Let’s speak about selling: who will buy your diamond ring?

Maria, I have a diamond ring that I don’t wear anymore. It was a very special gift from my ex-husband. I will never forget the day when I got this sparkling piece of jewelry. It was on Valentine’s Day during a trip to Atlantic City but now, times have changed. I’m divorced and this ring is more a burden than a joy for me. I’m gladly divorced and ready to begin my new life without my ex. It was always a dream of me to move and live in Las Vegas. I’m a hotel manageress with good career opportunities in Sin City. I would need the money to start there. Maria, who will buy my diamond ring? And how can I make sure that I get paid a proper price?
Holly from Phoenix in Arizona

Dear Holly, I really feel with you. Every day we hear about stories like that and I can fully understand why you plan to sell your diamond ring. The first year in business, I learned in Chicago, I couldn’t understand why ladies like you sell their engagement rings or wedding bands after a divorce. I was in personal contact with my clients and I learned in a personal process why selling is so important. It’s not only the money for most of the women. It can be a sensible feeling of getting rid of memories. I learned that fast and I learned faster to support women like you. Today I will let you know who will buy your diamond ring and I will give you an idea concerning the pricing.
reDollar appraiser, Maria Tait

Holly wants to know, who will buy my diamond ring?

Holly: As I told you. I’m proudly divorced and ready for my new live which I plan to start in Las Vegas. I love Las Vegas and it was because of my ex-husband why I never moved to this fabulous town before. He was and is working in Washington D.C. and we stayed in that town because he was the breadwinner in our relationship. But I’m very well qualified and very sure to find myself in a new position in one of the Las Vegas hotels, very soon. But Maria, I need some cash for moving and renting an apartment and you know that I have a diamond ring I’d like to sell. Please tell me, who will buy my diamond ring?

Maria: You are a very tough women Holly. I know that because we had a long and amusing conversation, you remember? I think your diamond ring shows a nice amount of money and valuable things need a special place to sell. Let me talk about your ring’s value, before I tell you who will buy your diamond ring. In your email you also attached a copy of a bill of sales what is very helpful for me. You told me that your ex-husband erased the amount paid but don’t worry, I’m very professional and able to find out how much money you can expect for this diamond ring. Your diamond ring has a mounted diamond weighing 4.52 carat(s) in round shape and brilliant cut. Cut, polish and symmetry is ideal. The clarity was determined by AGI as SI-2. An SI-2 graded diamond is a diamond of really fine quality. Diamonds from such a fine quality are also called “eye clean” because no inclusions should be visible without a loop. The ring itself, also called setting, is made of platinum and not made of gold fully hallmarked and obviously in good condition.

Holly: Oh yes, the ring is in great shape. I don’t like to wear such a ring in my everyday life. I only used this ring for special occasions.

Maria: That’s good for selling but sadly there is one little drawback I see. It’s the engraving of your ex-husband. It’s a very long sentence and deeply engraved. I’m not sure if just polishing can remove his statement. I would have to see your ring in person to find out more. But don’t be scared, it’s nothing grave. A goldsmith can fix this little “disadvantage” easily. I know that appraisers always call extremely high values for such rings. The real value is mostly not higher than about 20% of the appraised value. I guess that an appraiser would determine the value of your diamond ring in a range between $38,000 and $42,000. But this value has nothing to do with the resale value. I guess that your ring could sell in a range of $7,500 and $9,000. Consumers often don’t understand why there is such a huge difference between the appraisal value and the selling value and I do understand the big confusion. It’s perplexing but it’s mainly because of insurance reasons.

Holly: Maria, that’s more than fine. I can imagine to sell my ring for that amount. But who will buy my diamond ring?

Maria: Generally you have a lot of options to sell such a nice piece of jewelry. You can sell such a ring to a local gold buyer, to jewelers or to pawn shops. But don’t expect that you find a buyer quickly who is willing to pay you my calculated amount. We know that many buyers pay too less for gold and diamonds. You have to compare many places before you find a reliable dealer. Our company would buy such a ring for maybe $8,000, depending on the personal impression. I only did an evaluation from afar – that’s not a binding price, Holly. Another option is to auction your ring. Companies like Sotheby’s auction rings like yours. But consider that selling fees can become very expensive. Depending on the auction house, commissions up to 25% of the realized amount plus fees for photos, catalogues and insurance are common. Besides high fees, calculate the waiting time. Most auction houses run auctions 3 or 4 times a year. Normally you have to wait many weeks before you finally get paid the proceeds of the auction. Another option is also craigslist but I recommend you not to offer such a valuable ring on craigslist because of security reasons. You could get robbed.

Holly: But what to do know?

Maria: Take the bill of sales and ask in your hometown for prices. But better leave the ring at home. A reliable buyer is able to make an offer based on your bill of sales. Sell online with us or other jewelry specialized companies, if you don’t find a local buyer who offers a realistic and good price. When you sell online, always get sure that you get a free collection with a specialized company. Our company, for example, works with an armored car service. That’s the only and best guarantee for a hassle-free selling experience.

Holly: You helped me a lot Maria. During the next days I will begin to shop around. I will let you know if I have found a buyer or not. If not, I would love to sell the ring with you.

Maria: Take the time you need. Good luck, Holly. And it would be a pleasure to buy your beautiful diamond ring.

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