How to sell an engagement ring?

nadams

Looking for some advice on how to sell this engagement ring that I have. As most of you should be aware, I was engaged, and now am not. I kept the ring, and now I need to sell it. The 27% interest loan is killing me.

I would like to sell the ring locally, as the warranty/diamond guarantee is transferrable at the local jeweler's where I bought it. I checked with the jeweler's, and they have a 30 days same as cash return policy. After that, you get store credit, which I don't need... plus, they wouldn't pay off the loan... I'd continue to pay my 27% because I financed with an outside company, and they would just give me the $2,120 in store credit.

The diamond is certified by the Gemological Institute of America, and is absolutely gorgeous.

If I do have to sell on eBay or elsewhere, it would lose the attractiveness of the store warranty, but at least the stone certification would still be worth something.

So, anyone have any suggestions? Or want a size 6.5 white gold 1/2 carat engagement ring?

snow

nadams wrote: »

Looking for some advice on how to sell this engagement ring that I have. As most of you should be aware, I was engaged, and now am not. I kept the ring, and now I need to sell it. The 27% interest loan is killing me.

I would like to sell the ring locally, as the warranty/diamond guarantee is transferrable at the local jeweler's where I bought it. I checked with the jeweler's, and they have a 30 days same as cash return policy. After that, you get store credit, which I don't need... plus, they wouldn't pay off the loan... I'd continue to pay my 27% because I financed with an outside company, and they would just give me the $2,120 in store credit.

The diamond is certified by the Gemological Institute of America, and is absolutely gorgeous.

If I do have to sell on eBay or elsewhere, it would lose the attractiveness of the store warranty, but at least the stone certification would still be worth something.

So, anyone have any suggestions? Or want a size 6.5 white gold 1/2 carat engagement ring?

I am assuming that it is in a Tiffany style mount 4 or 6 prong setting without extra diamonds on the side? If so your best bet for resale may well be selling the mount and the stone seperately few people/women want a second hand engagement ring. where as the diamond can be re set into anything., and a lady is more likely to purchase the mount and then pick her own stone to go with it. Even this way the odds of getting more than 50%of your money back is slim but is more likely to sell faster.

Just out of curiosity what is the grading of the stone? for example round brillant cut, 52 points weight, G color, VS2 clarity.

REGARDS SNOW

nadams

snow- It is a Tiffany 6 prong. I'll get the grading #s to you when I get home to look at the certificate.

Also, the owner of the Jeweler's said that if he needed a diamond in the next few weeks he'd give me a call and see if I still had it. He said he might be able to buy it from me if he needs it (and I still have it). He said it was the nicest 1/2 c stone they've sold in months... but that could just be the salesman in him talking. I would tend to believe him, though. We looked all over that rock and found NO visual blemishes or carbon spots. Some of the other places we looked would try to hide them by the mount, etc, but we actually saw this stone before they set it, and it was really nice.

fossy

pics please ....say your a metal detectorist & just found it on the beach ....always adds abit of mystery to it ????

nadams

fossy wrote: »

pics please ....say your a metal detectorist & just found it on the beach ....always adds abit of mystery to it ????

I'll take some pics when i get home. For now, the only thing I have is a shot from when I first proposed.

madmax

27%? Oh man I feel for you. I don't know about selling it but on the finances, do you ever get those credit card checks where you pay 3% of the borrowing amount and then 6% to 9% for a year? Maybe that would help. Another option is to get a reasonable loan at a credit union. You gotta get out of this loan! Best of luck.
madmax

nadams

My local credit union holds my truck loan and one of my CC's - they were not interested in loaning me any more money.

My local bank holds my mortgage... they weren't interested either.

I had no room on either of my CC's to cover any of the purchase, and still don't.

It was a mistake to buy it on such a high rate loan... but it seemed like the only thing to do at the time. The right thing to do would've been to wait until I had cash.

snow

nadams wrote: »

snow- It is a Tiffany 6 prong. I'll get the grading #s to you when I get home to look at the certificate.

Also, the owner of the Jeweler's said that if he needed a diamond in the next few weeks he'd give me a call and see if I still had it. He said he might be able to buy it from me if he needs it (and I still have it). He said it was the nicest 1/2 c stone they've sold in months... but that could just be the salesman in him talking. I would tend to believe him, though. We looked all over that rock and found NO visual blemishes or carbon spots. Some of the other places we looked would try to hide them by the mount, etc, but we actually saw this stone before they set it, and it was really nice.

Not sure if you looked at it though a standard 10X loupe but I assume you did, if so and you found no inclusions or carbon spots than it is most likely a VS2 quality stone or higher.

As you probally know diamonds are graded by carat weight, color, cut, clarity. FL for flawless being the best IF next for internally flawless but the proportions are not perfect perhaps the culet is too small or large for the stone or the pavillion or girdle or the table isnt ideally cut etc, then VVS1 all the way down to I graded stones which most likely wouldndt be jewelry grade unless the size was huge. The colors range from D to Z, D being the best Z being virtually black.

REGARDS SNOW

RuSsMaN

I hate to say it, but you're screwed, and you're going to take a HUGE hit on it, period. I can see carbon scoring just from the picture you posted, and that's not uncommon - but you're probably looking at $500 for the stone and whatever the market is on the gold for scrap if you try and sell to a dealer.

Run it up the flagpole on ebay, or see if you have a shop that will consign it for you. The sooner you get out of it (and the interest rate) the better.

Cheers,
Russ

jflail2

I mentioned it once before, but a friend had good luck with:

http://www.idonowidont.com

madmax

Fix up all your friends with dates, maybe one of them will get engaged.

snow

RuSsMaN wrote: »

I hate to say it, but you're screwed, and you're going to take a HUGE hit on it, period. I can see carbon scoring just from the picture you posted, and that's not uncommon - but you're probably looking at $500 for the stone and whatever the market is on the gold for scrap if you try and sell to a dealer.

Run it up the flagpole on ebay, or see if you have a shop that will consign it for you. The sooner you get out of it (and the interest rate) the better.

Cheers,
Russ

You can see carbon spots on this diamond from that pic? Ok Superman

It would have to be an I graded stone for you to see carbon spots without a loupe which I higly doubt it is.

Most engagement rings are at least SI2 or better which you cant see carbon spots with the naked eye even up close and in person.

If I were to venture a guess from the pic which I dont want to do because the quality of the pic is awful I would say it is an SI1 and H-I color

REGARDS SNOW

concealer404

Hrmm... i will keep tabs on this thread. Have a couple diamonds i need to unload myself.

snow

concealer404 wrote: »

Hrmm... i will keep tabs on this thread. Have a couple diamonds i need to unload myself.

What you got? I am always looking to purchase diamonds at roughly 75% below wholesale

As RuSs mentioned earlier to maximize your potential you are probally best off to sell them as consignments in a jewelry store setting and even then most likely the store owner will want a 100% profit for doing so and will have to sell yours for less than the rest in his store for a quick sale.

Trying to get anywhere close to what you paid in a retail setting for jewelry is almost impossible the markup is incredible.


When I did this as a side business years ago the rule was $100.00 for a 1/4 carat stone $250.00 for a 1/2 carat stone and $500.00 for a 1 carat stone and $50-$75 a carat for Melee.

REGARDS SNOW

TECHNOKID

Goodness Nadams, I really feel for you

Check this site if you can learn, maybe participate in the forum there???

http://www.diamondring.com/forums/diamondtutorial.php?learn=18

My personal experience in order to get best price is to actually buy something else from the jeweller since they can then play with the margin a little more (make some on their purchase while also making some on your purchase).

I realize you may feel you need the money now but like everything else, acting too promptly will just make your lost even larger. Ideally, you should sell for at least the remainder of your ring loan.

The more places you hit, the more chances you get to sell at a decent price and the more you learn about this specific market.

http://www.hamiltonyorkestatebuyers.com/

http://www.ehow.com/way_5218784_way-sell-diamond-ring.html

Keep on searching those pages, who knows;

http://www.google.ca/#hl=en&q=best%2Bprice%2Bselling%2Bdiamond%2Bring%2Bus&aq=f&aqi=&aql=&oq=best%2Bprice%2Bselling%2Bdiamond%2Bring%2Bus&gs_rfai=&fp=22a39afb01b2d6ee

Nothing stops you from advertising in the FS of your favorite forums as it gives the ring exposure on the internet. I don't know if there are rules on the time frame an add can stay but it is just a matter for you to set your price a little higher and know what minmum you are willing to get. Even if the add gets burried under other posts, someone will eventually be led to your internet post(s).

Good luck and God Bless!
TK

nadams

snow wrote: »

What you got? I am always looking to purchase diamonds at roughly 75% below wholesale

As RuSs mentioned earlier to maximize your potential you are probally best off to sell them as consignments in a jewelry store setting and even then most likely the store owner will want a 100% profit for doing so and will have to sell yours for less than the rest in his store for a quick sale.

Trying to get anywhere close to what you paid in a retail setting for jewelry is almost impossible the markup is incredible.


When I did this as a side business years ago the rule was $100.00 for a 1/4 carat stone $250.00 for a 1/2 carat stone and $500.00 for a 1 carat stone and $50-$75 a carat for Melee.

REGARDS SNOW

Holy crap, you're telling me i'm not going to get 1/8th of what I paid for this thing? i might as well get it embedded in my front tooth.

snow

nadams wrote: »

Holy crap, you're telling me i'm not going to get 1/8th of what I paid for this thing? i might as well get it embedded in my front tooth.

No I didnt say you werent going to get more than 1/8th of your money back, I said when I bought jewelry for resale the prices I mentioned were what I would typically pay for Diamonds but there are many variables on what the value would be to me, depending on the quality of the stone but most likely I think if you were to resell it on consignment you would probally recoup half your money maybe even more depending on the jeweler. If you were to sell it on CL or the like most likely $500.00 to $750.00 would be what I would expect to see. The last half carat stone I bought I paid $500.00 for it, it was 57 points it was a fancy cut oval stone it was a D color VS1 clarity and retail value was around $4000.00 I sold it for $1500.00

REGARDS SNOW

mark090852

nadams wrote: »

Holy crap, you're telling me i'm not going to get 1/8th of what I paid for this thing? i might as well get it embedded in my front tooth.

I'm a dentist...I can do that for you.

Hopefully that won't be necessary. Wonder if you could turn it in for store credit. Then advertise on CL to sell your store credit at a discount. You would lose a little but not as much as if you tried to sell the ring yourself and the buyer would benefit by getting the store credit at a discount.

nadams

Interesting thought on the store credit, Mark.

Here's the specs on the stone:

Weight: 0.59ct
Shape/Cut: Round Brilliant
Color: H
Clarity: VS2
Measurements 5.59 - 5.43 x 3.18 mm
Est. Retail Rep. Value: $2,740.00

snow

mark090852 wrote: »

I'm a dentist...I can do that for you.

Hopefully that won't be necessary. Wonder if you could turn it in for store credit. Then advertise on CL to sell your store credit at a discount. You would lose a little but not as much as if you tried to sell the ring yourself and the buyer would benefit by getting the store credit at a discount.

There ya go problem solved and you even have a dentist that is willing to do the deed JK Actually that is a great idea Mark if the jeweler is willing to transfer the store credit.

REGARDS SNOW

snow

nadams wrote: »

Interesting thought on the store credit, Mark.

Here's the specs on the stone:

Weight: 0.59ct
Shape/Cut: Round Brilliant
Color: H
Clarity: VS2
Measurements 5.59 - 5.43 x 3.18 mm
Est. Retail Rep. Value: $2,740.00

Well it's a heavy half as they say, less than 3/4 carat but more than 50 points and the color isnt bad, you should be able to sell that for $750.00 pretty easy and as high as $1500.00 to the right person. I would pay $500.00 all day long for a stone like that and sell them for $1000.00 quickly but I dont have a storefront and high overhead to worry about.

Good luck to you Noah and im sorry to hear about this.

REGARDS SNOW

RuSsMaN

I didn't see the store credit option - YES, GET A WATCH!!!! Or two....or three....

snow

Well this is what your up against on Ebay, mounts cost almost nothing and setting a stone is childsplay for a jeweler.

Here is one that is the same weight and is a grade higher in clarity and much better color

http://cgi.ebay.com/0-59-CARAT-E-VS1-ROUND-CERTIFIED-NATURAL-LOOSE-DIAMOND-/180538415292?cmd=ViewItem&pt=Loose_Diamonds&hash=item2a08ed98bc

Another completed auction with a slightly smaller stone with a grade higher in clarity and much better color.


http://cgi.ebay.com/0-5-CARAT-E-VS1-ROUND-CERTIFIED-NATURAL-LOOSE-DIAMOND-/180537444189?cmd=ViewItem&pt=Loose_Diamonds&hash=item2a08dec75d


REGARDS SNOW

mmadden28

Just a thought--Take the store credit and buy Gold! Then you'll have more options.

RuSsMaN

mmadden28 wrote: »

Just a thought--Take the store credit and buy Gold! Then you'll have more options.

Like what, walk in and ask for the biggest dookie chain they have?

I pity the fool.

VR3

Russ's replies in this thread are awesome.

Good luck Noah

George Grand

nadams wrote: »

Holy crap, you're telling me i'm not going to get 1/8th of what I paid for this thing? i might as well get it embedded in my front tooth.

That is so passe'.

Dead center between your eyebrows. I can probably do that for you, right here in my home.

cstmar01

mmadden28 wrote: »

Just a thought--Take the store credit and buy Gold! Then you'll have more options.

then he can send it to Cash for Gold and its a safe and reliable transaction!

nadams

I kind of like the watch idea... but it wouldn't get me out of my high interest loan. Guess the only thing that will do that is cash.

TECHNOKID

nadams wrote: »

I kind of like the watch idea... but it wouldn't get me out of my high interest loan. Guess the only thing that will do that is cash.

The watch might perhaps be easier to sell???

Romo

TECHNOKID wrote: »

The watch might perhaps be easier to sell???

I'd probably agree with this. Or you could always buy a nice Tag Heuer for yourself, got one as a graduation gift and it hasn't left my wrist since. Wouldn't do much for the debt problem though