Where can I trade in Diamond Earrings for engagement ring?

[kreay32]

Hello everyone, I''ve got a quick question.

My boyfriend gave me a pair of beautiful diamond earrings that belonged to his grandmother. They were passed down with the intention of him trading in the earrings and putting the credit toward an engagement ring.

We live in Greenwich, CT, not far from NYC. Does anyone know of places where we can go to trade in his grandmother''s exquisite earrings for an engagement ring? We do not have any paperwork for the earrings but he was assured they are real and worth a pretty penny.

Last, what is the normal procedure to go about doing this?

Thanks
Kristin

 

[spicolicpa]

Ebay? subsequent to an official determination of value. Maybe its like a car, you take in in to the dealer as a trade in and they hand you your shorts....oh and a bit of cash towards your new car....

Better off selling one and buying another?

 

[Mara]

You can try eBay but you will get about 15-30% of the worth of the earrings. You can pawn them for about 10-15% of the value.




What I would suggest is finding a vendor you'd like to work with....a B&M or similar. Take in the earrings, tell the vendor your story, and find out what he'd give you for the earrings to trade in. He may say...well they are worth $2k but I will give you $1500 towards the cost of a new ring, provided you spend at least $7k.




Brush off your negotiating skills. What I would do first is take the earrings to an independent appraiser and find out for real how much they are worth. Get that on paper. Also the independent appraiser can let you know things like color and clarity of the earrings which is important. Then you will be armed to deal with the local B&M because you will know how much they are really worth. Also ask the independent appraiser to not inflate the appraisal for retail value, ask them for a realistic estimate. That way you will be using the correct numbers when you negotiate.




Good luck--trading in and/or selling existing stones is harder than most people think. Why would a random vendor buy a set of earrings from you at near full retail price, when he could get them from his wholesaler for cheaper and know exactly what he is buying? They will have to be discounted pretty highly, or there'd have to be something in it for him, such as my scenario above, where you spend much more $$ with him than he gives to you. Or you'd have to have a relationship built up with him where he knows that helping you out will net him more business later...or he may be more willing to negotiate because of that relationship.




Let us know how things turn out and don't be discouraged if you are rebuffed a few times. Keep trying...you will hopefully find a local jeweler who will be willing to work with you.

 

[kreay32]

Thanks Mara, that was really useful information. I would definitely shy away from Ebay, and prefer to trade them in with a store.

Thanks again, and I'll be sure to post if I have further questions... you guys are fast!

Kristin

 

[MichelleCarmen]

Kristin,


If you don't have any luck with trading with a vendor/retailer as Mara suggested, you can always try placing an ad in the newspaper. Seems like people tend to ask a bit more for jewelry there then they would expect to get in say a pawn shop or ebay, however, I'm not sure how successful most are at selling their stuff this way. But it's worth a shot

Good luck!

Michelle