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Must Sell 1.10 Pear Diamond Engagement Ring !


cusichaca
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Hello. I think the more I read, the more complicated it is to understand the diamond business.

I unfortunately need to sell my lovely diamond ring to help pay for son's university tuition.

My son's education is very important to me and I have another teen slated for university next year.

Here's what I wrote:Propose to her with a unique and rare style diamond ring & let her know how special she is to you.

 

No lady wants to have the same ring her friend has.

 

This ring is sure to please and garner daily compliments.

I tried to take photo's of the ring but it is very hard to do this ring justice.

 

I'm not a professional photographer.

 

I found the diamond reflecting lights on my dining room table.

 

They are very close up with super magnification. Is that a word?

 

1.10 Carat Pear Cut

 

Color is J-KClarity is SI2Measures 9.2 x 6.1 x3.3mmThe gold in the ring is 5.07 grams of 18 karat yellow gold with five platinum prongs.

This Diamond is not certified.

 

Why wait? This lovely ring won't last long.

 

That's my ad. Constructive criticism welcome .

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Edited by cusichaca
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Wait you can't receive any personal messages? Are you allowed to put your email address?

 

I will add mine with hopes it doesn't get deleted. Thanks!

 

cuervo1965 at gmail dot com

Edited by cusichaca
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Hi Cusichaca,

 

Welcome to the forum! I see you're in Atlanta--me too!

 

You are looking for constructive criticism for the ad, but where are you placing it? Are you planning on listing it on ebay? Craigslist? be VERY careful if the latter. Also, you posted an appraisal, but there is no date or name of the appraising party--just their credentials. Is it possible to re-scan that and just cover any information about yourself that you're trying to keep from sharing? If you're interested, I would be happy to put you in touch with someone in the Atl metro who can provide you with a much better appraisal (which, I believe would be transferable if you're able to sell it within a reasonable amount of time--i'd just have to double check with her as to her policies on that) with much better descriptions and photographs, etc, by a GIA Graduate Gemologist / NAJA Appraiser. And what are you asking for the diamond? Check out the diamond finder, and consider that your stone is not certified when considering the asking price.

 

Sorry you're having to part with precious personal items to help fund your kids' college, but what a great parent you are to make that sacrifice for them. I'm not terribly eloquent at this hour (I'm usually somewhat more well-spoken, IMHO ;) ), but if I can be of any assistance to you, let me know.

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I don't mean to act as spoilsport, Cusichaca (BTW - lovely avatar, are you from Peru?), but the evaluation you got from that site is hopeless.

 

If you check here http://www.diamondreview.com/diamonds/?qShape=Pear&qCaratLo=1&qCaratHi=1.3&qColorLo=K&qColorHi=K&qClarityLo=8&qClarityHi=8&pg=&qSort=Price&qSortDesc=1 you will see that a diamond like yours - with a GIA report attesting that it is really a K/SI2, and that makes a significant difference: check the bottom of the prices without GIA - costs at most $2200 or so retail. Add in a few hundreds for the setting, and you get to $2700 for the item new with the setting in a competitive retail environment.

 

This is the competition. Not theoretical values spouted by an appraiser (whom I guess was paid for by the dealer that originally sold you the diamond, and who therefore had a vested interest in overappraising) or a site that pretends to give you values without seeing the stone (and with a pear, SI2 clarity, the value can fluctuate a lot depending on cut and eye-cleanness).

 

I'm sorry if this sounds harsh, and the reason for you to sell is more than worthwhile. However, if you base your asking price on the information you collected, the ring will just sit there, no matter how honourable the intention behind the sale.

Edited by davidelevi
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I’m going to be even harsher than Davide and WAY harsher than Laurie. I'm not unsympathetic to your problem and I agree that it a good cause and a tough bind. That said, here' goes.

 

Just from observation of the market, this will not be an easy item to sell. Pears are not particularly popular and ‘used’ engagement rings, especially from individual sellers, do not generally do will anyway. It’s still good parts, gold is gold, diamonds are diamonds etc. but I think you are unlikely to find a buyer who wants the ring as it sits.

 

Do not confuse retail replacement value, which is the price that the appraiser is expecting it to cost to custom make another one like it new and at retail, with resale value, which is the price that you can expect it to sell for in a particular market. I've no idea what your second appraiser means by 'wholesale' but I guarantee it's NOT what dealers will pay for goods like this from you or anyone else.

 

Market selection is a big deal. Competitive retail from Davides research in the diamond finder is about $2200 on the stone (that's top prices, par seems to be more like $1600). That’s for ‘certified’ stones coming from professional dealers who offer things like return policies, tradeups, ‘free’ repairs and the like. That’s the competition. One other important issue: These are ASKING prices. It’s a much more subtle issue to estimate if they’re actually getting them. They (and you) can ask whatever they want, that’s not the same as getting it. The reason people will buy from YOU is because you’re cheaper. That’s why they’re shopping on craigslist. How much cheaper? That’s the tricky question and that’s part of what your appraiser is supposed to be telling you. The appraisal you posted flat out says that it’s written by the selling jeweler and that it’s reporting a value that’s MORE than what the jeweler could get for it. They don’t bother to say how much more. That may or may not be useful for the purpose for which it’s intended (insurance) but it has no bearing whatever to your situation. The other one is even worse in terms of providing useful information. They don’t discuss the market aspect at all, they haven’t seen the merchandise at all, and they are producing a ‘wholesale’ value, whatever it is that they mean by that, based purely on 3rd party hearsay grading and with no thought whatever to what real buyers actually pay for things.

 

You didn’t list what sort of pricing you’re expecting but I’m guessing you need a reality check. I agree with Laurie that a competent appraisal would be a good place to start. The next step is going to be to decide your marketing plan. If I were advising a client, for example, I would almost certainly get it graded by a professional lab, either GIA or EGL-USA. There are some exceptions and which lab would not be chosen randomly. Clarity below I-1 or color below L are usually not worth the cost of the lab in terms of increased prices on resale and yes, both of these are possibilities. If you’re going to be directly selling to a dealer, it usually doesn’t help unless we’re talking about fairly high end stones (yours is not). This is one of the key questions for your appraiser. What is it? What can I reasonably expect to get for it? What is a marketing strategy that’s reasonably likely to get to that point with an acceptable amount of costs and in a reasonable amount of time?

 

I notice that the appraisal you have is from a NAJA member. If you can figure out who she is, you can probably look up her contact information on the NAJA website and call her up and ask her questions. She may or may not be able and/or willing to tell you much but it wouldn't hurt to ask.

Edited by denverappraiser
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Cusichaca - yes, this section is for non-commercial ads too. If you want to post one, it's probably worth starting from a clean thread and ask Laurie or Hermann (the moderators) to move this one to another forum.

 

None of us has mentioned prices. Neil and I have simply commented on sources that you were using/posting about to find a price and the likelihood that these are wrong.

 

I don't understand how you came up with a price between 3 and 4000 for a GIA graded K-SI2 pear around 1.10 carat. The link I posted above gives you about 50 K-SI2 stones between 1.00 and 1.30, which are perfectly comparable with yours once adjusted for size. Their prices go between 1500 (non-GIA-graded, bottom of the range) and $2500 (top of the range, GIA graded).

 

As such, I repeat, the competitive price of your ring NEW is somewhere around $2700 in the best of cases. I don't think you are going to sell a used one for $2500, regardless of the (valid) points that Neil has made on the difficulty of selling it altogether.

 

Good luck.

 

Edit: added missing "K"

Edited by davidelevi
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Hello. Thank you. I will be offering this ring at a starting point of 2500.00.

 

Lauren, I can write another post if you want with my non commercial classified.

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If you want aim for full price in competition with the dealers your chances go up considerably if you get it lab graded. You can do this yourself if you want and save on some fees but it's still not free. Instructions on how to do it are at www.gia.edu if you decide to go with GIA (which is who I recommend in your case by the way although I really do recomend starting with some expert advice first. You will be very disappointed to pay $200 and wait 2 months just to discover the grading you expected is incorrect. It's good to nip this upfront). EGL-USA doesn't take work directly from the public but your appraiser may be able to help you submit a stone to them if you want to go that way. They're a pretty cooperative company. They're at www.eglusa.com if you want to reach them directly. They're both cheaper and faster but they are EGL, which definitely has it's own issues. You might want to do some research into them before you submit a stone if you don't know what I mean. In any case, I wish you the best of luck with as well as your son success at college.

 

Yes, the classifieds here are a free service for non-professional sellers to sell things and it would be best to start a new thread so that all of our musings aren't cluttering it up. In the thread with your ad isn't the place for our criticisms. :o Ask Laurie to move this one over to 'the rock' since it's really a discussion about the process of selling more than it is about your particular diamond anyway. Maybe even change the title.

Edited by denverappraiser
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