Selling diamond engagement ring

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TNL
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Selling diamond engagement ring

Post by TNL »

Hello,

I have a diamond engagement ring that I am considering selling. Does anyone have any tips on getting the best price? Resale on jewelry is horrible, I know. The piece is a very nice ring. It's a 2 carat diamond set in a Tacori double twist setting. The stone was about $12K and the setting was $5500. I think the appraisal value for insurance is about $17-$18K. I have received an offer to buy the piece for $6K in cash from a reputable jeweler; the best in my area. He said he would be willing to pay $5-8K "depending on when I chose to sell and what he had in stock" and offered me $6K on the spot. I told him that I needed to think about and I would connect back with him.

Any ideas on what is industry custom here? Should I counter at 7500 or 8K? I haven't been in this situation before; just trying to get the best price for this really nice piece.

Thanks.
Aceon
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Re: Selling diamond engagement ring

Post by Aceon »

On a related note, Id rather buy a used ring like this then purchase new with those crazy mark ups. Where can I go to buy cheap engagement ring used?
Cash
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Re: Selling diamond engagement ring

Post by Cash »

50% sounds about right. Next time, buy from a place (like whiteflash.com) that allows you to apply the full purchase price toward a "trade in" for a bigger stone.
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William4u
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Re: Selling diamond engagement ring

Post by William4u »

Cash wrote:50% sounds about right. Next time, buy from a place (like whiteflash.com) that allows you to apply the full purchase price toward a "trade in" for a bigger stone.
Diamond rings depreciate like that the minute you pay for it. The 6k is probable close to the best deal you can get. With a ton of effort you might be able to get a little more.
Goal33
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Re: Selling diamond engagement ring

Post by Goal33 »

Maybe you can keep the stone for the next one. Sell the setting for 1k or something.
Levett
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Re: Selling diamond engagement ring

Post by Levett »

"Resale on jewelry is horrible, I know."

Yes, it is.

The offer appears to be in the ballpark. Consider it a sunk cost and move on.

Lev
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TNL
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Re: Selling diamond engagement ring

Post by TNL »

Goal33 wrote:Maybe you can keep the stone for the next one. Sell the setting for 1k or something.
LOL -- I was thinking about keeping it for my child to use when they are an adult, but at this point I think it is a cursed object. It has to go. I'd rather have the money now to pay off a student loan and/or put in my child's 529.
LarryAllen
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Re: Selling diamond engagement ring

Post by LarryAllen »

TNL wrote:
Goal33 wrote:Maybe you can keep the stone for the next one. Sell the setting for 1k or something.
LOL -- I was thinking about keeping it for my child to use when they are an adult, but at this point I think it is a cursed object. It has to go. I'd rather have the money now to pay off a student loan and/or put in my child's 529.
I would take the $6k and move on with life. I have a hunch you will be happier getting that object out of your life. Good luck!
Ragnoth
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Re: Selling diamond engagement ring

Post by Ragnoth »

Half of retail price is going to the the right ballpark. It sounds like your jeweler actually gave you a pretty fair range.

Maybe you could shop around other jewelers and pawnshops etc. and get a little extra out of it... but not everybody would want to suffer through all that leg-work on the offchange of getting an extra grand.
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Watty
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Re: Selling diamond engagement ring

Post by Watty »

Aceon wrote:On a related note, Id rather buy a used ring like this then purchase new with those crazy mark ups. Where can I go to buy cheap engagement ring used?
There have been a number of threads on where to buy diamonds that you can look up. You can also buy synthetic diamonds on the internet that are chemically and physically the same as a natural stone(but there are some difference that an expert or a laboratory might be able to identify)

It was years ago but I bought my wife's engagement ring at a local high end auction house, but was not a nationally known company like Sotheby's .

They did not grade the diamond but they guarantee that it was a diamond and that the gold was really gold. I was not looking for a real high grade diamond so I was able to learn enough before hand to be able to generally recognize major flaws so when I had it appraised it was actually a bit better than I expected. I was sure my wife would want a yellow gold ring so the color of the diamond, which is very hard to judge, is not as important since even a colorless diamond will pick up some color from the yellow gold.

The day of the auction they had three diamond rings that would have been acceptable. I had not asked my wife to marry me yet so she was not at the auction so I was not under any pressure to buy a specific ring. My best guess is that I got it for about a quarter of the retail "on sale" price.

The original idea was that my wife would then pick out the ring that she wanted and we would have the diamond remounted in that ring. It turned out that the ring was in an unusual antique carved gold design that my wife really liked so we ended up having a matching wedding band made for it. Ironically the custom made matching wedding band ended up costing about the same as the diamond ring but that was not all that expensive.
*3!4!/5!
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Re: Selling diamond engagement ring

Post by *3!4!/5! »

TNL wrote:Hello,

I have a diamond engagement ring that I am considering selling. Does anyone have any tips on getting the best price? Resale on jewelry is horrible, I know. The piece is a very nice ring. It's a 2 carat diamond set in a Tacori double twist setting. The stone was about $12K and the setting was $5500. I think the appraisal value for insurance is about $17-$18K. I have received an offer to buy the piece for $6K in cash from a reputable jeweler; the best in my area. He said he would be willing to pay $5-8K "depending on when I chose to sell and what he had in stock" and offered me $6K on the spot. I told him that I needed to think about and I would connect back with him.

Any ideas on what is industry custom here? Should I counter at 7500 or 8K? I haven't been in this situation before; just trying to get the best price for this really nice piece.

Thanks.
This sounds like a very financially bad circumstance ("buy high, sell low"). How does one get into a situation like this? It seems there may be a cautionary tale that others could learn from.
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simplesimon
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Re: Selling diamond engagement ring

Post by simplesimon »

Appraised value has nothing to do with resale value. Appraised value is for insurance purposes only.

Have you asked other jewelers what they'd pay?
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TxAg
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Re: Selling diamond engagement ring

Post by TxAg »

*3!4!/5! wrote:
TNL wrote:Hello,

I have a diamond engagement ring that I am considering selling. Does anyone have any tips on getting the best price? Resale on jewelry is horrible, I know. The piece is a very nice ring. It's a 2 carat diamond set in a Tacori double twist setting. The stone was about $12K and the setting was $5500. I think the appraisal value for insurance is about $17-$18K. I have received an offer to buy the piece for $6K in cash from a reputable jeweler; the best in my area. He said he would be willing to pay $5-8K "depending on when I chose to sell and what he had in stock" and offered me $6K on the spot. I told him that I needed to think about and I would connect back with him.

Any ideas on what is industry custom here? Should I counter at 7500 or 8K? I haven't been in this situation before; just trying to get the best price for this really nice piece.

Thanks.
This sounds like a very financially bad circumstance ("buy high, sell low"). How does one get into a situation like this? It seems there may be a cautionary tale that others could learn from.

On the other hand, this could be the wisest move the OP has ever made. It could save him buckets of money in the long run. Just depends.

Good Luck OP!
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TNL
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Re: Selling diamond engagement ring

Post by TNL »

*3!4!/5! wrote:
TNL wrote:Hello,

I have a diamond engagement ring that I am considering selling. Does anyone have any tips on getting the best price? Resale on jewelry is horrible, I know. The piece is a very nice ring. It's a 2 carat diamond set in a Tacori double twist setting. The stone was about $12K and the setting was $5500. I think the appraisal value for insurance is about $17-$18K. I have received an offer to buy the piece for $6K in cash from a reputable jeweler; the best in my area. He said he would be willing to pay $5-8K "depending on when I chose to sell and what he had in stock" and offered me $6K on the spot. I told him that I needed to think about and I would connect back with him.

Any ideas on what is industry custom here? Should I counter at 7500 or 8K? I haven't been in this situation before; just trying to get the best price for this really nice piece.

Thanks.
This sounds like a very financially bad circumstance ("buy high, sell low"). How does one get into a situation like this? It seems there may be a cautionary tale that others could learn from.
The circumstance is -- I have had the ring for about 4 years, and due to recent events, no longer need or want it. Resale on jewelry is not good. You rarely get 50% of retail when you resale. However, I have no need for this piece anymore and I really don't want it in my home. What I would like is money for my child's 529 plan or some minor improvements I'd like to make on my home.
Nick341981
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Re: Selling diamond engagement ring

Post by Nick341981 »

One word, moissanite. Any young guys out there learn from this and many others guys mistake.
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just frank
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Re: Selling diamond engagement ring

Post by just frank »

Been there. :shock:

My understanding was that resale on the stone was 50% (if you got a good price to begin with), and the resale on the setting was scrap value of the metal, typically about nil. With your numbers, this is $6k.

Of course, don't make the mistake of going into the jeweler's the next week. He WILL have it in the case with a $18k price on it. :annoyed
daveatca
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Keep it

Post by daveatca »

Save it to give to one of your children at the appropriate time.
That way, they won't waste ring money on the training marriage.
My son-in-law got the ring in that manner. Smart boy. Marriage looks like it will last.
Last edited by daveatca on Sun Jan 22, 2017 7:20 pm, edited 1 time in total.
LarryAllen
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Re: Selling diamond engagement ring

Post by LarryAllen »

Sell it and move on. I am guessing there is bad karma with it. Move on! Good luck!
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ResearchMed
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Re: Keep it

Post by ResearchMed »

daveatca wrote:Save it give to one of your children at the appropriate time.
That way, they won't waste ring money on the training marriage.
My son-in-law go the ring in that manner. Smart boy. Marriage looks like it will last.
OP mentioned bad feelings about this ring/stone, and not wanting to keep it around.

This is not the same as when there is a ring or stone from someone with whom one has/had fond feelings, such as a mother/grandmother or such.

Best to sell it and move on with life.

RM
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tim1999
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Re: Selling diamond engagement ring

Post by tim1999 »

I'd probably try to haggle a bit with the jeweler and get him up a few hundred bucks but otherwise it sounds like a fair price.
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dratkinson
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Re: Selling diamond engagement ring

Post by dratkinson »

Another option. Long ago, gf gave my ring back. I made it into a stickpin and wear it occasionally. I also have a tell a story while wearing it that seems to always receive the same reactions.

Me, wearing diamond stickpin: "My gf gave it to me. Well, actually, she gave it back to me."
Husbands, hearing story: "Honey...?"
Wives, hearing husbands: "No!"


Believe OP's biggest bang for the buck is to keep it and pass it down to save a future retail cost. Failing in that, trade it for something he'd rather have. Failing in that, sell it for what he can get, as sometimes it's better to lose everything just to be out of the situation. Been there, done that.
d.r.a., not dr.a. | I'm a novice investor, you are forewarned.
stoptothink
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Re: Selling diamond engagement ring

Post by stoptothink »

dratkinson wrote:Another option. Long ago, gf gave my ring back. I made it into a stickpin and wear it occasionally. I also have a tell a story while wearing it that seems to always receive the same reactions.

Me, wearing diamond stickpin: "My gf gave it to me. Well, actually, she gave it back to me."
Husbands, hearing story: "Honey...?"
Wives, hearing husbands: "No!"


Believe OP's biggest bang for the buck is to keep it and pass it down to save a future retail cost. Failing in that, trade it for something he'd rather have. Failing in that, sell it for what he can get, as sometimes it's better to lose everything just to be out of the situation. Been there, done that.
My wife still had her engagement ring from her first marriage. She actually liked the band and wanted another generic wedding band (and I don't care where it came from) so she recently had a local jeweler deconstruct the ring; giving her a single band, he used the stone to make a necklace for our daughter (he is her father genetically, though I raised her from infancy), and the other band was melted and the jeweler credited the gold to the total cost. I think total it cost us like $100.
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TNL
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Re: Selling diamond engagement ring

Post by TNL »

stoptothink wrote:
dratkinson wrote:Another option. Long ago, gf gave my ring back. I made it into a stickpin and wear it occasionally. I also have a tell a story while wearing it that seems to always receive the same reactions.

Me, wearing diamond stickpin: "My gf gave it to me. Well, actually, she gave it back to me."
Husbands, hearing story: "Honey...?"
Wives, hearing husbands: "No!"


Believe OP's biggest bang for the buck is to keep it and pass it down to save a future retail cost. Failing in that, trade it for something he'd rather have. Failing in that, sell it for what he can get, as sometimes it's better to lose everything just to be out of the situation. Been there, done that.
My wife still had her engagement ring from her first marriage. She actually liked the band and wanted another generic wedding band (and I don't care where it came from) so she recently had a local jeweler deconstruct the ring; giving her a single band, he used the stone to make a necklace for our daughter (he is her father genetically, though I raised her from infancy), and the other band was melted and the jeweler credited the gold to the total cost. I think total it cost us like $100.
Hello -- I have recycled jewelry in this fashion before, and I expect that I will eventually receive other pieces of heirloom jewelry when they are ultimately passed down. However, in this instance, this piece must go. I don't want it in my home. There is a lot of water under the bridge here and I literally can't look at it without getting sick to my stomach. If I could get $6-8K for it I would take it in a heartbeat.
X1433
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Re: Selling diamond engagement ring

Post by X1433 »

On a related note, where is a good location to buy a used diamond engagement ring. Eleven years ago, when I proposed to my now wife, I was a student applying to medical schools and got her a ring with a CZ. Now, that our financial situation has significantly changed, she has been longing for me to get her an actual diamond but I am not willing to pay retail prices.
X1433
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Re: Selling diamond engagement ring

Post by X1433 »

TNL,
Could you please PM me. I just signed up to the board and I wasn't able to send you a PM.

Thanks,
miles monroe
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Re: Selling diamond engagement ring

Post by miles monroe »

clark howard sez...buy your diamonds from costco. they won't overcharge ya on the front end -- and if she says NO then you can get ALL your money back.
mortfree
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Re: Selling diamond engagement ring

Post by mortfree »

There is a website called "I do but now I don't".

Check that out. I don't know all of the details but I heard the site mentioned in an article.



Good luck
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Rob5TCP
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Re: Selling diamond engagement ring

Post by Rob5TCP »

Living near 47th street (Diamond district) and having a friend and family member there, I see the huge markups that diamonds have. If you are near a major city, you might try going to a local diamond district. DO NOT let the diamond out of your site. Many, if not most, are reasonably honest. But, there are always those that will try to rip you off (including changing your stone - not unheard of).

I don't know what part of the country your from. The largest diamond district is in NY, but there are smaller ones throughout the country. Sales HAVE not been great these last few years (many buy online from Blue Nile and other online diamond retailers. You might see if Blue Nile will give you an offer. Though 8k, which is about 50% of what you paid seems to be the norm (or less). Diamonds are easy to buy; but hard to sell.
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TNL
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Re: Selling diamond engagement ring

Post by TNL »

X1433 wrote:TNL,
Could you please PM me. I just signed up to the board and I wasn't able to send you a PM.

Thanks,
I just PM'ed you. I look forward to connecting with you soon.
Incendiary
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Re: Selling diamond engagement ring

Post by Incendiary »

Maybe you should pm Aceon, too. Sorry to hear about your situation. I hope you are better off without him.
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F150HD
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Re: Selling diamond engagement ring

Post by F150HD »

sounds like an emotional decision to sell the ring and you don't really need the cash for an emergency so....

I'd keep it awhile....its not hurting anything sitting in a jewelry box or safe. Then in a pinch you could liquidate for an emergency.
Long is the way and hard, that out of Hell leads up to light.
daveydoo
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Re: Selling diamond engagement ring

Post by daveydoo »

You'd be getting 1/3 of retail. Jewelers don't want your cast-offs, sorry to say.

If it were me and I had some time (didn't need the cash right away), I'd send the whole thing to GIA and get the stone cert'ed. It can be done in the ring (pretty sure they'll do that for diamond) and it's not expensive. It will give dimensions and say "ct weight as reported by client," or something similar, but I assume you still have the paperwork from purchase. (The weight will be accurate on your bill of sale -- unless it's a sleazy "total ct weight" and yours has small diamonds on the band, no doubt -- but the rest is suspect and subjective.) Then, with GIA cert in hand and with good photos, I would sell it on eBay. PM me if you want more specifics about taking photos. You will do reasonably well. No Craigslist -- ever. If you have not sold on eBay, have someone you know with at least a dozen feedbacks sell it. You can also take that info from GIA and look at Amazon or Blue Nile and filter for loose stones that match your diamond (ct weight, color, clarity, cut grade -- all are reported by GIA). That will tell you what the actual retail market is for the stone alone. Tacori rings are beautiful, imo, and a well-recognized (and well-advertised) name -- you should be able to get much closer to 2/3 of retail, imo, instead of the 1/3 of retail that you were offered -- maybe more if it's never been worn (?). You'd do much better selling to a third party, and you won't be able to do that without a GIA (or comparable) cert. An "appraisal" from a jeweler is typically meaningless (unless it's Tiffany or Cartier) and no one would buy it online based upon a rando jeweler saying it's "G-color, SI2," etc.; they're generally way inflated. But you'd be amazed what people will buy on eBay. Can say "cost $18K -- see invoice in photos [name and address obscured] -- $14K or best offer," etc. And hope to get $10-12K. I bet you would -- VDay coming up and then Spring...
Last edited by daveydoo on Tue Jan 24, 2017 11:09 pm, edited 1 time in total.
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SouthernCPA
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Re: Selling diamond engagement ring

Post by SouthernCPA »

I've heard of a people using the website www.idonowidont.com to resell engagement rings. May want to check them out.
Danzangdc
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Re: Selling diamond engagement ring

Post by Danzangdc »

If you bought the ring yourself, I have no advice for you. If you received the ring from someone else in anticipation of marriage, my advice is that you should give it back.
nymeria.stark
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Re: Selling diamond engagement ring

Post by nymeria.stark »

TNL wrote: Hello -- I have recycled jewelry in this fashion before, and I expect that I will eventually receive other pieces of heirloom jewelry when they are ultimately passed down. However, in this instance, this piece must go. I don't want it in my home. There is a lot of water under the bridge here and I literally can't look at it without getting sick to my stomach. If I could get $6-8K for it I would take it in a heartbeat.
This is what I was going to ask. I know this is a financial forum, but in this case, it sounds like your emotional needs take precedence. Take the $6,000 and run. You're well rid of it.
Just a girl, standing in front of her finances, asking them to make more sense.
*3!4!/5!
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Re: Selling diamond engagement ring

Post by *3!4!/5! »

Danzangdc wrote:If you bought the ring yourself, I have no advice for you. If you received the ring from someone else in anticipation of marriage, my advice is that you should give it back.
We don't know which situation applies to the OP, but I imagine that if one were torn between giving it back and selling it, then selling it would effectively dispense with the dilemma (and would be more lucrative). Also the decision to sell rather than return could be further rationalized if the ring giver is portrayed as the culprit, so that the sale proceeds could be viewed as a measure of financial compensation.
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yatesd
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Re: Selling diamond engagement ring

Post by yatesd »

I was in your situation many years ago, but somehow managed to return it to the store at a slight loss.

However, one other suggestion. Ask for a credit on the account. If you are offered $6K, ask how much they would give you as a credit towards a new purchase. I suspect this would be closer to $10-12K. This could buy a very nice watch, future gift, etc. Then you can decide which option is better for you.
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TNL
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Re: Selling diamond engagement ring

Post by TNL »

*3!4!/5! wrote:
Danzangdc wrote:If you bought the ring yourself, I have no advice for you. If you received the ring from someone else in anticipation of marriage, my advice is that you should give it back.
We don't know which situation applies to the OP, but I imagine that if one were torn between giving it back and selling it, then selling it would effectively dispense with the dilemma (and would be more lucrative). Also the decision to sell rather than return could be further rationalized if the ring giver is portrayed as the culprit, so that the sale proceeds could be viewed as a measure of financial compensation.
I'm not going to get into specific details right now other than to say that the ring is legally mine pursuant to a written prenuptial agreement. As in, certain items of real property and personal property were set out in the agreement and the ring was in my column. It will not be given to the other party. It will be sold. Just looking for the best ways to get maximum value for the piece. Thanks.
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midareff
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Re: Selling diamond engagement ring

Post by midareff »

Aceon wrote:On a related note, Id rather buy a used ring like this then purchase new with those crazy mark ups. Where can I go to buy cheap engagement ring used?

Just a thought... Miami, New York and other cities have diamond districts. Find a stone you like at competitive pricing (Rappaport) near wholesale rather than at retail store or mall pricing and then have a jeweler (and they can probably recommend) who offers catalogues of settings available do the finishing. Have used that path a couple of times.
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Rob5TCP
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Re: Selling diamond engagement ring

Post by Rob5TCP »

Unless you know what your doing; going to the diamond district in NY, or other cities, can be hazardous to your wealth.
When you go to buy they are rare and precious. The same diamond when you go to sell is neither.
If I were buying (and I didn't have a reliable friend in the industry) I would go to Blue Nile. They are the largest online diamond dealer.
There are plenty of honest dealers in the district in NY. But, just because they are honest doesn't mean they won't try to get as much as
they can for each diamond.

http://www.bluenile.com
ponyboy
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Re: Selling diamond engagement ring

Post by ponyboy »

Diamonds are so rare that you can walk into any jewelry store in the world and there are thousands for sale. What a racket.
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