where can i sell a 1 carat diamond ring and break even?

Question

my friend wants to sell an engagement ring, he isnt getting married anymore- he spent way too much money and wants to try and get most of it back-ebay is no good- no one spends that much money on ebay for a ring

Answer 1

Can't he return it to the store?

People will buy on eBay if he has a certificate for it. Certified diamonds will sell for their value.
If he doesn't want to try eBay, try the classifieds. Make sure he gives as much information as possible to get the best responses. If he has the information about the 4 C's of the diamond, include that. Also include the type of report if applicable, like GSI, EGL, IGI.

Example:
1CT round brilliant diamond engagement ring for sale. Sz 7, 14K. NIB. $2,000 OBO.

OBO means or best offer, NIB means new in box, as long as there's no damage or scratches. If nobody wants to give him what he wants, then he doesn't have to sell. He can try again next week.

When listing on eBay, set a reserve or your starting bid slightly lower that what he wants. It gives room for the bidding. If he paid $2,000, set the reserve or starting bid at $1,500. He may loose $500, but chances are that people will bid against each other and raise the price. Most rings that you see that have a $0.99 starting bid have a reserve close to the actual value of the ring. If he doesn't have any kind of report on the ring, maybe he could go get one done. Find a jeweler in your area who charges by the hour, not a percentage of the final appraisal. Then he can sell it for exactly what it's worth. Look at 1CT rings on eBay and sort by highest. There are ones on there going for over $10,000, but they all have the gem report.

Avoid pawn shops and stores like that. By law, they can only buy for scrap metal, so he won't get the value of the diamond.

Answer 2

Go to the local jeweler and tell them all about the ring. They will tell you how much it is worth and you can see if you want to sell it or not. Make sure you see several jewelers and if you can't do anything with the ring to break even sell it for the most money you can get and your friend should think harder before making an irresponsible engagement with a nice ring.

Answer 3

try www.kijiji.com or else you can sell it to a pawn broker but you are not going to really get what you paid for the ring anywhere unless you put it in the paper

Answer 4

Impossible. You can not ever recover the original amount spent on jewelry. He would be extremely lucky to even get half of what he originally paid!

Answer 5

Assuming he paid retail for it, you won't get all of that back. Why would anybody pay retail privately when they can get the same thing from a store?

About the best you will do is 50%.

Answer 6

You can hardly break even after reselling jewelry. Maybe if he goes to the store where he bought it and ask for a refund?

Answer 7

Why doesnt your friend try another auction site like propertyroom.com.

If his story is truly heart wrenching, he should start a blog and see if someone will buy it from him there. I think someone else has already done that.

Answer 8

Sometimes the jeweler will take it back for what you paid for it. E bay may still get you a buyer too. If he can't get his money back then save it for the next girl he proposes too.

Answer 9

check with a diamond broker...he'll probably need to take the rock out of the setting...it pretty much sounds like he's screwed...try to take it back to the place he bought it....maybe get some kind of % back

Answer 10

Good luck to "your friend"
If "your friend" sits on it for a few years, he may get what he paid for it through a consignment shop.