Do you know what I can expect for selling my diamond ring?

[disneydreamersx4]

There's a jewlery store nearby and they advertise buy your gold/diamonds at a really good rate. Wondering if anyone has done this and what did you make from selling your jewelry? btw my diamond ring is from my first husband, i know the clarity is not clear but it is at least one carat.

 

[LindaBabe]

There's a jewlery store nearby and they advertise buy your gold/diamonds at a really good rate. Wondering if anyone has done this and what did you make from selling your jewelry? btw my diamond ring is from my first husband, i know the clarity is not clear but it is at least one carat.

not much!Certainly not as much as they imply in their advertising! I sold a ring with 2 diamonds and a ruby, a broken wedding ring, another wedding style ring and a few small chains and got 600$

 

[happymommy]

Just be careful - I would shop around at many jewelers before making a decision. I'm sure, especially now, there are some that will offer you very little thinking you're strapped for cash. Check with some independent jewelers.

My sister's first wedding diamond, the jeweler that she took it to was a friend of my dad's. He sold it for her (I'm sure he kept some) so she wasn't ripped off.

But, I'd be careful. Hope you get a lot!!!

 

[MrsGoofyMitchell]

Definitely shop around! They should all do free estimates. I sold my MIL's ring for her and I seriously went to about 15 different jewelers until I made sure I got the best price. The quotes went everwhere from $1,000-$3,200! Obviously we went with the $3,200!! I also saw a local news report that took a necklace and went to 5 different stores including pawn shops and got different answers. Their advice was to shop around too!

Good luck!

 

[Pigeon]

I agree with the shop around advice. Also be aware that retail prices are often at least 100% higher than wholesale. So nobody is going to offer you even close to what a similar ring would be priced at in the jewelry store.

 

[annsteere]

If you are going to "shop around" now is NOT the time.

Our family has been in the jewelry business for three generations. Between Thanksgiving and Christmas is the big season. Then everyone who gets a ring for Christmas wants it sized to wear it to a New Year's party, every watch needs to have the band sized etc. My BIL is working 18 hour days 6 days a week right now.

You want to have independent businessmen estimate what your stuff is worth. A reputable answer to that involves effort to weigh and analyze what you have. And, you plan for several of them to do that for you for free.

Wait until after Jan 15.

(If you go to one of the "we buy gold" stores, that is their business and that's a different story).

 

[Kay1]

If you are going to "shop around" now is NOT the time.

Our family has been in the jewelry business for three generations. Between Thanksgiving and Christmas is the big season. Then everyone who gets a ring for Christmas wants it sized to wear it to a New Year's party, every watch needs to have the band sized etc. My BIL is working 18 hour days 6 days a week right now.

You want to have independent businessmen estimate what your stuff is worth. A reputable answer to that involves effort to weigh and analyze what you have. And, you plan for several of them to do that for you for free.

Wait until after Jan 15.

(If you go to one of the "we buy gold" stores, that is their business and that's a different story).

It was very nice of you to share this, Annsteere. Very useful information.

 

[Robmom]

Find a professional. I had an old diamond ring from my grandmother. She found it years ago, and left it to me after she died, she told me to sell it, because it was worth a lot of money. I went to one of those local places, and the guy told me he would give me $200 for it. I knew it was worth so much more, so I took it and left. I went to the Diamond District in NYC to a professional appraiser, and he gave me $1,200 for it. Big difference!

 

[Purseval]

It was very nice of you to share this, Annsteere. Very useful information.

Much more useful information would have been to tell us what a diamond is worth in a buyback. Guess she's not in to giving away trade secrets

My experience in auctions is around 20% of appraisal. The bigger the ring the less you get because there are fewer bidders who can afford it. Also, if you have a bracelet or earrings or a ring with multiple stones think of how it would look from a jeweler's perspective if it can be split up and sold as separate new pieces.

Finally, remember that this is a massive buyer's market and a terrible time to be in a position where you HAVE to sell.

 

[sweetpeakaris]

Don't expect much since the quality of diamond is low. They are only interested in the Diamond when they buy, the gold is worth very little.

 

[KristinU]

This is all really interesting info! I have a somewhat related question that Purseval's response made me think about. My MIL has a good-sized diamond solitaire that she never wears and has several times mentioned selling since it just sits in a safe, actually she's mentioned asking us to sell it for her (I guess she doesn't feel savvy enough!) She has an appraisal document on it from around 1995. I've sometimes entertained the idea of buying it from her and having the stone re-set (since my fingers are much less petite than hers...and it is just a very plain setting...making it look like a bubble gum ring IMHO). Any thoughts on how I'd go about finding out what it is worth to offer to her? Have a new appraisal done??? Offer a percentage of the appraisal amount from the mid-90's??? Shop around with it (after January 15th of course...) like recommended to the OP?

 

[Mrs. Bradbury]

I'll tell you my experience. I have an engagement ring from a previous marriage that is a solitaire, almost one carat, princess cut. Great clarity, etc. according to the appraisal document received at purchase. I have been trying for several years to sell the thing. I listed it on ebay, Craigslist, went to several pawn shops as well as independent jewelers. The only responses I got on ebay & Craigslist were scammers. No one in the jewelry business is interested in buying it. You see, diamonds are only valuable at purchase - they're not rare; the market is man-made. The person who initially buys the diamond pays way more than its true worth. The appraisal document just gives you false security; it's not worth the paper it's printed on. Well-meaning jewelers basically told me to find some poor guy who is ignorant of this and unload it on him. My conscience won't let me do that, so I guess I'm stuck with it.

 

[Kay1]

I'll tell you my experience. I have an engagement ring from a previous marriage that is a solitaire, almost one carat, princess cut. Great clarity, etc. according to the appraisal document received at purchase. I have been trying for several years to sell the thing. I listed it on ebay, Craigslist, went to several pawn shops as well as independent jewelers. The only responses I got on ebay & Craigslist were scammers. No one in the jewelry business is interested in buying it. You see, diamonds are only valuable at purchase - they're not rare; the market is man-made. The person who initially buys the diamond pays way more than its true worth. The appraisal document just gives you false security; it's not worth the paper it's printed on. Well-meaning jewelers basically told me to find some poor guy who is ignorant of this and unload it on him. My conscience won't let me do that, so I guess I'm stuck with it.

Knowing what you now know, maybe you could try selling again, but at a much lower price. I'm surprised none of the jewelers made you an offer.

 

[Mrs. Bradbury]

Knowing what you now know, maybe you could try selling again, but at a much lower price. I'm surprised none of the jewelers made you an offer.

Even though I wasn't the one who bought it, I just can't sell it for so little. And it doesn't surprise me that they didn't make me an offer. I wore it for almost 10 years so it's definitely used; the setting is 14K gold so there are lots of scratches on the band.

But when my oldest son is ready to get engaged, boy, do I have a deal for him. I would not want him to spend his money on a diamond.

 

[deva]

I sent a bunch of stuff to US Gold Buyers, including a very small (like 1/4 carat) diamond ring with a visible flaw. Local jeweler had offered us $40. USGB gave us $230. My husband had paid $400 for it when he got engaged to someone else while still in college and he always joked it was a canardly cut (you can hardly see it). Thank goodness I got a better deal!

They will send back to you if you don't like their offer.

 

[a1tinkfans]

i WENT to usgoldbuyers in NYC..very happy with transaction, simple and easy....

 

[disneydreamersx4]

OP here thanks everyone It looks like the prices vary so I will get a few estimates and definitely wait until after January 15th!

 

[soccerchick]

Don't expect much since the quality of diamond is low. They are only interested in the Diamond when they buy, the gold is worth very little.

Not true. It's the other way around right now. Gold is hot - over $1000/oz. Diamonds are cheap by comparison. chances are good the gold is worth more than the rock.

 

[neatokimmo]

I'm considering going to NYC for vacation next year. Tell me where to sell a 2 carat solitaire please! I'll never find a buyer in my small TN town.