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Did I waste my/our money?


spiritandtruth
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I got a local jeweler to appraise a ring I'm selling for my friend as I mentioned in the previous post. But I've continued reading here and am now under the impression that I've totally wasted my money by getting the local jeweler who is a certified Gemologist to appraise the ring for $75.00?

 

They also did something to it where they said it would look new again. I forgot the term they used but I paid around $30 for that and they said it would NOT hinder the value in any way and would most likely help it.

 

Anyhow, how much would it cost to send it to these people you guys keep mentioning...GIA...and have it appraised?

 

Thanks in advance,

Ken

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Ken,

 

Whether your appraiser was a waste of money depends on what you were trying to accomplish, what you asked and whether the appraiser correctly answered. I do quite a bit of this kind of work because people don’t know what they have, don’t know how to go about selling it, don’t know what to reasonably expect in a particular market and they want a reliable and unbaised source to help them out in an unfamiliar situation. Most of my clients find this to be extremely valuable information.

 

That’s not the same as writing advertisements. This is your job.

 

(note to other readers: Some of the rest of this answer is to Spirit's other questions and info in this post. It's the same general subject so it seem to make sense to answer them together)

 

Good ebay advertising is tricky and it’s generally a tossup whether it will be worth your money to get a GIA grading report. With a stone like yours, and assuming that the grading is anywhere near correct, and with ebay experience like yours it probably is. In other cases it may not be. There are a couple of interesting questions that come up. 0.98cts is an interesting and unusual weight. Did he take the stone out of the setting and weigh it? If not, where did this number come from? The difference between 0.98 and 1.00 is pretty important and difficult to estimate on a mounted stone. The same question holds for the VVS1 clarity grade. That’s a bold statement. The difference between VVS1 and VVS2 is impossible to identify on a mounted stone and can be important to your buyers. Assuming he pulled and reset the stone, that's what the $30 was for. I'm otherwise very curious how he came up with this grading conclusion.

 

To get a GIA report, you will need to take the stone out of the setting (or pay someone else to do it; it's harder to do than it looks, screwing up can be serious) and submit it to either the lab in Carlsbad California or in NYC. Instructions and the fee schedule are on their website at www.gia.edu. Figure about $100 in GIA fees plus shipping each way unless you happen to live in the neighborhood. It takes them about a 3-5 weeks but be aware that they are going into the busy season and this may slow down a bit. They don't do appraisals, they're just a grading lab. I would recommend selling it loose and offer to have it reset in the mounting and resized for a modest fee if the buyer wants. It shouldn’t be difficult to find a jeweler who can assist you with this, possibly the same person who takes it out of the mounting. Most will prefer to have it loose so that they can inspect the stone and they will arrange to have it set at their own jeweler.

 

The mounting is not the substance of what you're selling. Jebel was a big manufacturer in the 60's and they did good enough work but your sale will be all about the diamond, not the setting.

 

Good photos are important. Good descriptions are important. At the risk of suggesting more use of an appraisers services, it’s often useful to have a stone inspected by an independent 3rd party immediately prior to shipping. This can save you headaches if you accept returns (which you should) and the return doesn’t exactly match what you sent.

 

Neil

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Submitting a stone to the GIA

 

Above are the instructions for submitting to GIA. I would recommend your having someone take the stone out. Please do not do this yourself.

 

The GIA does NOT appraise. Appraisers do. GIA is the gold standard in gem labs and they grade diamonds but do not attach a monetary value. An appraiser puts a monetary value on a diamond in addition to the other things Neil mentioned. He's clearly the expert on that.

 

The $30 could have been to "refurbish" the ring which means making it look new. They boil it and polish up the platinum (it is platinum?). I love having my rings refurbished and they do look spanking new. We do this free for life for rings purchased from us so I'm unware of the going rate but $30 hardly sounds out of line.

 

So far I don't see anything that you've wasted money on. There is an initial layout of money but this will help in the final sale.

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Thank you Neil and Webgal for your thorough replies. I don't think I'll be submitting the stone to GIA. I think I'm going to have to go with the grading that it received. And though I'm very confident that your suggestions to take out the stone are excellent, I don't think I'm going to be able to do that either.

 

I don't think my friend would be too interested in all of that. And I do understand that with her not willing to do those things it could hinder the maximum someone would pay for the ring.

 

So it'll sell as is or I suppose she'll just keep it.

 

With that said and considering that my feedback hopefully gives someone great comfort to know that they are getting what they pay for ( at least according to the gemologist who appraised it ) then I'd like to know what you guys think it should bring.

 

I wrote in the earlier post that he gave the insurance appraisal at over $6000 but in fact that was with taxes added. I think the actual value was $5500 and right now I'm out of town and don't have the paperwork in front of me.

 

So if the actual insurance appraisal is $5500 and the husband paid around $1600 for it back in 1969....what do you guys think I could reasonably expect it to bring on eBay?

 

In other words...being diamond sellers..what would you guys never let the ring sell for on ebay?

 

The owner says she's not going to let it go for any $500 or anything like that.

 

So I thought I might put a $2000 reserve on it and let it go.

 

Thoughts?

 

Thanks again,

Ken

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Also, Neil, to answer you regarding the weight of the diamond and such...they are good questions and I'm not sure what the appraiser did to be honest.

 

I know this...when I took the diamond to him there was a paper with it that sold with the ring from the initial jeweler. The paper stated that it was a VVS1 but it did not state color.

 

The paper also said that the weight was .98 and that the gold was 14K which was wrong.

 

Well then when I get the appraisal back it stated the weight as .98 and the color as J and the gold as 18K just like it says on the ring. ( no brainer )

 

So now you have me wondering if all the guy did was grade the color on it and then just copy the other two items that were already named in the original paper that was with it.

 

I doubt seriously that he took the diamond out of the setting to be honest.

 

If that's the case....it just further enhances my already negative attitude towards most businesses these days regarding service. I'm so sick of people not giving you what you pay for and for their service being so pathetic. I rarely find businesses that truly bend over backwards to take care of the customer.

 

Many are condescending, inconsiderate, and seem that they can't care any less about whether you buy or trade them at all.

 

And that's from Airplanes to Zoos.

 

I'm just amazed that so many businesses make it with such poor service.

 

blessings,

Ken

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Ken,

 

There is not standard a translation formula from insurance replacement values to estimated ebay resale values, especially without knowing the methodology used by the appraiser to generate the values they provided. Ask them.

 

If you’ve got a good feedback, can take good pictures and can write a good description, it won’t cost you much to try. By the way, Hermann’s got a classified advertising section here where you can advertise for free! How’s that for a business giving more than you pay for?

 

What were you expecting from the appraiser that you didn't get? Did you and he/she discuss your expectations and needs prior to starting the appraisal?

 

Neil

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I rarely find businesses that truly bend over backwards to take care of the customer.

 

Many are condescending, inconsiderate, and seem that they can't care any less about whether you buy or trade them at all.

 

And that's from Airplanes to Zoos.

 

I'm just amazed that so many businesses make it with such poor service.

I have wondered that myself. Service has clearly taken a back seat in the last decade.

 

I would try this forum first since it's free like Neil has suggested.

 

Make sure you post a copy of the appraisal as well as the ring. A handshot would not hurt either if you can find a female hand that is willing to pose for one.

 

I really haven't a clue what it might go for but the better the listing in terms of photos and information, the better your chances. Be honest about what you've told us here. People like that kind of disclosure. You can make it $2,300 to give you some bargain room.

 

You can also ask people what else might improve your listing.

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