Friend's old tiffany ring..

[spudnik]

UPFRONT: TL;DR I know Tiffany is extremely overpriced but is this diamond alone worth it? Would like general advice and thoughts as well!

I have a wealthy friend who recently ended his engagement and had purchased a Tiffany diamond ring for $29K but is unable to get a great resale value at all..

Fortunately, his loss may be my gain and I wanted to inquire about the ring with you all. A jeweler is offering him $9.5K for the ring and he has told me that I can purchase the ring from him for the same price if I would like it and he doesn't seem to mind what I do with it as he'd rather just get rid of it ASAP (I am considering proposing in the next year or so and this seems like a great way to get a nice ring at a cheaper price). (I've also been saving up for a bit now in prep and have recently been offered this proposition but should be able to afford the ring)

I have some qualms about a used ring and may consider resetting the stone. I personally don't think the brand matters at all and I'm pretty sure my girlfriend will not care either as she doesn't expect a tiffany ring and it seems like it would be more of a hassle to explain to her that it's a tiffany ring but not something she should really take to the store for regular appraisals (I'm not 100% sure how she would feel about receiving my friend's old e-ring). Based on the research I've done it seems like they laser etch SKUs on the ring and diamond so I can't really avoid this situation unless I get it completely reset and just forget that Tiffany is a part of it. All in all, girlfriend is very reasonable person and even if I told her the full situation after I propose, she will probably support it or if she doesn't, reset it in a style she likes.

The ultimate question is... Is this worth $9.5K with the diamond on it's own and can I somehow get some value out of the platinum (solitaire) setting? My thought is that he paid $29K for the ring, the Jeweler is offering $9.5K but Jeweler needs to make a profit so is maybe the diamond is worth $12K?

Here is some information on the ring:

Shape: Round
Cut: Brilliant
Measurements: 7.43 - 7.45 x 4.56mm
Carat Weight: 1.57
Color Grade: H
Fluorescence: None
Precision of Cut: Excellent
Polish: Excellent
Symmetry: Excellent
Color: VS2

Thank you!

 

[LLJsmom]

If it's for sure Tiffany, and he bought it for $29K, for $9.5K, I would buy it, assuming it's a beautiful stone.

And shoot, forget resetting it. It's Tiffany. You want that setting. For $9.5K, for that ring, it's highway robbery. Lucky he doesn't mind and is just as happy to get rid of it.

 

[Dancing Fire]

Sound like an Ex. price!... GO FOR IT!

 

[CareBear]

The stone and setting, even without the Tiffany name, is worth WAY more than 9.5K! I'd take it!

 

[Bron357]

Yes it's a bargain. And no, don't change the setting. If there is any documentation with the ring make sure you grab hold of that too.

 

[tyty333]

Agree, its a bargain...I would scoop it up at that price. Do not reset it. Let your GF know that its a Tiffany ring with
all the documentation. Let her decide if she wants a reset or not.

 

[Tophat1]

I would definitely buy and keep in the Tiffany setting - it's a great deal.

 

[bmfang]

Like everyone else on here, buy the damn ring!!!!

An absolute steal. Like others have said, make sure that it comes with all the documentation as well.

 

[Diamondz1]

If this is as straight forward as it seems, I agree with everyone else: buy it and don't reset it!

But I will say this sounds too good to be true. Your friend could easily sell that ring for a better price with a little research, leg work, and time. Perhaps he doesn't care to do those things for his own reasons, and doesn't mind taking a ~70% loss but, I don't know... that seems strange.

If you go for it, just make sure you're getting what you think you're getting!

 

[lilysweet]

You could buy it with the idea that you have more time to sell it and use the proceeds toward another diamond and setting purchase if you decide your gf would not want a ring that was preowned. Do not reset it. The ring is worth more intact.

 

[totallyfree]

You could buy it with the idea that you have more time to sell it and use the proceeds toward another diamond and setting purchase if you decide your gf would not want a ring that was preowned. Do not reset it. The ring is worth more intact.

I like this rationale. You haven't mentioned what style of ring it is, but not all rings are to everyone's tastes, even if it is Tiffany! Buy the ring, get it cleaned up (the band may need polishing if it's been heavily worn?) and propose. Be honest with your darling fiance and then go from there. By being honest I mean finding an appropriate moment later on to let her know that this has been acquired from a third party vendor and not directly from T&CO and you haven't been money laundering on the side to afford a $30k ring (or whatever details you'd like to include).

If you do end up selling it you're in luck in that there are many people in the market for a T&Co ring. Not everyone loves every T&Co style, personally I hate the traditional knife edge style, and you haven't mentioned any details so maybe be prepared the your darling fiance might not love it...? (Or maybe she will, I am sure you have an indication of what she would like??) You can find quite a few second hand T&Co rings on sites like good old gold, jewels by grace, era gem and I'm sure in antique stores. If you get more than $9.5k for it (which I'd think you would!) then maybe split the difference with your friend if it makes you feel comfortable.

Either way... snap that baby up and shout your mate a beer!

 

[spudnik]

Thanks everyone! I feel way better about it and will likely purchase. Appreciate the help!

edit: It looks like a standard diamond solitaire ring to me but I honestly know so little - I'll try and post more information as I find out more!

 

[diamondseeker2006]

Did this person show you the Tiffany paperwork and grading reports? Because I wouldn't buy it without that. If he doesn't have it, you need more information before proceeding. If he does, you are very, very lucky!!!

Never take a diamond out of a Tiffany setting. The ring is worth FAR more in the Tiffany setting! Only let Tiffany do the sizing and polishing of the ring for you.

 

[spudnik]

Yes, he has all of the paperwork! Will Tiffany do the sizing and polishing even if it is second hand?

 

[pyramid]

First step get a qualified appraiser or jeweller to tell you unset whilst you are there that it is infact a diamond. Maybe a similulant has been put in it's place. Can't believe no one has written this before. This is very important, it may be clear glass and a copy certificate. Otherwise if it is real - can't see it being over $9000, sorry. You must go with qualified here or you may be scammed. Some of the biggest scams happen between friends.

 

[EC8]

Does the paperwork state that the stone is inscribed? If so, a jeweler can confirm (typically you need 20x magnification to see).

 

[vintagelover229]

Yes, he has all of the paperwork! Will Tiffany do the sizing and polishing even if it is second hand?

Yes, I found my hubs best friend a used Tiffany from a PSer a while back (stunning half carat one) for less than 2k and he took it in for sizing and polishing and she didn't have the paperwork (I knew it was Tiffany she was a trusted seller). He had no issues! He was super impressed since the half carat at the store started at 4500$ + 13% tax so he felt like he stole it and his now wife was super SUPER surprised to see the blue box! I'm not sure if she knows it was preloved but I know beyond a doubt she wouldn't care. I mean who would? You saved yourself a HUGE mark up and got a great ring for a steal of a deal-sounds like smart shopping to me!