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Best place to sell diamond ring?

Discussion in 'Fine Watches, Jewelry, & Clothes' started by nathandarby67, Apr 28, 2009.

  1. nathandarby67

    nathandarby67 F1 Veteran
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    Feb 1, 2005
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    Nathan
    #1 nathandarby67, Apr 28, 2009
    Last edited: Apr 28, 2009
    I will spare you all the idiotic details, but my brother recently broke off his engagement (could have been her spending the night at other dude's house, but I'm not one to pry), and needs to sell the ring. I have never sold any jewelry of value, and he was asking my advice on the best route to take. He is in no particular hurry to sell, doesn't need the cash for anything urgent. He paid about $5K for the stone and setting at a locally owned small-town jeweler about 9 months ago. So, best options?

    1) Call the place he bought it to see if they would consign it or buy back at a discount?

    2) Shop it around to various jewelry places to see what they would give him for it? If so what is a "good" deal. How much of a haircut should he be willing to take going this route, as obviously the store will need to make a profit when they re-sell it? Should he try local places or national chains?

    3) Local want ad, craigslist, ebay, etc?

    4) Other ideas

    5) I assume pawn shops are a horrible idea.

    Thanks guys, I am fairly ignorant when it comes to jewelry. Bought my wife a nice engagement ring a few years ago at a good price and thank God I haven't had to go jewelry shopping since! :)
     
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  3. GatorFL

    GatorFL Moderator
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    Nov 18, 2005
    13,378
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    Duane
    Have him call the jeweler he bought the ring at and see if they will give him store credit for the ring. If they are reputable, they will.
     
  4. mchas

    mchas F1 Veteran
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    Oct 5, 2004
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    Mark
    Keep it for next time? :)
     
  5. Pcar928fan

    Pcar928fan Formula 3

    Jan 21, 2008
    1,685
    Austin, TX
    The diamond is going to be the part with real value here. There is probably not much gold in it to make that very valuable. Look up the value of diamonds on line and see what he finds. Single big stones closer to D in color and closer to flawless will be worth much more, but I would say if he spent $5k on it, he will be lucky to get $2500 back out of it...just my gut feeling on that. I don't think $5k would even get you a nice 1ct diamond these days, but I have not been looking. I am guessing this is .67 - .83 ct. size and middling color and clarity... Just a guess. I'm interested to see what he finds out about it for sure!
     
  6. darth550

    darth550 Five Time F1 World Champ
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    If he bought it in a mall tell him it's worth about $800.
     
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  8. nathandarby67

    nathandarby67 F1 Veteran
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    Feb 1, 2005
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    No, a local small-town jewler, been in business for generations, very repetuable. I am not sure the specs on the stone, but I will ask. The setting is platinum FWIW.
     
  9. Skidkid

    Skidkid F1 Veteran
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    Aug 25, 2005
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    John Zornes
    This is the only option that will yield anything measurable. He can use the credit to get a new watch :)
     

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