Advice needed: Best way to sell a diamond?

baraqyal

baraqyal

Joined
Nov 30, 2000
Messages
860
So I have this diamond. And as it turns out, I have no need for it and I have no desire to keep it.

What's the best way to turn it back into cash?

I realize that I'm going to take a pretty big loss on it. I'm not in a huge hurry to sell, but I'd like to get rid of it soon. What is the best way to minimize the damage?

Thanks!

-- Rob
 
You have probably thought of this but sell it to a jeweler. Or at least get it apraised. First you should go there and get it apraised as if you were just curious. They won't undervalue it since they don't know you are selling it. Then turn around and say "2 grand? $1800 and it's yours."
 
Well, it has an EGL appraisal already.

You have to be very, very careful taking diamonds to jewelers that you don't know or trust. A lot of jewelers will take your diamond and replace it with an identical looking diamond of much lower quality. Unless you're an expert, it's hard to tell that you've just gotten royally screwed. I've thought of selling to a jeweler, but they'll probably give me significantly less than it's worth. I don't want to take a multi-thousand dollar hit on the diamond if I don't have to.

-- Rob
 
If you can get 50% of what you paid, you are doing superb. The only way [generally] to get close to what you paid is to trade it towards a bigger diamond.

I am always in the market for diamonds, how about five bucks?:D
 
Originally posted by wolfmann601
If you can get 50% of what you paid, you are doing superb. The only way [generally] to get close to what you paid is to trade it towards a bigger diamond.
Click to expand...

Trading up is a good idea. Thanks.

I'm sure at some point in the future, I may have the need for a diamond again. Just not this particular diamond.

I'm afraid I'm going to have to pass on your generous $5 offer. I'll let ya know if I change my mind.

-- Rob
 
Holy crap, no kidding. That is a scary story.

I guess that's a risk with just about anything of high value, though. But man, talk about a bad result.

I BET his ex-fiance feels bad.

-- Rob
 
Whatever you do, don't take it to a pawn-shop. I had a buddy who worked in one, and it was just a matter of policy to rip-off everyone who came through the door. And the good ones twice.

Regards,
Bill
 
So, how much is it worth? Let's see some details.... heck, I might make you a knife and gun trade offer for it that would impress you.

(wife lost her diamond {uninsured} and we agreed not to replace it -- she doesn;t seem to mind at all, but who knows?)

at least give me a shot once you have a cash offer in hand...
 
Actually, selling it to an individual (who would normally be paying retail price) would be your best bet. Put an ad in the paper describing your stone and the appraisal amount. You will probably have several buyers respond, some being amateurs and some being jewelers acting like amateurs. You can tell who is who when they pull their loupe out and start negotiating. For safety, you can try to screen your calls and/or ask for references. You could meet in a public place if you would rather people didn't come to your house. Make sure to accept cash ONLY unless you can positively verify funds. Even certified checks can be bogus. If the buyer wants to pay with certified funds, ask if you can go to the bank with them when the deal is struck. A buyer will agree to these simple terms if it can save him a grand off retail. Good luck with your sale.
 
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