Wanted to Get Opinions Prior To Selling

[Nikksyny]

Hi All,
I am thinking of selling my engagement ring for financial reasons. I've been out of work for over a year and husband had to dip into his 401k. We have been going back and forth for months bc of the sentimental reasons. I've decided that I'd rather lose the ring than have a hard time paying the mortgage. The biggest factor in my hesitation is the re-sale value. Of course I know, I won't get anywhere near what we paid for it or what it is appraised at. I was wondering if anyone can take a look and give me an opinion of a ballpark asking price.

 

[MissGotRocks]

No, no one can really guess about a price for your ring. Most appraisals are inflated and it looks like yours was done in 2018. There has been much fluctuation in the diamond market since then, so what was appraised or paid might not at all be realistic for what you could sell it for today. Do you have someone that might be interested or do you know how you would try to market it?

 

[Nikksyny]

Hi, I got some opinions. One- To list on FB MarketPlace and then meet up at a jewelry store. Or get 2 or 3 quotes from a jewelry store that sells estate jewelry. I thought the appraisal was extremely inflated, and don't expect to get nearly that amount. I was just thinking I could get a ballpark so i know what I'm up against if I go to an estate sale jeweler or a fair price to list it on FB.

 

[Bron357]

According to James Allen a similar diamond is selling for $7,000. The two emeralds at .60 ish carats each are probably circa $2,000. The setting, gold weight, around $500. Keeping in mind people want a discount for pre loved so a price between $7,000 and $8,000.
Because most selling avenues charge fees (auction can be 20% or more for seller AND buyer total 40% plus, consignment up to 50% and eBay around 14%) so that may be between $4,000 and $6,000 in your hand.

 

[Nikksyny]

I appreciate it your input. If it's at the 6K mark I'll just sell it. I can always buy another ring when things get better.

 

[Bron357]

Hi, I got some opinions. One- To list on FB MarketPlace and then meet up at a jewelry store. Or get 2 or 3 quotes from a jewelry store that sells estate jewelry. I thought the appraisal was extremely inflated, and don't expect to get nearly that amount. I was just thinking I could get a ballpark so i know what I'm up against if I go to an estate sale jeweler or a fair price to list it on FB.

Just be careful and wary with Facebook Marketplace. Meeting in person should only be in a safe controlled place. And there are a number of payment scams operating. There are payID scams and even PayPal scams. To protect yourself you would want direct bank deposit which you want confirmed and cleared by your bank and PayPal needs to be “friends and family” BUT most buyers balk at that because they don’t have any protection from “you”. Thats why selling secondhand privately is tricky.

 

[MissGotRocks]

I appreciate it your input. If it's at the 6K mark I'll just sell it. I can always buy another ring when things get better.

Yes, you can buy another ring but you won’t be able to duplicate what you have for that price. Just keep that in mind when making your decision. I would give the ring a good bath and take good pictures for listing.
I honestly hope you can find another alternative to selling your ring. It can be difficult with lots of risks. Please be very careful as there are folks out there that are not always honest and fair.

 

[Nikksyny]

Thanks- I appreciate it. The only other piece of jewelry I have is a strand of akoya pearls from a relative and another ring that I might get 50 dollars for. We're going through our china and knicknacks as well and looking up prices on Ebay. Who knew an Alice in Wonderland Snowglobe would appreciate faster than a diamond. I got excited because I found a Tiffany bowl...but it's only going for anout 40 dollars....lol.

 

[Nikksyny]

Hi - What about putting the ring on the PreLoved forum here? Just thought of that.

 

[Dreamer_D]

Realistically you will be fortunate to get about 30% of the retail value (of, not off) but it will be difficult if not impossible to sell without a lab report. Private selling is very difficult. You either need iron clad proof of what the seller is buying, a known reputation so people will trust you, or you need to use a consigner with those things.

 

[MissGotRocks]

Hi - What about putting the ring on the PreLoved forum here? Just thought of that.

You can do that but you would need a good appraisal or would need to have a GIA grading report for the diamond. These folks are pretty savvy regarding diamonds and gemstones, and would need to know exactly what they were buying. Still have the issue of pricing or at least what price you would be comfortable selling it for to alleviate your situation.

 

[Nikksyny]

Yes, I am planning on getting it re-appraised and also getting a lab report. I don't remember ever getting one. We got the original appraisal in 2010 when we got the ring, but I can't remember ever getting the actual lab report. I wasn't even aware what one was. The strange thing is that the diamond says EGL and neither myself nor our homeowners ins could find the number anywhere, in any database. I got the diamond from a well respected jewelry store where I live, but by the time I realized that I should have the lab report they had closed down. (this was many years later) I never bothered to pursue the lab report because I never thought I would sell the ring. Anyway, our Homeowners insurance wouldn't insure the ring bc of that reason, but Jeweler's Mutual didn't need the # for the appraisal nor did the more recent appraisal. Of course, I know now that EGL is....idk....the red headed step child of the jewelry world and when I was buying the diamond I didn't know a single thing about cut. Now, knowing everything, I wish they had lab diamonds back then. I know the ring is less than ideal, but it really is beautiful. I should probably try and call around now and do some research about the history of the diamond.

 

[MissGotRocks]

I looked on the EGLwebsite (US) for the report number that is listed on the appraisal. It didn't come up but you might be able to call them (number on their website) for help with a possible grading report from them.

 

[Dreamer_D]

How much money would you need to get in order to feel like it was worth selling it? Think how you will feel in 5 years.

 

[Dreamer_D]

The setting and the wide stones are not worth much. Maybe $600 based on how such things sell on eBay. The value is in the diamond but you need a lab report for that. It may need to be unset. A local jeweler might be able to help.

 

[Nikksyny]

A lot of different info. I'll have to do more research. So when I called my local jewelry store they advised taking it to a place that buys Estate Jewelry as they would buy the ring as a whole and the Estate place could take it apart so I'd get more money. It was after that that I decided to post on here to get feedback prior to calling them. I haven't done it yet bc I'm a bit paralyzed. I guess my taste is a bit different....I like the wide setting... so I thought it would be a nice look for certain people. Thanks for your feedback, all.

 

[Dreamer_D]

How much money would you need to get in order to feel like it was worth selling it? Think how you will feel in 5 years.

I want to reiterate this point as I think you should consider it before you seek offers.

 

[TXwidow]

Hi All,
I am thinking of selling my engagement ring for financial reasons. I've been out of work for over a year and husband had to dip into his 401k. We have been going back and forth for months bc of the sentimental reasons. I've decided that I'd rather lose the ring than have a hard time paying the mortgage. The biggest factor in my hesitation is the re-sale value. Of course I know, I won't get anywhere near what we paid for it or what it is appraised at. I was wondering if anyone can take a look and give me an opinion of a ballpark asking price.

If I was in your situation, I would first have the stones pulled from the mounting, send the diamond to GIA for their report, sell the mounting for the gold value. Then I would attempt to sell the emeralds while waiting to hear back from GIA.

Once you get the GIA report, come back and let us know what they report on the diamond and then we can make suggestions on what might be the best way to get the $$$.

 

[Nikksyny]

I want to reiterate this point as I think you should consider it before you seek offers.

Thank you for your kindness. I feel like I'm out of options though. Unless you have a secret that I don't know?

 

[MissGotRocks]

Thank you for your kindness. I feel like I'm out of options though. Unless you have a secret that I don't know?

Just depends on how much you can get for it, and if it will be enough for whatever time frame you are working within for now. Shame to take a huge loss if it won’t see you through.

 

[Nikksyny]

Hi All, thank you everyone for your feedback regarding my ring. So glad I have the option of asking a community before going into this blind. While we are on the topic - can I ask another question. I have a strand of pearls from either my mom's side or dad's. They were definetly not bought anytime recently. When I say recently I would say 1980 or earlier. The pearls are small compared to a costume pair I got from the mall. It has a clasp that is either silver or white gold. I tried doing a close u of the clasp. I think it says 10k or 14K, but then there is this other letter after that which I can't read. Wondering if anyone could tell me if these are akoya or cultured, etc. I know even if they are akoya they wouldn't be worth anything anyway..but wanted to ask community before going to a jewelry store. Thanks so much in advance for any feedback.

 

[Nikksyny]

Just depends on how much you can get for it, and if it will be enough for whatever time frame you are working within for now. Shame to take a huge loss if it won’t see you through.

I see. Just selling this, no. But we are going through the house and selling anything that can bring in some money. This would be the most expensive thing we own though, except for the house. I guess in my mind - I'm trying to be rationale- the ring is just an object- and it's not going to appreciate in value. So sentimental reasons would be the only reason for hanging on to it. But husband and I could always buy another ring when we are in a better place and that piece would be sentimental as well in a different way.

 

[Dreamer_D]

The pearls might sell for a hundred or so on eBay. I’m sorry I don’t have better news! Jewelery is far more valuable to keep and enjoy than to sell, except it rare cases. Branded pieces. Rare collectible pieces.

 

[MissGotRocks]

I see. Just selling this, no. But we are going through the house and selling anything that can bring in some money. This would be the most expensive thing we own though, except for the house. I guess in my mind - I'm trying to be rationale- the ring is just an object- and it's not going to appreciate in value. So sentimental reasons would be the only reason for hanging on to it. But husband and I could always buy another ring when we are in a better place and that piece would be sentimental as well in a different way.

I understand your desire. I am sorry that you find yourself in this position. I am afraid, however, that you are trying to put out a fire with a bottle of water. Without having a concrete idea of how much money you would glean from the sale of your ring, there is no way to be sure that this would set you on solid ground. We don’t know the entirety of your circumstance, nor the possibility of other solutions - and we honestly don’t need to know. I just think that maybe you should broaden the scope of your situation to possibly include other life changes. If the sale of your ring will set you right, then I wish you the best of luck with it. If in the end you find it won’t, I wish you well with exploring other options. I think we all would give up our sentimental possessions to insure our wellbeing - if it was reasonable and enough. In that vein, you are certainly not alone. Bad times can come to any of us, at any time, and in many ways. I applaud your effort and wish you all the very best.

 

[Lookinagain]

I'm so sorry that you are going through this. I don't have anything to offer as far as selling your jewelry, I just hope that you can find employment and sort out the financial issues. My heart feels for you.

 

[Nikksyny]

Thank you so much, All. I appreciate your honest feedback and kind words.