The appraisal was done by a local jeweler (I believe for insurance purposes). Someone told me that the value I could sell it for it only a percentage of the appraisal. The ring is a yellow gold engagement ring with diamond.
Would like an expert opinion, please, or an opinion of someone who has been in this situation.
Thanks in advance!
2007-01-04 04:27:24 · 6 answers · asked by Lolly 3 in Business & Finance ➔ Other - Business & Finance
This is a family heirloom and I need to reimburse my brothers for their share of the retail value of it.
2007-01-04 07:56:35 · update #1
I am afraid you will be lucky to get half of that. Stop by a few jewelers and ask them what they would be willing to offer you to buy it from you, they will probably just offer a wholesale price of gold that is about $630 USD per ounce of pure gold. So if your ring is say 5 grams and that is 14kt gold than 5 * 14/24 = weight of pure gold. why you divide by 24, because 24 kt is pure gold, everything else is number of 24th of pure.
As far as the diamond goes, the price varies widely depending on the size and quality of the stone. They might offer you a little better price if you just trade it in for a different ring.
Ask a jeweler if they would take it on concession, so they try to sell it for you for whatever they can get and keep a percentage.
I am afraid this is not the answer you wanted to hear, but when you buy jewelery in retail stores you usually grossly overpay, but they won't buy from you for more than wholesale.
2007-01-04 04:38:16 · answer #1 · answered by Alexander K 3 · 0⤊ 0⤋
I am sure that you did not pay the "appraised" price. Like was said "for insurance purposes". The other answers that have been given are probably correct - however another approach would be to trade the ring in for the gold content and remount the diamond into a ring you do like or perhaps a pendant. I would not buy another diamond to make diamond earrings because diamond earrings are usually not the same quality as an engagement diamond.
2007-01-04 06:55:31 · answer #2 · answered by sweetpicker 4 · 0⤊ 0⤋
You will not get what you paid for the ring because there is a mark up in retail. You'll get more money selling to an individual rather than a pawn shop. If the ring is valued at 2000.00 for example put an ad in the paper with a description of the ring, Yellow gold. diamond weight and color and start aking for say 1700.00 or best offer. Set a price in your mind of the lowest amount you'll take and stick to it
2007-01-04 04:37:48 · answer #3 · answered by Susan P 3 · 0⤊ 0⤋
Why are you selling your engagement ring? So you know, if the engagement is over, the ONLY way you can legally keep it, is if you bought it, or it came from a member of your family. An engagement is legally considered a contract, and if it ends, the ring belongs to the giver. If you sell it without his consent, he can take you to court and sue you for it.
2016-03-29 07:25:53 · answer #4 · answered by ? 4 · 0⤊ 0⤋
If you really want to find out, take it to a pawn shop. They'll give you a little less than you might be able to sell it for (for their profit margin), but that'll get you in the ballpark. I wouldn't be surprised to be offered 1/10 of what you think it's worth.
2007-01-04 04:39:16 · answer #5 · answered by mattzcoz 5 · 0⤊ 0⤋
What ever someone is willing to pay.
2007-01-04 04:30:00 · answer #6 · answered by Anonymous · 0⤊ 1⤋