Selling a diamond and/or ring
 

Has anyone ever sold diamond or diamond rings locally? Like in Orlando to a diamond buyer? It is time to get out of the safety deposit box at bank and I have no sentimental feelings about the items, so time for them to go.

Beware
 

There is no shortage of liars, thieves and crooks. Perhaps, a place to start would be to get an appraisal for insurance purposes.
You do not want to state you are selling. An insurance appraisal on jewelry is roughly twice what you could buy it for. Obviously,
a jeweler must subtract his profit from what you could buy it for.

NO I am not a jeweler or do I have an interest in buying it-whatever IT is.

The Truth Speakith The Truth. Mandatory Insurance Appraisal first. After that the hunt is on for the best deal for you. It is no easy task and never take your eye off the diamond for even a split second or you could be going home with a Fugazy. Good Luck.

Be prepared to be very disappointed at how much you will be offered. Whoever says that diamonds are an investment is lying. A few months ago, I went with a friend to the Waterfront hotel where a guy was buying jewelry. He offered $2,000 for a Rolex watch and two diamond rings that were originally purchased for well over $20,000.

Can you please explain your post? Are you saying that, if I tell an appraiser that I am selling the jewelry, he will appraise it lower? But, if I don't tell him that I am selling it, he will appraise it at two times the retail price? Also, if you buy a diamond from a jeweler for $10,000, how do you know that the jeweler didn't just buy the diamond from someone like the OP for $1,000? Is there any way to tell the difference between a new diamond and a 40 year old diamond? Just curious.

I think appraisals for insurance purposes are often retail prices.

There is a type of jewelry insurance sold by jewelers that insures "replacement" by a jeweler -- not "cost of replacement."

When insuring jewelry, it is a good idea to talk to your homeowners agent about riders.

Starflyte, I also think you might be disappointed in what you might find in offers in the marketplace. If other options could be a part of your decision and you know a trusted jeweler who designs, you might want to think about creatively resetting into a necklace or pin -- if that appeals to you.

retiredguy123, sometimes you can tell if a diamond is really old by the cut -- old mine cut diamonds, for instance, go way back, sometimes close to, or more than, a century. Age has nothing to do with quality though. In fact, the really old ones are often of very high quality.

and --

Dear Marilyn Monroe,

I am so sorry to inform you that although I still love that song you sang, "Diamonds Are A Girl's Best Friend," alas, you were wrong. Actually, a semi-gutsy, informed, careful, dividend-paying stock buy, all by herself, is a girl's best friend. (But I admit, it does not sound that good set to music to sing while wearing a gorgeous, glamorous gown.)

Sincerely,
Boomer

(Ba dum ba da -- (bump) TIFFANY! Ba dum ba da -- (bump the other direction) CARTIER!)

Back when my kids were small I used to work part time in a jewelry store and the markup on jewelry is 300% to 1000%. I am told that online jewelers are driving the markup down but jewelry is definitely not a good investment.

Stay away from the traveling buyers......

But, it was very entertaining, and he gave us free candy.

Keep in mind that there is a difference between asking someone what he/she would give you for something and getting a formal appraisal by a Certified Gemologist Appraiser, which is required in order to insure an item.

My stepdaughter inherited a 2.5 carat marquise-shaped diamond set in a plain platinum setting from her late great aunt. She was in nursing school at the time and needed money more than a big diamond so she took it to a jeweler in NYC to see what they would give her for it. She was told $2500-3500 and they couldn't give her an exact figure until they took it out of the setting to examine it more closely. Because the prongs on the old setting were kind of hinky and might break with repeated opening and closing, they suggested she decide if she was willing to sell it for any price in that range before they took the stone out. I told her I would give her $3500 for it. I had it reset and now have a ring that I love for < $5k.

I had it appraised for insurance purposes. The appraisal, which cost a couple hundred dollars, I don't remember the exact amount, says it is worth $15,000. A rider on my homeowners insurance is $150 per year (1% of appraised value). If the ring is lost or stolen the insurance company has to give me a ring that looks like mine and has a stone of the same size/weight/rating as the one I insured. They do not have to give me any money. I should probably think long and hard about whether I want to continue to pay $150 a year to insure something that I could probably sell for two or three thousand, at most.

kathy

I would never buy a diamond because I can't tell the difference between a diamond and a piece of glass. I was always told to never invest in anything that you don't understand, and I have always followed that rule. I agree that you should reconsider the insurance policy because, if that diamond is really worth $15,000, they would not insure it for only $150 per year. I don't think insurance companies will insure anything for one percent of value.

Well, Met Life added a rider to our policy after I gave them the appraisal and that is what they charged us. Maybe the premium would have been more if the policy called for them to write us a check in case of loss. The way it is written they just have to find and buy (at their wholesale cost) a similar stone. They are never going to have to pay out 15k. More like 2 or 3k max.

I would be inclined to forget the insurance and just take our chances. Dan thinks I will feel more comfortable wearing the ring if it is insured and, therefore, it's worth the money. One of those intangible things that are difficult to put a price on, you know?

k.

I've sold before to Coast to Coast in Southern Trace Plaza

I've also used Mark's Jewelry and Pawn in Belleview.

Be prepared to be offered around 10-15% of retail value.

If the pieces are unusual or have antique settings, you might get more for them on an auction site like eBay, or list them on TOTV, but of course selling them yourself has its own hassles.

Diamonds are graded primarily by the 4 C’s. Carat Color Clarity and Cut. There are also other factors but these are the most important so when you get an appraisal, ask for these in addition to the value. A Round D Flawless is usually the most valuable. Knowledge is everything but rest assured, you will never know exactly how much your diamond is worth but evaluating it using the 4 C’s may prevent you from not getting completely ripped off.there are on line charts which will give you some idea once you know the 4 C’s. But unless you have a GIA Report, remember these factors are only as good as the person evaluating the diamond. Diamond Calculator | Long's Jewelers

A side story. I knew Martin Rappaport in the early 1980’s when he started the Rappaport Diamond Report to try and standardize diamond valuations It was met with worldwide industry resistance and he actually received death threats. His report survived and is now used extensively worldwide. But it has so many nuances it is useless to the average consumer which is probably why he survived all these years. He is still criticized even by the people at the Debeers Syndicate who have close to a monopoly on diamond supply. The mid 1980’s was a treacherous time for the diamond industry and final,y succombed to the Greater Fool Theory. Diamonds were traded back and forth among brokers and dealers with ever rising prices not based on anything but the last sale. A D Flawless one carat quadrupled to $35,000 and higher but valuations collapsed a lot quicker than they rose and hundreds of millions were lost by banks who financed the dealers. Martin Rapaport - Wikipedia

Diamonds - One of the world's greatest scams. The appraisals are a complete fraud. Bah! Humbug!!!!!!