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1.20 Carat Diamond, Platinum, Simon G, How To Avoid Rip Off Advice!! :)


PatGriff
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Hi, I want to sell my platinum and diamond engagement ring. I guess I will also through in the info I have on the wedding band to see what you think price wise for each.  I went to a Jewelry Store that advertises selling diamond and gold at "top prices" and are 'reputable'.  I won't post the price YET on here just to see what I get in response, first but I was HIGHLY shocked and thought all the whispering and phone calls they were making over a 45 minute period meant good things because the stone is good quality from what I understood and the band. I am not dumb and realized the market of what it is worth and what I will get won't be close to what my husband paid.  The rings are both matching set "Simon G" with beautiful intricate work on the sides as "Simon G" is known for also *****please note:  the jeweler forgot to mention that there are 2 additional round diamonds (1 on each side of the ring) of E-F color on the wedding band that wasn't taken into the account of the band.****

 

I no longer have the diamond's GIA, but did have it appraised for insurance purposes several years ago, again I understand that this jeweler wanted me to get the highest retail value on my insurance on the values written in the letter.  I need the cash, so I don't want to spend more on the GIA recert, but advice on that and all the info the exact info the jeweler wrote below would help me. I don't know where to turn with this, pawn shop--not an option, I thought about going to the original jeweler where my husband bought the stone separately from the bands.

 

Your advice is so welcomed.  I know that there are some options that take forever to sell diamonds.  I am sick and blah, blah, blah everyone has a sob story and it will be hard to let my ring go, I will be heartbroken, but I have to seriously consider this.  Prices for both since it's a set would be helpful.  I really want to at least keep my band.  I don't want to get taken, it's going to be hard enough..Thank you in advance for your suggestions and professionalism.post-134561-0-23241600-1412597400_thumb.jpgpost-134561-0-96973800-1412597422.jpg

 

1.)  "One lady's diamond and platinum engagement style ring.  The round brilliant cut diamond measures 6.5 mm x 4.1 mm with a thick girdle for an approximate carat weight of 1.20 cts. It is SI1 in clarity and E-F in color.  The center stone is set with 4 prongs.  To the side of each diamonds are 4 square cut diamonds each measuring 2x2mm, .06 carats each, .48 total weight.  Clarity SI1, color F-H.  The side stones are channel set.  Inside the shank is engraved "Simon G" and PT900. Total gram weight of the platinum is 7.1 grams."

 

2.) " One diamond and platinum wedding band matching the above ring.  Channel set are 11 2x2mm square cut diamonds, .06 each of matching color and clarity to the ring above.  Size 6 3/4, weight 5.3 grams."  ****As I said the jeweler forgot the diamonds channel set, 1 round on each side.****

 

"Instruments used:  10x dark field gemscope/leverage gauge/color masters"

**Attached are 2 photos**

 

Edited by PatGriff
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PS:  The now retired jeweler was "GIA certified, graduate Gemologist" who performed the above market analysis.  

 

The jewelry store that was going to buy my ring laughed at me when I burst into tears when he said the amount of what their place (these are not the same places, in case their is confusion) and as I left said "You'll be back, you aren't getting better than that."

 

What a disgusting person eh?  They have over 6 locations and the original location is in a very affluent one here in Connecticut.  I never was so insulted and angry in my life.  Should I spend the money I really can't to have it rGIA ecerted or is it even worth it if a smart jeweler knows what he is looking at. I am at a loss.......

Edited by PatGriff
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Not much to add to Neil's excellent advice above. One thing that may help - if not in getting more money or getting it faster, at least in avoiding some frustration and getting a bearing on what you have and how much you may get: http://www.diamondreview.com/diamonds/?sortOrder=price&sortDesc=1&fShape=Rnd&fCaratLo=1.15&fCaratHi=1.25&fColorLo=F&fColorHi=F&fClarityLo=SI1&fClarityHi=SI1&fCutLo=vgood&fCutHi=vgood&fDepthLo=50.0&fDepthHi=80.0&fTableLo=40.0&fTableHi=80.0&fSymLo=&fSymHi=poor&fPolLo=&fPolHi=poor&fCulLo=&fCulHi=vlarge&fFlrLo=&fFlrHi=vstrong&fPriceLo=0&fPriceHi=999900&fLabGIA=1&fLabAGS=1&adv=1 has  retail prices for diamonds that are graded "like yours" (within the caveats that Neil explained above, and making my own assumption about cut grade). The range is already big ($6500-10500), but bear in mind this is higher than the absolute ceiling someone will offer for your rings (plus or minus the recycle value of the setting): they can sell at this, including an element of profit and better T&C from their usual suppliers than you can offer as a "ready cash seller". Half of retail is a pretty normal offer from a trade buyer to a private seller.

 

ETA: OK, never mind, Neil got there a minute earlier making the same points...

Edited by davidelevi
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As you further reiterated to what I already knew, the insurance I understand already.  I wasn't going to mention price this 'reputable' jewelry store offered me, but these people tried to offer me $1,600 for BOTH rings....with the diamond included. Also, you said big difference between 1.20. and 1.20 there was a period at the end of the sentence when the document was typed: 1.20 is the size. The clarity I have is written above at SI1, F-G color. I know the difference between an appraisal and a bid.

 

I am in Connecticut.  I just asked questions for advice off the cuff.  I kind of didn't get an answer.  If you want to give info on the appraisal people, thanks...

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I think what Neil is trying to say on the size is that an estimated 1.20, gauged with the diamond set, is NOT the same thing as taking the diamond off the setting and knowing precisely it weighs 1.20.

 

6.50 mm diamter for a 1.20 is not a lot, even with a thick girdle, and (as a buyer, or putting myself in one buyer's shoes) I'd be inclined to discount the 1.20.

 

Same issue for colour and clarity (which BTW you have posted as E-F in your first post, and F-G in your latest).

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Thanks for making me feel lousy about my ring being "scrap" too. Besides the diamond being a nice cut and clarity just because I don't know some of the things you do it has sentimental value and I told you it hurt to have to "give it away" as it is.  To hear how a jeweler is going to rip it apart after I wore it for 10 years doesn't make a sick woman feel any better about having to do it in the first place. You clearly didn't read most of the article because you answered what I already said.  Duh, I said the insurance info was for insurance purposes.  I never said I paid for a bid and I know what an appraisal is.  There are several other things that you said that were silly as well.   The ring is gorgeous and Simon G is one of the top designers of rings out there,  I also realize that people want new, but jeesh, do you have to tell me about how they will destroy and melt it and make something else.  Sensitivity would be nice.  We didn't buy diamond nor the rings themselves at some 4 corner mall store.  I am not a dumb person and again most of the info you wrote is what I knew and already said. You really didn't offer me much in the way of anything, but making me feel lousier and to not trust a jeweler anymore.  I made a mistake it IS E-F the side stones are F-G.....Cool your jets 

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Sorry, but I find very little to be offended about. Whether you like it or not, that's by and large the way in which a buyer will look at the transaction and on which they will formulate their offer to you.

 

$1600 for both rings is laughable, but perhaps now you have something with which to get back to them other than "I find it laughable because it is a nice ring and means a lot to me".

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Thank you for your apology. I took your advice and contacted one of the appraisers, she is going to see me at noon today.  Thank you for your information.  What I have in writing is the 'retail' value for both rings is $19,450.00, not the true worth, but to be told $1,600 for both I felt something wasn't right.  Thank you both.  At least I will find out a truth, they can't be worth that little. I plan on keeping my band giving up my ring is such a sacrifice, but I just can't give up the set.  This lady is even donating 1/2 hr of her time to me, I just mentioned I was sick, but not out of asking for anything.  She just is doing it out of kindness.  She does broker (I wonder if that would be worth it, because I have a procedure coming up in the next week and don't know time wise how that works)..... Thank you again.

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