advice please for selling a diamond ring?

Question

i had it valued for insurance purposes 10 yrs ago, i want to know how much i should sell it for, insurance value is £7500.00. one dealer in diamonds offered £1500.00, is he taking the mickey or is that what i should expect? no time wasters please

Answer 1

Dealers and Jewellers will always only offer you gold weight and stone/jewel value not the actual ring value price.

The value price is for insurance purposes really and possibly the cost to buy a new similar ring with equivalent diamond and gold value that has been hand crafted and set by a professional jeweller.

Even though the ring is valued at £7500.00 you may find if very difficult to get more than £1500.00 for it.

One way to test the market is to take it to several jewellers or dealers and ask them what would they pay you to take it off your hands (bear in mind they want to make a profit).

You could advertise privately at the price you are prepared to sell it.

You could try it on eBay placing a reserve on the price but you will have to pay a percentage to eBay for listing etc. Your listing should mention that you have valuation dated 10 years ago, this should tell you how many cts the diamond is and if gold is 18 ct etc.

Why not search eBay and see what people are prepared to pay for a diamond ring.

Answer 2

What you do is, of course, up to you but I have sold such items from an estate and I did it as follows.

I had each item appraised by an appraiser, NOT by someone who would want to buy it. It will cost you a few (sorry, I don't have the pound sterling thing programmed) dollars to have this done. The advantage is a pure appraiser gets paid regardless of the value he places on the item. As my Dad would say, "he doesn't have a dog in that fight". Then after you get the appraisal you can knock off 10 - 20 % and offer it for sale at any number of places on the Internet or through local classifieds etc.

The important thing is to know what it is worth before you try to sell it.

BTW, as you probably know, the less you are willing to accept the faster the sale will take place. So have patience when you go to sell the item.

Answer 3

The insurance valuation means NOTHING. Honest. Today, right now, I can go into any jewelry store and buy one for about 50% to 70% of TODAY'S insurance valuation. Those "insurance appraisals" are ALWAYS way over inflated, to make you think you got a great deal when you bought it at the jewelers in the first place.

Your best bet, is to take the specs of the ring (color, cut, clarity, and weight), and call around to a few wholesale diamond stores, and ask them how much it would cost for you to buy one with approximately those qualities. That's the RETAIL wholesale price. For you selling it, you'd be lucky to get 70% of THAT price from a private party, and 40% of that price from a wholesaler.


That dealer probably isn't rooking you too badly, but you can always call around for more offers. (sorry, I don't know what "taking the mickey" means).

Answer 4

Just for clarification, i would take it to a few jewelers and get it appraised. The one who offers you the most, i would consider. If you go to only one person, they might take you for a ride, but if you take it for a couple opinions, you can be certain of the value, also, value goes either up or down, so i would use the 'net and check on the depreciation or gain in value of diamonds and gold, and the other materials that might be in the ring.

Answer 5

It extremely honestly relies upon on the diamond because 50 years in the past they did no longer have the technologies to grade a diamond the way they do at present. you've extremely some options for promoting the engagement ring yet you want to come across a straightforward source to appraise it. On ordinary a diamond appraisal could value between $40 5.00-$80.00 inspect the links below for options on promoting your ring and assistance for paying for it appraised. good success.

Answer 6

Donna, yoe may be aware that 8 out of 10 diamonds used in the world are going from India.And I am writing this answer from India. Diamonds value are determined by its carat weight, colour, clarity and cut.If you have its valuation report which shows all above thing then you mail it to me . If not then please visit and good Gemological Institute and get certificate of its
FOUR C'S (cut, clarity, colour and carat weight ) and then mail me the certificate . I am a wholesale diamond dealer and exporter in India so I can help you in getting good price for it.If you are living in USA then you can get FOUR C'S certificate from Gemological Institite Of America.

Bigger the Diamond size , more its value. Which please note.

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Answer 7

Take it to as many dealers as possible.
Consider that the retail value for a clean perfect diamond is around 3000 pounds per carat.

Answer 8

Go to a pawn shop and make a deal with the diamond devil. They will tell you it's worth about a 1/5 of the actual value

Answer 9

Unfortunatly the insurance is always considerably more than the acutal value . Have you ever tried to sell it privatly a good place possibly is on preloved.com you can sell anything on here.
May I just say though never and I mean never take it to a pawn shop they will never offer you a decent price for it . you need to sell it to a dealer or privatly .

Answer 10

here is what you should do I am no expert but I love gold and dimonds they do say diamonds r a girls best friend take it to a few places and ask for quotes dont just take da first offer. ask people who know this sort of stuff. take a friend or family member with u so u dont get pushed in to anything. but as I said ask around.dont take your first offer.hope this is some sort of help