How to safely sell jewelry ?

rfuerst911sc · 05-17-2021, 05:13 AM

Hey guys I am totally out of my element on this . My mom passed away ☹️ in 2005 and I inherited her diamond ring . I recently had a " unofficial " appraisal done and the value was a little under 7K . I have the paperwork from that appraisal and I may get one " official " appraisal done just to have two data points .

To me the ring has no sentimental value , I have lots of memories of my mom and none are tied to the ring . So what is the best/safest way to sell jewelry ? I don't think I want to do CL/eBay or similar due to scammers . Any advice guys ?

Sooner or later · 05-17-2021, 05:21 AM

Don't expect to get anywhere near appraised value when you sell it unless you find an individual that just has to have that specific ring (even with that one person you probably won't get appraised value).

rfuerst911sc · 05-17-2021, 05:31 AM

Understood. I wanted the appraisal/s just to know what ballpark to be in . Any items value is whatever someone is willing to pay on any given day .

Sooner or later · 05-17-2021, 06:00 AM

Wish you luck.

My sisters divided up all the jewelry, they still have them as far as I know. I got all the guns and shop tools. We sold off all the coins and divided up the proceeds.

Rick Lee · Rick Lee's Garage

I'd probably just find the best jewelry consignment shop in the area and let them display it to their foot traffic. I don't know why appraised value is so far off from what people really pay, but the folks who run a jewelry consignment place will know what it should go for.

dad911 · 07:12 AM

Quote:

Originally Posted by Rick Lee

.... I don't know why appraised value is so far off from what people really pay,......

When we brought my wife's diamond to another jeweler, it appraised for 2+ times it's cost a few days before. I think it's a gentleman's agreement between jewelers, and IMHO the appraisal is only good for insurance value.

Want to trade for porsche parts?

GH85Carrera · GH85Carrera's Garage

Ask around with your married friends and get the wife's input for a good local independent jewelry store. One of the wifes will be "into" jewelry, and have a suggestion of a local store. Through connections like that we found a local owned shop that does jewelry and high end watches. My wife has had her wedding ring inspected and the mounting tweaked to keep the diamond tight. After 29 years it does get wear and tear.

She has bought and sold a few pieces with them.

Much like finding a good reliable HIVAC or auto mechanic, a good jewelry shop is nice to "know a guy" that can be trusted.

1990C4S · 05-17-2021, 07:26 AM

I think I would be inclined to trade it for something at a reputable used jewelry store. Maybe a nice used watch?

Somehow I would feel better getting a watch at 50% of new price than selling a ring for 50% of the 'value'.

Plus you have a momento linked to your mother.

vash · vash's Garage

this reminds me. I need to figure out how to sell coins.

faack.

vash · vash's Garage

Quote:

Originally Posted by rfuerst911sc

Hey guys I am totally out of my element on this . My mom passed away ☹️ in 2005 and I inherited her diamond ring . I recently had a " unofficial " appraisal done and the value was a little under 7K . I have the paperwork from that appraisal and I may get one " official " appraisal done just to have two data points .

To me the ring has no sentimental value , I have lots of memories of my mom and none are tied to the ring . So what is the best/safest way to sell jewelry ? I don't think I want to do CL/eBay or similar due to scammers . Any advice guys ?

no favorite kid you can pop the diamond out of the setting for? they can use it as the foundation for their future ring?

Joe Bob · Joe Bob's Garage

IME, coins and "used" jewelry often can be sold only for scrap value. In other words, they will be melted down unless there is some perceived value due to coinage date, mintmark and other rarity.

I helped liquidate an intestate estate and the the gentleman had a carload of real silver coins. None were rare, all were melted into ingots. Jewelry had the stones removed and the setting also got the torch.

nota · 05-17-2021, 08:58 AM

get it graded for color cut clarity ect by a GSA rated guy

those are the real diamond value numbers

that sets the value you sell at wholesale about 1/2 retail price

nota · 05-17-2021, 09:03 AM

Quote:

Originally Posted by Joe Bob

IME, coins and "used" jewelry often can be sold only for scrap value. In other words, they will be melted down unless there is some perceived value due to coinage date, mintmark and other rarity.

I helped liquidate an intestate estate and the the gentleman had a carload of real silver coins. None were rare, all were melted into ingots. Jewelry had the stones removed and the setting also got the torch.

I would far rather have coins then a bar of silver

as post what ever worlds it will be eazyer to trade a coin for food then deal with a silver bar and gold is far too valuable for such trades

look 171 · 05-17-2021, 09:10 AM

You are better off just selling the diamond by itself. The ring isn't worth anything and most people would want their own design. Diamond dealers will give you nothing for it, not anywhere what it appraised at.

how old is this ring or stone? Most of the modern diamonds, 20-30 years, will have a laser etching on it spec with grade. Anything older then that, it will require a train eye. I wouldn't trust those small time jewelry retail stores. I don't think think they see enough stones in a month to be able to tell with their naked eyes and market pricing.

Just my 2 cents. Grew up in the business.

Joe Bob · Joe Bob's Garage

Well, yeah.....but a pre 1964 silver coin is either worth it's face value or it weight in silver. Most likely the weight is worth more than the face value.....

masraum · 05-17-2021, 09:21 AM

Quote:

Originally Posted by Rick Lee

I'd probably just find the best jewelry consignment shop in the area and let them display it to their foot traffic. I don't know why appraised value is so far off from what people really pay, but the folks who run a jewelry consignment place will know what it should go for.

I think the deal is that an appraisal is a "new, retail" price. Or what you'd likely have to pay to have the item replaced.

But folks aren't usually willing to pay "new, retail" prices for something used even if it's something like a diamond.

A consignment shop is probably not a bad idea to get top dollar. What's the going rate for selling used jewelry? I think it's probably a fraction of the appraised value, like 50% give or take a bit.

aschen · 09:25 AM

pre 64 quarters dimes halfs and dollars are 90% and around .71 oz siler per dollar face value, so the silver value is currently right at 20 times face value.

I think you are lucky to get half appraised value for stones, probably much less in practice.

Sooner or later · 05-17-2021, 09:23 AM

Quote:

Originally Posted by Joe Bob

Well, yeah.....but a pre 1964 silver coin is either worth it's face value or it weight in silver. Most likely the weight is worth more than the face value.....

when I sold my childhood coin collection I made a killing. Nearly 10 grand. Sold to a local coin dealer who sent them all off for verification. I had a 1909 s vdb penny, a 1955 double die, and over a 50 rolls of steel pennies (a nickel a piece). And a boatload of valuable mercury dimes.

I found them all. I would roll all the change for the local movie theaters and as payment I could keep any coin I wanted. I would get about 2 coffee cans of change a week to go through. I kept about 3 bucks of change a week. I did it for 3 or 4 years. I quit when I could only find 10 or 20 worth keeping. This was in the early to mid 60's.

Zeke · 05-17-2021, 09:44 AM

Quote:

Originally Posted by 1990C4S

I think I would be inclined to trade it for something at a reputable used jewelry store. Maybe a nice used watch?

Somehow I would feel better getting a watch at 50% of new price than selling a ring for 50% of the 'value'.

Plus you have a momento linked to your mother.

You haven't 'traded' much with a dealer. They don't tend to swap = for = value. You'd be lucky to be on the short side of 60/40.

Selling the stone separate is the way to go. Take the weight value of any metals and be done with it.

Me? I tend to take stuff like that and just put it away somewhere safe.

rfuerst911sc · 05-17-2021, 10:10 AM

The ring was custom made back in the late 70's . We were on vacation and out of the blue my dad walks into a jewelry store with my mom and I in tow . This was VERY out of character for my dad ........ the classic stoic German with minimal emotions .

My dad was a trained in Germany watch maker so he knew diamonds . He was in the " back room " with the jeweler for what seemed like two hours . After my father constantly telling the jeweler each diamond he presented was crap 😁 the jeweler pulled out the good stuff .

The ring has three large diamonds and 20 smaller ones . The appraisal I had done locally the guy said they were of exceptional quality . He said some appraisers would rate them the highest quality available . I don't have to sell was just kicking the idea around as it is doing nothing sitting in a lock box . I do have an 11 year old granddaughter everyone else is boys . I do appreciate everyone's feedback thanks .