Jump to content

Selling Diamond Engagement Ring


Marsha
 Share

Recommended Posts

Hi,

 

I have found this forum very helpful. I inherited my mother's engagement ring. It is to quote the appraisal:

 

"Pear shaped, 3.45 cts., SI1 Clarity, J-K Color, with 6 Tapered Baguettes on each side Totaling Approx. 1 ct., Weighs 4.45 Dwts."

 

the appraisal was done for purposes of settling the estate. I have read here that I need to also get a report from the GIA. I understand that they don't accept mounted stones for diamond grading. Do I want grading or verification? If grading do I need to pry the stone from the setting?

 

Any other advice about selling would be appreciated.

 

Thank you in advance.

Edited by Marsha
Link to comment
Share on other sites

You should know that GIA doesn't accept mounted diamonds so if you want the most accurate reading of the diamond, see if you will be able to send just the diamonds. You won't have to worry about anyone switching you mothers diamonds, GIA is the most trustworthy company when it comes to diamond gradings.

http://www.gia.edu/gemtradelab/31508/submitting_stones.cfm

Best of Luck

Gabe.

Link to comment
Share on other sites

Hi All!

Great advice given so far- but there are a few questions I'd ask you Marsha....

 

Who do you intend to sell it to?

I also think that this is a perfect example of when a professional appraiser is called for.

If you have the stone looked at by someone who can both give some idea of the grade- and also give you an idea what you might be able to sell for ( both to a dealer, and also if you sell to a private individual), then it will be easier to decide what's the best course of action.

Link to comment
Share on other sites

Apologies if I misunderstood your post - but if you decide you need a GIA report don't attempt to prise the diamond off yourself. At best you'll ruin the setting; at worst you'll ruin the stone too.

 

An appraiser - as recommended by David - will not need to remove the stone from the setting to advise you on your best course of action to sell the stone (which I assume is what you want to do)

Link to comment
Share on other sites

GIA is a brand name that is recognized and respected worldwide and therefore you max your opportunity to sell and sell at a better price. A GIA lab grading report carries clout.

 

I suggest you have your hometown Jeweler pop the stone out of the setting; won't take him more than 2 minutes to gently open the prongs and remove the stone. Mail the diamond to GIA for grading. As a non-tradesperson you safest way to ship is via US Post Office, Registered Insured Mail with return receipt. Again contact GIA for their specific instructions. You can arrive at a price for your diamond for USPO Insurance purposes by browsing the diamond listings on this website.

 

When you have the diamond back from GIA, have the Jeweler return the stone to the setting.

 

Selling your diamond will be a challenge. One venue for your consideration is a website called nowidonowidont.com They vet and verify potential buyers for you and I believe take a 15% commission.

 

First things first, get your diamond graded by GIA.

 

Good luck.

Link to comment
Share on other sites

Thank you everyone for your information. To answer the questions asked:

 

1. I don't know who I intend to sell it to. From my research it seems that I should try to sell it to another consumer. I did try going to someone who bought gems and the price was 25% of the appraisal price.

 

2. Thanks for the GIA advice. I will follow it. Should I also send the baguettes or just the stone?

 

3. The ring has already been appraised once when we were dividing my mom's estate. That's how I provided the information in my previous post. Is someone suggesting that I get another appraisal as well as GIA?

 

4. Thanks for the recommendation of a site on which to offer it. I have identified some others listed below and wonder if anyone has any feedback about them?

 

http://www.idonowidont.com/Diamond-Rings

http://www.diamondring.com

http://www.diamondbuyers.net

 

Thank you again.

 

Marsha

Link to comment
Share on other sites

1. That sounds low, but it doesn't surprise me (it's not what I would call an "easy to sell" diamond). Sale to a private individual will probably realise the highest price, but will be the slowest (and potentially riskiest) way to sell.

 

2. Send only the central stone, unless you want to pay for 13 reports. GIA will grade each stone individually, and there is relatively little value in the baguettes.

 

3. If the first appraisal was done for settling the estate, it may have put a rather different value on the item than an appraisal for resale. A GIA report will settle fairly conclusively the issue of grading for colour and clarity, and it may offer peace of mind to the buyer, but it won't help at all to determine a fair price. An appraisal will.

 

4. Sorry - can't help on that one. There's a classifieds board here too, btw. http://www.diamond.info/forum/index.php?showforum=5

Edited by davidelevi
Link to comment
Share on other sites

For starters, don’t “pry†it from the setting. Let a pro carefully remove it. Although it’s not usually especially difficult, it is possible to do serious damage to a stone in this process and a bit of practice at it goes a long way. A 3 carat pear is not the place to start.

 

Selling is going to be difficult and it’s ALL about that center stone. The entire remainder of the ring is bordering on completely irrelevant. You absolutely must know what you have and a J-k color range examined in the setting is simply not sufficient unless your buyer is himself an expert and even then you’re going to get hammered. The difference between a approx. 3.45/SI1/J and a 3.2/SI2/L is enormous and you don’t have enough to back your case that it is what it is. I second David's advice about using the advice of your appraiser. Unlike us, they've actually seen the goods. Get a referral to a local pro to take the stone out and get complete accurate grading information. If you don't know where you're going then you're already lost and what the appraiser has already done for you was useful and even necessary for what they were doing, it does not address your current issues. If you were happy with their last service, consider using them again to assist in your current issues.

 

Properly done estate appraisals are done for ‘fair market value’, which is a legal term that comes from the IRS and it’s quite different from what most people think it means. Resale value will depend on what market you’re selling into and some of the details of the terms of sale and your appraiser should be able to help you understand your options. In almost every case it will benefit you in a sale to have a GIA report on the loose stone.

 

In your current situation I think listing it on one of the virtual consignment sites is going to be a waste of time but most of them are free unless they sell and easy enough to use so there’s not a great deal of exposure by trying but, personally I would count these as the long shot, not the solution.

 

Neil

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

×
  • Create New...