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Princess Cut Diamond


princess36
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If i have posted this in the wrong place then please can it be moved to the correct location.

 

My ex-fiance bought me a Princess Cut Diamond Engagement ring three years ago from Hatton Garden.

 

I have the valuation certificate but not the GIA Cert. I called GI in london today and was informed that the GIA number is usually inscribed on the diamond, is that correct? It yes is it quite straightforward to get a copy of of the GIA cert?

 

Also my ex fiancee wants to sell the diamond so if you could give me any information re where to do so, i would be most grateful.

 

the information about the ring is a follows

 

Princess Cur Diamond

0.9cts

D in colour

VS2 in clarity

 

Thanks in advance

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The report number may or may not be inscribed on the girdle; it is an extra service with some type of GIA reports, and not all diamonds would have it. If you can find the report number, GIA should be able to issue you with a duplicate, but I have no idea of the fee they may charge - at the very least you can verify the report online so as to reassure potential buyers. If you have lost the number, I think your only option is to have it regraded - but this may not be necessary if you (your ex) choose to sell to the trade rather than to the public.

 

As to how/where to sell, you have basically three options:

 

1. Sell to the public. This could be through eBay, Loot, diamond forums or whatever other channel you can think of, including asking your (his) friends. If you are good at selling, this is going to get you the highest cash in hand, but it does require the most effort and skill.

 

2. Consign the stone/ring to a dealer. This can be a good option if you don't want to go through the fuss of selling yourself and you are not in a hurry (I have an item on consignment since October 2010 - it's still there. Lovely pair of black crocodile high heel shoes, size 4 UK, in case you are interested ;)).

 

3. Outright sale to a dealer. Easiest way to get cash, lowest amount paid...

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Does the valuation report from your appraiser include the GIA report number? It should. It's also possible that the jeweler who sold it to you has a record of it. If you have the number you should be able to order a duplicate report directly from GIA. I'm not entirely sure they offer this service to everyone because of the security problems it entales but if they won't do it for you, see if they'll do it for your jeweler or appraiser.

www.gia.edu.

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Thank you for your responses.

 

The jeweller it was purchased from is no longer in Hatton Garden and the GIA number is not on the valuation even though they have written on it that it is GIA registered.

 

A little frustrating that they havent put the actual number on there as this would make my life so much easier.

 

If only i were a size four, unfortunately im over 5ft 8 so we are not blessed with little feet :).

 

So in order to get the best price for the diamond could i take it direct to a jewellers in Hatton Garden? My ex fiancee only wants to get what he paid for it (£5200) but i am not sure how reselling of diamonds works and if you can profit or get your money back.

 

If someone on here could take the time to explain, i would be most grateful

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Almost definitely selling the diamond to a jeweller is going to get you the lowest amount, but it is going to be the easiest and fastest way to get some money.

 

Looking at comparable stones listed on the Diamond Finder, online retail prices for a 0.9x D/VS vary from just below £2500 to just over £5000 (net of any VAT, at £/$ 1.60).

 

This factor of 2 depends largely on cut quality, so any estimate of a fair resale price has to take this into account. Unfortunately GIA does not grade cut for non-round diamonds. So, quite apart from the "find the report" issue, one significant question is how well cut is the stone, and that is going to be largely open for discussion with the dealer...

 

Then you have to take into account that the typical buy-in price for a dealer resale is somewhere between 25 and 50% of current retail prices, depending on a number of factors, so you should expect to see offers anywhere between £700 or so and £2500, plus scrap value for any setting, but certainly nowhere close to £5000. I know this seems very harsh, but it is reality - bear in mind that in the price your ex paid there was nearly £800 of VAT, and that is unfortunately gone in Mr Osborne's pockets even before you take the ring out of the shop.

 

If you were to sell through a consignor (or at auction, which to some extent is the same thing), you are looking at getting somewhere around 70% or more of retail, but from that you have to take away commission for the consignor of anywhere between 10 and 20% plus VAT if applicable.

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I am finding this really interesting - apologies if that sounds naive but i have never really looked into diamonds as a subject in any depth and the last few days have been a real eye opener.

 

So to summarise at best through an auction would probably be the best option and the most he could get for the ring would be approximately 50% of the original price, yes?

 

Can i ask another question and forgive me for my naivety. Is it worth keeping a diamond for a period of time to increase its retail value?

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Hi David

 

Another naive question for you :).

 

Is it possible to ask a jeweller to sell the diamond for him so that he can get the best price and then work out some kind of commission schedule or does this not happen?

 

My concern is that selling via any of the channels you suggested will mean putting my trust in other indivduals to be honest and think we both know the majority of people are just out to make a quick buck.

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Princess,

 

That's option #2, sell through a dealer on consignment. It happens all the time. It's correct, there's a trust issue here and you have to be concerned about things like whether they are displaying things in a reasonable way, whether they're still in business, whether they pay their bills, etc. By all means, choose your partners wisely.

 

Commissions range from a minimum of about 15% all the way up to 50%. The difference will depend on what services you're interested in, what exactly you have, where the store is (some have higher overhead than others) and other things. They should be prepared to explain their program in advance if you ask. I would start with the store where he bought it.

Edited by denverappraiser
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I am finding this really interesting - apologies if that sounds naive but i have never really looked into diamonds as a subject in any depth and the last few days have been a real eye opener.

 

So to summarise at best through an auction would probably be the best option and the most he could get for the ring would be approximately 50% of the original price, yes?

 

Can i ask another question and forgive me for my naivety. Is it worth keeping a diamond for a period of time to increase its retail value?

Depending on how well he shopped in the first place, online auctions usually net LESS than 50% of the original price. Sometimes it's quite a bit less although a 0.90/D/VS2 is likely to be a decently popular item. A good way to get a feel for prices is to look up comps in the discount online dealers like the folks who advertise in the database here. Figure 50% of THAT. If you're good it'll go up to maybe 75%, if you write a bad ad or you have bad or non-existant feedback it'll go down to maybe 30%. Obviously if there's some sort of problem like damage to the stone or then it changes completely.

 

FWIW, I don't agree that online auctions are always the highest money. If you're good at selling they do pretty well but if you've got bad feedback, can't take a decent picture, offer terrible terms and the like you'll get skinned and there are personal and financial risks that are not insignificant depending on how you do it. These 'are not gemological properties but they're enormously important nonethelss. It's not all that unusual that a consignment jeweler can get enough of a higher price to completely offset their fees and then some.

 

FWIW #2. This discussion only applies to the diamond itself. Mountings are extremely difficult to sell used. Expect basically scrap metal prices for the mounting from the ebay types.

 

FWIW #3. Ebay fees are not insignificant. It's easy to lose 5-10% or so off the top between them and Paypal.

Edited by denverappraiser
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Sorry Denver another question for you.

 

In your response, you mentioned just the diamond and not the mounting. Is it therefore a good idea to remove the diamond from the ring so it will be more attractive to prospective buyers?

It depends. The advantage of having it loose is that the buyer can weigh it, they can inspect it for damage and it's easier for them to imagine it in their setting rather than yours. It will be mandatory if you want to send it to a lab.

 

The disadvantages are that it is easier to lose, it's easier for someone to steal it, and it may affect your ability to insure. At least in the US, insurance companies don't cover loose diamonds and they WILL insure diamonds set in jewelry. If you're going to be retailing yourself, particularly online, it's also easier to take decent pictures of a ring than of an unmounted diamond.

 

If you're talking about consignment, let THEM take it out. It's easy to damage a diamond doing this. It's usually not especially difficult but it's not a job for an amateur.

Edited by denverappraiser
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Yes GIA did tell me that it would have to be removed from the setting if i wanted to send it to them so it can be re-certified.

 

As my ex wants to sell the diamond sooner rather than later, my major concern is not the insurance

 

Are there any particular sites that you would recommend to put the diamond on once it has been GIA re certified?

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If speed is your hot button, I think it's likely you'll end up selling it to a dealer. Lots of them buy. There are several who hire me to grade things for them to bid and I actually do quite a bit of this lately but that's all US based. I am not 100% convinced you need a GIA exam and, given that you're in the UK and in a hurry, I'm even less so. The issue is likely to be the D color but a 'certified' D may not be worth enough more to a dealer than an uncertified F to justify the time and expense to send it in.

 

I'm not all that up on the UK internet sales sites but in the US there are no direct sale sites that I could with a straight face recommend for a variety of reasons. I usually recommend sales to a dealer, consignment through a dealer (some of whom sell online), and on certain high end goods, sales through physical auction houses. Ebay works well for control freaks and people with a lot of experience with ebay but most don't seem to end up all that happy.

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Denver thank you so much for the information, im in no rush to get rid of it but my ex-fiancee is - less said the better :).

 

When you say a dealer do you mean a jeweller or an online dealer of diamonds. Sorry for all the questions but i dont want to mis construe what you are saying as if i did it would be a very expensive error!

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Either one - though to be honest the number of UK-based online dealers is so low that you are probably limited to "brick and mortar" ones. Bear in mind that many online dealers are really acting as brokers - they never own the physical diamond, just the right to sell it - and therefore are unlikely to be all that interested in a purchase from a consumer.

 

If you are at all conveniently located for central London, a couple of places worth exploring are Gray's Antiques market and the dealers in Burlington Arcade. Though neither place is famous for good deals, at least you can see a dozen dealers all in one place and see where you get there.

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What I mean by 'dealer' is someone who is planning on reselling it to someone else, hopefully for a profit. This is opposed to a consumer who is buying it for their own use. The market is a bit different. Consumers pay more but they tend to be very focused on what they want so it's a bit of a crapshoot to find one who is looking for what you happen to have. Dealers have a much broader net. They buy things they think they can make money on. They don't pay as well but if the price is right they'll take just about anything. They're also usually much easier to work with. They have offices where you can meet them, they have secure shipping channels, they have extensive banking relationships, they tend to be experienced graders themselves etc.

Edited by denverappraiser
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My ex fiancee has now decided he wants the GIA cert in case he can sell the ring privately.

 

I know i have to have the diamond removed from the ring to send to GIA - what is the approx cost to do this?

 

I have alreay contacted GIA re shipping costs etc

Edited by princess36
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$25 to pull the stone should be plenty unless it's set in a very strange way. (That's what I usually charge).

 

FedEx is probably going to be the shipper but you may do well to get a jeweler or an appraiser involved. They have different sorts of insurance available, at least here in the US, and you can actually end up saving money by going through a 3rd party. Shipping/insurance is probably going to cost you more than the lab fees.

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