Unheated Ruby

[LondonRuby]

Hi everyone,

I'm very interested in rubies and wondering if I did a stupid thing when I resold a ring last year...

It was a contemporary ring in white gold or platinum. I had bought it for £500 and it's not my style, as I prefer antiques. I did some due diligence, showing it to two jewellers who both refused to buy it, even for £500. The second one explained that he could easily find such stones. I was pretty sure if wasn't a Burma ruby, so then sold it to someone else who buys from me, for exactly what I'd paid. I reasoned I wouldn't get much more at auction.

Now I see that the jeweller has listed it for almost £10K! At least, it's incredibly similar to mine. It is apparently unheated, but not a Burmese ruby, and is just over 1 carat. I am really struggling to understand how it can be worth £10K. Is it just the case of a huge markup by an antique jeweller? I'm not a retailer so I'm always happy to sell for what retailers would pay at an auction, but really feel cheated, as the shop originally offered £750, then hummed and hawed until I was exhausted and sold it for less!

Any comments/advice much appreciated.

Thanks!

 

[Mrs_Strizzle]

If they got a reputable report that states it is an untreated ruby, then yes, they definitely can sell for that price tag. I'm sorry you feel ripped off. That sucks.

 

[LondonRuby]

If they got a reputable report that states it is an untreated ruby, then yes, they definitely can sell for that price tag. I'm sorry you feel ripped off. That sucks.

Oh Gosh, thanks for letting me know. I just don't understand why the first two dealers turned it down. One is an antique dealer with decades of experience, and the other a very switched-on high-end Hatton Garden guy. That's why I assumed I'd better just sell off the ring...

Would you advise getting a report before I sell any rubies from now on?

 

[Mrs_Strizzle]

Oh Gosh, thanks for letting me know. I just don't understand why the first two dealers turned it down. One is an antique dealer with decades of experience, and the other a very switched-on high-end Hatton Garden guy. That's why I assumed I'd better just sell off the ring...

Would you advise getting a report before I sell any rubies from now on?

Absolutely. Don't buy or sell any without a good lab report. The difference in synthetic, glass filled, and unheated can't really be told by the eye, and the price varies wildly.

 

[VividRed]

If anyone buys the ruby in your picture for 10k, I would love to meet them

 

[Autumn in New England]

What I will say is this... it may look similar to the one you sold. But if you are not certain of that fact, keep in mind that even slight variations in quality (color, clarity, cut) can significantly affect price. That being said, if this is indeed your exact stone, then I think it's a combination of you underselling it and them overpricing it. In future, you'll do much better selling via an online marketplace. Avoid selling to brick and mortar shops... they want to steal everything and then their prices tend to be ridiculously exorbitant.

I'm so sorry you feel cheated... many of us have been there. I sold a big chunk of my old collection to a dealer so I could fund another project. In order to get him to take everything (rather than selling it piecemeal over who knows how many years), I had to take quite a bit less than I wanted. It happens!

 

[Bron357]

A 1 carat ruby can range between $20 and $20,000 while the unaided eye might have trouble noticing any difference.
A “from the earth” ruby without a reputable certificate is a risky proposition because some treatments are difficult to detect without more specialized equipment. That’s origin aside ie Burmese origin is almost always more expensive.
Retail stores have high overheads and stock can be slow to move. Often prices also have a bit of “fat” to allow a price negotiation to occur.
If you’re wanting to sell or buy a ruby it is prudent to have a reputable lab report.
Just as you don’t want to sell a $5,000 Ruby for $50 no one wants to pay $5,000 for a $50 Ruby.

 

[LondonRuby]

What I will say is this... it may look similar to the one you sold. But if you are not certain of that fact, keep in mind that even slight variations in quality (color, clarity, cut) can significantly affect price. That being said, if this is indeed your exact stone, then I think it's a combination of you underselling it and them overpricing it. In future, you'll do much better selling via an online marketplace. Avoid selling to brick and mortar shops... they want to steal everything and then their prices tend to be ridiculously exorbitant.

I'm so sorry you feel cheated... many of us have been there. I sold a big chunk of my old collection to a dealer so I could fund another project. In order to get him to take everything (rather than selling it piecemeal over who knows how many years), I had to take quite a bit less than I wanted. It happens!

Thanks for your message. It's definitely the same ring band (same size, and I remember the hallmarks on it) but now I'm wondering if they could have changed the ruby, as theirs looks clearer than mine (all I kept of my ring were two not very good pictures so it's difficult to tell!)

So sorry to hear you sold a chunk of your collection at a loss, it's horrible when that happens. I hope you managed to make up the loss somehow later on...

 

[LondonRuby]

A 1 carat ruby can range between $20 and $20,000 while the unaided eye might have trouble noticing any difference.
A “from the earth” ruby without a reputable certificate is a risky proposition because some treatments are difficult to detect without more specialized equipment. That’s origin aside ie Burmese origin is almost always more expensive.
Retail stores have high overheads and stock can be slow to move. Often prices also have a bit of “fat” to allow a price negotiation to occur.
If you’re wanting to sell or buy a ruby it is prudent to have a reputable lab report.
Just as you don’t want to sell a $5,000 Ruby for $50 no one wants to pay $5,000 for a $50 Ruby.

Thanks, Bron357! That is very good advice.

I have more funds available now to get lab reports so will buy carefully and do this in the future...

 

[Saphir]

Hey LondonRuby
That is damn worst scenario. I would ask an lawyer if was legal buiseness from the seller. Im live in germany and here u can not buy as a seller an item from an private person and sell it atzer that for 20x price, that was cheat. I would let check it from laywer.

 

[LondonRuby]

Hey LondonRuby
That is damn worst scenario. I would ask an lawyer if was legal buiseness from the seller. Im live in germany and here u can not buy as a seller an item from an private person and sell it atzer that for 20x price, that was cheat. I would let check it from laywer.

That's interesting! I now wonder if it was the same stone, though. Also, I don't think they will ever manage to sell it at that price, it's just not nice enough...