Selling Diamonds?

ajw

I have a diamond ring that I'm considering selling. I know the market for diamonds can be rough, but I figured someone here may have some experience. It's set in a gold ring with a couple of small accent diamonds. The solitare stone is 2.02 carats, SI-2 and I/J. My sense is that the stone itself is in the $10,000 retail. I'd love some advice from anyone with experience. I know this isn't a diamond forum, but you coin guys tend to know a lot about other topics and I figured you could help.

Thanks!

Drew

DoubleEagle59

Hi Drew;

Feel free to PM me anytime as I was a gemologist for 25 years.

crypto79

It would have to be a very flashy eye clean SI that was a well cut round to really hit 10k. That said you are about to see how a developed two way market is the best part about coins. There is not a great two way market for diamonds, you have to buy and sell to middle men (sometimes far middle) auctions will take 40% and sell it at wholesale save high end stuff which that isn't. Your best bet assuming it is Gia cert. is put it on eBay with a BIN and best offer. And take the first offer above 6500-7000

tradedollarnut

I hate to say it, but thats more likely a $6k wholesale item. The inclusions and color are gonna really lower the demand. Good luck!

bsshog40

Diamonds seem to be very hard to sell. We tried to sell my wife's old ring, very nice 2ct diamond with a lot of other diamonds with it. It was purchased for almost $4,000. I was offered $300 for it from a pawn shop that bought rings with gemstones. One just wanted to pay for the gold and said the diamonds are too hard to sell anymore.

SanctionII

The diamond in the engagement ring I gave to my wife 26+ years ago was accompanied by a fancy appraisal certificate that claimed that the diamond I purchased appraised for double what I paid for it.

last month my wife showed the ring and diamond to a jeweler who told her it was worth half what I paid for it.

I just do not understand how this could possibly be

renomedphys

What's the saying? Diamonds are for suckers?

Seriously, what's the real purpose of a diamond besides locking in a steady bunkmate? I think half the cost of a diamond is value, and the other half is

DoubleEagle59

I appraised Diamonds as a profession for over 25 years and I'll tell you a few things about how an appraisal works (in Canada, but should be the same in the US).

First of all, let's assume the appraisal is an 'honest' one and not highly inflated (quality and price).

The amount given on a jewelry appraisal usually reflects a high retail price. (let's say appraisal is for $10,000)

A retail store can usually sell this item for half of this amount. ($5,000).

The cost of this item to the jeweler is usually about 50% to 75% of the $5,000 (let's average this at $3000).

Therefore the store's cost is roughly about 30% of the appraisal.

Now, here comes the important part.

If you go to the store with a $10,000 appraisal and the store can make the item anytime and pay $3000 for it, why would the store pay YOU $3000 for it.

He (or she) wants to double his money on a ring purchase, so they only offer you $1500 for your $10,000 ring.

There you have it.

It appears like you're getting hosed at 15 cents on the dollar, but when it's broken down, it's not too bad.

Afterall, you're not buying a diamond ring as an investment.

shorecoll

If you sell it on eBay, consider using escrow, there's a big market in switching stones and returning the ring with a fake/low grade replacement. And you thought coin docs were crooks!

mkman123

Debeers has the diamond market cornered and they are common but are holding back quantity to keep the prices high. Trade it for gold and silver.

LindeDad

Another reason to stay single. At least I might not of lost as much as I thought when I got divorced.

magikbilly

"Afterall, you're not buying a diamond ring as an investment." - Love it!

Ran into this about Be Beers and their 100 year campaign. No idea if this stuff is true - I stick to ocean liners and slides. Anyone else read this? Seem sound at all? This old news? No news?


Diamonds (corrected link to page 1 of article)

Eric

fiveNdime

<< <i>At least I might not of lost as much as I thought when I got divorced. >>


i managed to end up w/both the rings.
i paid ~$6000 for both, in platinum and custom (hers)
the diamonds were essentially worthless to whomever i asked to buy. (~1.85 carats between 1 L and 2 S diamonds)
i was forced to liquidate at the Pt. bottom and got $1500 cash for both. (jeweler / family friend then made $100 off it)

he said if you get 30% of what you paid, consider it a deal.

next ring [LMAO] will be sourced from a pawn shop.

DoubleEagle59

<< <i>

<< <i>At least I might not of lost as much as I thought when I got divorced. >>


i managed to end up w/both the rings.
i paid ~$6000 for both, in platinum and custom (hers)
the diamonds were essentially worthless to whomever i asked to buy. (~1.85 carats between 1 L and 2 S diamonds)
i was forced to liquidate at the Pt. bottom and got $1500 cash for both. (jeweler / family friend then made $100 off it)

he said if you get 30% of what you paid, consider it a deal.

next ring [LMAO] will be sourced from a pawn shop. >>



Remember when you buy retail there's the diamond dealer's profit, the wholeseller's profit and the retailer's profit.

So when you spend $10,000 on a ring retail, just what amount do you expect back?

291fifth

Read the article "Have you ever tried to sell a diamond?" that appeared in the ATLANTIC in 1982. You can find the article online.

s4ny

Blue Nile has an excellent website: http://www.bluenile.com/diamonds

The diamonds that size on their website are $15000 and up. They may be better cut, clarity, color, etc than yours. Or, not as good.

They are sellers of course, but it will give you an idea. Appraisal is mostly useless.

Take it to a diamond or jewelry store and try to sell it. That will give you a bedrock value.

$10,000 for a 2 ct stone would generally be a good price for the buyer.

magikbilly

<< <i>Read the article "Have you ever tried to sell a diamond?" that appeared in the ATLANTIC in 1982. You can find the article online. >>



That is the article I linked too. What do folks make of it?

Eric

scotty1419

<< <i>

<< <i>Read the article "Have you ever tried to sell a diamond?" that appeared in the ATLANTIC in 1982. You can find the article online. >>



That is the article I linked too. What do folks make of it?

Eric >>



I've never doubted any of the info in the years since first reading it and always referring to it whenever anyone around me discusses diamonds. I feel there's a reason a 1982 magazine article is still getting constantly linked to...

magikbilly

<< <i>

<< <i>

<< <i>Read the article "Have you ever tried to sell a diamond?" that appeared in the ATLANTIC in 1982. You can find the article online. >>



That is the article I linked too. What do folks make of it?

Eric >>



I've never doubted any of the info in the years since first reading it and always referring to it whenever anyone around me discusses diamonds. I feel there's a reason a 1982 magazine article is still getting constantly linked to... >>






Eric

DoubleEagle59

<< <i>

<< <i>Read the article "Have you ever tried to sell a diamond?" that appeared in the ATLANTIC in 1982. You can find the article online. >>



That is the article I linked too. What do folks make of it?

Eric >>



Makes sense.

Very long article though. I didn't read it thoroughly.

I had to laugh when the lady spent 100K on a diamond from Tiffany's and after 2 years expected to sell it back to them for a profit!!!!

How dumb are some people.

But besides that, nothing too much exciting in it.

DeliaBug

<< <i>Another reason to stay single. At least I might not of lost as much as I thought when I got divorced. >>



+1

The info DE posted put a nice smile on my face.