We need to sell diamond ring

[edsaint]

Hello,

I hope someone can help. We need to sell a diamond wedding ring in order to meet some financial needs. We live in NYC. Where would you direct us to go first. We have an appraisal certificate from the jeweler who sold us the ring. What are the steps to make sure we get what the ring is worth?

thanks

 

[chialea]

Search around, quite a few people ask this question. I'm sorry you're in this situation, and I'm not an expert, so I'll just repeat bits of what other people have advised to others:

A few quick options:

1. advert in the newspaper/on ebay. these people will likely be looking for a deal, so set some minimum price you'll sell it for. still, you might be able to sell it to someone who will pay more than you'd get it for otherwise, while they save money over retail, which is really a win-win situation.
2. jewler on consignment. take it somewhere where they sell other consignment stones. this may take longer than you have to wait (or it may only take a day, but I wouldn't count on it), and they'll take a fee from the money, but it'll generally be more than you'll get going to a...
3. jeweler directly. this is a bit of a grab bag. you may not be able to sell it at all. at best, you're going to get a good chunk less than what the wholesale price is (they can get it for wholesale from a dealer they know, so they will want to pay less for their trouble). if it's a "popular" size, shape, colour, clarity, and a good cut, you're likely to get luckier with this -- but you're likely to get luckier with anything in this case.

jewlery is generally a hard thing for people to sell, especially if people are generally in somewhat of a hurry when they do so. if I were in that situation, I'd take it around to a good number of jewlers and see what they offer for it. since you don't have a "real" cert, that may hurt you some, but I'm not sure that it would at all be worth it to get it formally graded.

 

[edsaint]

Thank you Chialea

I will try to get it posted on our neighborhood Penny Pincher newspaper and if that does not work E-bay, do i have to take a picture of it (of course the description etc>>>)

 

[chialea]

I don't know that anyone would buy it without a picture... and make sure to post a reserve price! Look at what similar rings are selling for, and you probably want to discount a bit from that, because you are unknown (I don't sell on ebay, this is just what I hear). Good luck.