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Diamond Ring Value


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Kim,

 

There are plenty of places you can get an appraisal done on the ring. You can check a few local jewelers to see what they charge. Just about all jewelers can appraise your ring, I would suggest asking your friends or family for a jeweler they go to, this would be your best bet.

 

Kevin

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<snip> Just about all jewelers can appraise your ring <snip>

 

Kevin

Most jewelers will be happy to provide a document titled ‘appraisal’ for a modest fee but I disagree that most jewelers can and will provide a useful service for your situation.

 

The cheapest appraisal usually isn't the best idea but I certainly understand the notion that professional fees can seem like a burden and counter to the whole idea of selling things and ending up with the most money. The appraisals that jeweler store workers (including gemologists) are generally taught to prepare are what are called insurance replacement documents. This is an estimate at the appropriate funding for your insurance company to replace the item with another new one of like kind and quality and they tend to be very generous about the valuation. This usually feels pretty good but it isn’t really very useful for your situation becasue there is no sensible way to translate it into a realistic market value. It’s largely a waste of your money for you to buy one of these if what you're trying tol learn is the appropriate price to charge. Shop your appraisal carefully or don’t spend your money on it.

 

The way to do it with no fee is to find professional buyers and consult with them about what they are willing to pay. This is almost always free. Talk to pawn shops, salvage dealers, resale jewelers and the like. If you’re in a big city, many advertise in the yellow pages under ‘diamond buyers’. They will, in general, give you a bid for free. Take notes. What you’re fishing for is the description, not just the price. If the piece has a primary gemstone like a diamond, they will probably tell you their estimation of the weight, clarity, color and type of stone as well as the weight of the metal. You can use the internet to search for other offers of similar stones to the one you have. Resale and consignment type jewelers are also usually willing to offer a deal where you sell through them and pay them a commission. This means that they tell you what they would expect to sell a piece for. Set your price in between the price that your buyer could get it for eslewhere (like the Internet or at the consignment shop) and the price the pawn and dealers offers you. If your buyer wants to get it checked out, let them take it an appraiser, and let them pay the fee.

 

Bear in mind that graders this way have an agenda. They’re trying to buy you ring as cheaply as they can and they are likely to be conservative about the grading or they're trying convince you to leave it on consignment and they may be a little generous. They may not tell you the whole truth and they also may not be very well trained so it’s likely to benefit you to visit several buyers and comparing what they tell you. That’s why the notes. ‘Free’ opinions are like that. Also, don’t let them damage your ring in the process. It’s common for them to want to file a notch in the piece as part of a test of the metal content. If you friend plans on wearing the ring, this is destructive and unnecessary.

 

If you decide to get one or more of those jewelry store appraisals, use it the same way. Read the description first. It’s way more important than the bottom line price.

 

Hiring a professional appraiser is faster, easier and more reliable but it does come with a fee. The decision about whether it’s worth it depends on how valuable your piece is and how much patience you have for the ‘free’ approach.

 

Neil

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