Post # 1
My friend has been divorced from her first husband for around 25 years. she is wanting to sell her stone out of her ring. Here is my question. if you were to sell the stone how close to the appraisal price would you ask for it? She is having it appraised today but she has zero idea what to ask. But the store she is having it done at told her it is an amazing stone and high marks in everything. So just pretend it is worth 10k what is the lowest that you would ask?
Post # 3
@wife05: Selling a used diamond at a good price is extremely tough. I’d send her this article to get a grip on her expectations. She won’t come close to getting what the appraisal is. I suggest re-setting the stone into a necklace, or saving it for a child.
Post # 4
Well that is what i suggested to her. she has no desire to keep it. and she also has no emotional attachment to it. she just wants it gone. but she doesnt want to get blinded and ask way to much or way to little. she just wanted to know from other what it should be asked. or i guess as a consumer what would you pay for a used stone?
Post # 5
Unfortunately diamonds have very low resale value. Appraisals are usually done for insurance or replacement value rather than resale.
When she gets it appraised, she should ask what the appraiser’s thoughts on sale value would be.
Does she have the GIA certificate for the stone? That should help with increasing the value a bit. I’d think though she can expect at MOST 75% of appraisal, but probably closer to 50%.
Post # 6
She could try “I do now I don’t”
But I agree that she should have it set in a necklace or something like that.
Post # 7
When I sold my engagement ring from my first marriage, I did a lot of research. There wasn’t the market there is online then, so my options were limited to classified ads, pawn shops and jewelry buying events. I ended up selling it at a jewelry and coin buying event at Macy’s. I was offered much more for it there. Still, the ring was appraised at over 5k and I got $1000 for it.
I can understand not wanting it around. That was my feeling.
Post # 8
I’m guessing maybe 50% of the appraised value. And even then, maybe not.
Post # 9
Yeah, She has actually been married 3 times. This guy she didnt have kids with so she see’s no reason to pass it down. she has a variety of diamonds and she doesnt wear any of them so she doesnt see the point in having it reset. I have been begging her to do that because it is a wonderful stone 🙂 but she has no need for it. so she just wants it gone.
Post # 10
She should plug in her specs into blue nile and price it fairly based off that.
Post # 11
In my experience after shopping around at used online shops, pawn shops and sites like kijiji and craigslist I’ve noticed that you can get a great price for a used diamnd. I think diamonds are like cars, once they drove off the lot their value drops drastically! Usually the appraisal comes in at about 40-50% more than what people tend to buy for and then to sell it used you can expect to drop another 50% or so. So in this example where the stone is appraised at 10k – 40%= 6,000-50%=3,000k. Appraisal papers will help the sale too. Of course this is a rough estimate. she can also look online and see what others are sellling for a simialr stone.
Post # 12
Since appraised value easily doubles what you can even realistically purchase it for, I’d say even 25% of appraised value may be decent. I agree with MASPA, plug the stats in to a reputable site like blue nile, then discount that 10-30%.
Post # 13
Thanks ladies, she is clueless about what she would sell it for. and she is aware that appraisals are higher then the stone is worth. She just wants to unload it!
Post # 14
Not even half of the “appraised” (i.e. inflated) price is what I’d want, and would perhaps get, only if it is a popular shape and setting.
There was a simple princess cut going on our local craigslist a few weeks ago, somewhere around half ct and in a white gold setting. I’m thinking it was a couple hundred bucks. Now, that is a popular style and that guy will probalby sell it. The big marquis stones in gold setting from 20 years ago–nope. And that’s what I see on craigslist a lot, item from that era, not old enough to be cool and vintage, not new enough to be fashionable.
People are not at all realistic about how much their stuff is worth especially diamonds. The jewelry industry props up those unrealistic expectations by issueing fake “appraisals.”
This is my opinion only, from casual observation of life, I’m not in the jewelry industry.
Post # 15
Well hers is a horrible gold setting (INO 100% 80’S) But the stone is round and almost a carat. It sparkly and I couldnt see any flaws myself. So I suggested taking the stone out and selling just that. The setting makes it horrible which in my opinion is going to make it harder to sell.
Post # 16
I mean the setting is really really bad! and it is hard to look past. I wore it for 3 hours trying to get a feel for it and everytime I looked at it I was turned off because of the setting lol