorrow if they're open... Wow great find! Wow! Seems like exactly what I need if I go this route. Thank you so much.

If you use them will you come back and update. It would be really useful to have a shipper who will insure jewellery. You know, just in case

 

[Lykame]

If you use them will you come back and update. It would be really useful to have a shipper who will insure jewellery. You know, just in case

Hehe, I haven't used them yet, @Maisie, but I contacted them and I'm very happy with their response, they said the following:

"If the ring is sold to an individual in the UK, we can arrange delivery via Royal Mail Special Delivery with our liability coverage up to £25,000 overriding the £2,500 limit offered by Royal Mail. Based on your reserve price of £8,500, the delivery charge would be £64.75+Vat.

If you sell the ring to somebody overseas you will need to register for an EORI number prior to shipping, as this would be considered a commercial exportation. Once your EORI number is in place, we have a variety of services available depending on the final destination of the ring."

And they have attached a form as they like to do some basic background checks.

I did ask some other questions that didn't include the answer in the email but I figure those questions are more significant if I end up using them and I can ask them again then.

Hope that helps if you're in need of that type of service.

Best wishes,
Lydia

 

[Maisie]

Hehe, I haven't used them yet, @Maisie, but I contacted them and I'm very happy with their response, they said the following:

"If the ring is sold to an individual in the UK, we can arrange delivery via Royal Mail Special Delivery with our liability coverage up to £25,000 overriding the £2,500 limit offered by Royal Mail. Based on your reserve price of £8,500, the delivery charge would be £64.75+Vat.

If you sell the ring to somebody overseas you will need to register for an EORI number prior to shipping, as this would be considered a commercial exportation. Once your EORI number is in place, we have a variety of services available depending on the final destination of the ring."

And they have attached a form as they like to do some basic background checks.

I did ask some other questions that didn't include the answer in the email but I figure those questions are more significant if I end up using them and I can ask them again then.

Hope that helps if you're in need of that type of service.

Best wishes,
Lydia

That is very helpful! Thank you very much!