Can anyone explain this to me? Giving a ring to a jewellers to sell? Approbation?

[runningoutoftimeornot]

I'm trying to sell a diamond ring and have been to the local diamond district to ask them if they'd buy it. Got a range of offers but one shop said I could give it to them on approbation and they could then sell it for me and they'd give me an extra 25% if it sells (making this the best offer by far). Has anyone ever done this/ heard of this?

They said something about how it would be protected on their insurance that way and I'd sign something agreeing it's still my property etc. I could have it back at any time if I changed my mind etc. But the benefit to them is that they'd not have to pay VAT or tax or something on the sale as it was my property.. Not sure I fully understood this. Obviously I know they'd be selling it for a lot more than they'd agree to pay me but that's to be expected.

Anyone familiar with this and can give some advice?

Anyone?

Never heard of it.

If you’ve approached a range of jewellers and they’ve all offered similar deals except one who’s offered a fantastic deal that you don’t fully understand, that sounds a bit like a red flag to me. But happy to be corrected if this is common.

I’d ask some more jewellers and ask if they’ve heard of that.

Thank you. I guess that does make sense - I thought of asking other jewellers at the time but I didn't follow through! I guess I'll have to go back.

Have you considered putting the ring into a specialist jewellery auction with a reserve? There are fees for the seller but, usually, only if it sells at the reserve or more.

See what they value it at and take it from there.