I have a very expensive diamond engagement ring and I would liketo sell it but I don't know how.?

Question

I have a very expensive diamond engagement ring that I would like to sell. I know about ebay but I want to try another way but I'm not sure how to sell it so that I can get as much of its real value back. Please help!!

Answer 1

Get an appraisal from a CERTIFIED gemmologist who has credentials from an association or institute that is recognized - not "Santa Fe Gemmology Inc (for example, a made-up name) but GIA -Gemmological Institute of America. Make sure you tell them it is NOT for insurance purposes (which is always higher for convoluteed reasons too long to get into)

Then go to a jeweler who handles "estate" items.

Estate means only that it is a resale and does not have the steep luxury tax added to the selling price of new jewelry. Be aware that you can realistically expect a third to half of its appraised value, as the appraised value tells you how much you would have to pay for the item RIGHT NOW, including the luxury tax. You may be able to get a better price if you get them to take it on consignment but they will probably take 50%

Get several quotes and decide on the best one.

DON'T go to a pawnshop because they are subject to innumerable laws concerning the amount of money they are allowed to lend or pay you.

You also have to provide identification (both for jeweler and pawnshop)and the sale cannot be completed in one transaction because of laws designed to keep fences from selling stolen jewelry.

DON'T try eBay because you have to pay fees, you can't mail the item but have to send it by bonded carrier etc. and you will pay out a lot.

DON'T sell privately because you don't know who will show up at your door.

As for auctions, if your ring is EXTREMELY valuable, you might consider them but keep in mind: listing fees, photography fees, catalogue inclusion fees, seller's surcharge etc.

Answer 2

You have to be more specific when stating "very expensive".

Also, selling your ring back to a jewelry broker will only help you to lose money.

The markup on diamonds is ridiculous. Also, you need to know that a diamond is only of real value if it is D in color and almost flawless. No visible inclusions.

Anything under two carats is going to be a problem to sell back.

In my opinion it would be better to do a private sale. Either through ebay or craigslist. That would be the only way you can estimate that you will get even close to what you paid for the ring.

Answer 3

Can you take it back to the store it was bought at?

If not, then make sure you have an official gem appraisal for it. The report is the only thing that will sell a diamond for what it's worth, or at least close to it. Also, take it to a store to have it steamed, cleaned, and polished. It will look much better after, and you have a greater chance of selling it than a dull or dirty ring.

Place ads in your local newspaper's classified section, on line classifieds, other auction sites, and talk to local jewelers about consignment. Don't try retail stores, they won't do it, but an independent jeweler might be willing to act as the selling agent for you. You will have to have an appraisal either already in hand, or pay them to do one for you. They won't sell it without one, too much potential for legal problems.

Answer 4

YOu are never going to get the price you payed for the ring, at max you will get 1/2 to 3/4 of the value...

If you use ebay place a reserve on the ring so it will sell but only if bids get above a certain price...

You could try a consignment store or a jewlery exchange... Place reserves on the it..

Jewelry depriciates very quickly as you are often paying a huge mark-up when purchasing it...

Answer 5

Get it appraised, preferably at more than one place. If the appraiser is expecting you to sell it to them, they will give you a low estimate of the value so they can get a good deal. Know what it's worth before you even mention you want to sell it. Diamond engagement rings are high-price items with a big range of prices, so if the jeweler gives you low estimates of the value and negotiates for a price that's too low, you could end up selling it for hundreds or maybe even into the thousands less than it's worth.

Answer 6

You can get it appraised and take it into some Jewelry stores. You won't get the appraised price, however you can go around and get some offers.

Also, depending on price it is worth, can advertise it to local paper. If person interested, both can go down to Jewelry store if they feel the need to futher make sure it is "real'. You be surprised of how many fraud cases there is about people selling jewelry to someone that they switched out the gems or sold a fake ring etc.

Answer 7

NOT eBAY!!!! Old antique store that will take it for more than $10,000. If that doesn't work try posting it on the Internet. NOT eBAY. Also, make sure you get the payPal money before you send and ship it off. Or you should go to a local jewelery store in your area and resell or sell it to them. They usually take earrings, diamonds, rings and watches for a reasonable price. Good luck and happy selling (and or buying).

Answer 8

Unless you are a diamond expert, you should be careful when trying to sell your ring.

Always start with friends and family. Ask if they have a jeweler they TRUST to appraise and give you advice on selling your ring.

Don't go to any of the jewelers in the Mall. Can you go to the jeweler that sold you the ring?

You need a diamond expert - one you can trust.

Do NOT sell it on E-bay.

Answer 9

You want get what you've got in it back, hate to tell you. If you take it to a pawn shop all they will give you is the price for the gold an not the diamond. Sorry but if you want you can send me a picture of it an let me see what I can do, but i will need to know about the diamond what clarity it is. If you have any paper work my e-mail is [e-mail]

Answer 10

You will never get close to the value you paid for the ring. Jewelry always gets close to trinket value once out of a jewelers shop, it simply is like that! So your best bet really, is to sell it on Ebay or a similar medium and pull it back if you don't get a good price.