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Original poster

Advice on selling diamond ring

58 replies

Diamondring · 07/01/2015 20:37

I have a diamond ring which I believe to be very valuable, however a local jeweller offered me less than half what I expected, is that normal or is there a better place where I could try to sell it?

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mrscumberbatch · 07/01/2015 22:48

Ordinary in the jewellery trade- think of how many people have a diamond solitaire!
Diamonds are not as precious as the ad campaigns would lead the public to believe.

Your other options are pawn, or the webuygold type of websites which tend to be a ripoff.

Like I said, you might be able to agree with a jeweller to sell it on 2nd hand for commission but you need to speak to them. Different shops have different policies.

I wouldn't be put off by one quote anyway. Minimum of three to see how the land lies.

Original poster
Diamondring · 07/01/2015 22:51

When the jeweller first lacked at it she gasped with surprise which lured me into high hopes I think

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Original poster
Diamondring · 07/01/2015 22:51

Looked not lacked

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claracluck1978 · 07/01/2015 22:53

Can you give an idea of what you think it's worth?

mrscumberbatch · 07/01/2015 22:53

It could be surprise at all sorts of things. Perhaps they don't often get rings in like yours so don't have a market for it?

Generally though they'll want to make a sale/profit from you so they will flatter.

Take everything with a pinch of salt.

Original poster
Diamondring · 07/01/2015 22:54

At the danger of embarrassing myself...
About £12000? Shock

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mrscumberbatch · 07/01/2015 22:57

Is that the valuation report or what it was bought for?

For anything upwards of £5k I'd run it past an auction house. Bonhams quite decent.

Original poster
Diamondring · 07/01/2015 22:57

MrsC that's why I was thinking maybe London would better than the "provinces" Wink

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claracluck1978 · 07/01/2015 22:58

That definitely seems like a retail valuation for replacement I'm afraid. Jewellery is very much like buying a new car - you lose a massive % just from driving off the forecourt/walking out of the jewellers. I think an auction estimate would be £5,000-7,000 or maybe even £4,000-6,000.

claracluck1978 · 07/01/2015 22:59

That's where I trained MrsC!

Original poster
Diamondring · 07/01/2015 22:59

The valuation was for £18000 twenty years ago, haven't got a recent one.

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Ihearthickson · 07/01/2015 23:04

As a rule of thumb jewellery sells for a third of its value at auction. On a good day. So 12k ring - 2.5k/ 3k. Valentine's Day is looming, can you do Skype and sell at a rate you are happy with

mrscumberbatch · 07/01/2015 23:08

Clara I am quite jealous. Would love to work there!
Not exactly handy for me, but I do a lot of business through them.

Valuations should be much the same across the board OP no matter where you are. But 3 quotes should give you a median value should you wish to hand it over.

That said, just because an item is valued at £XXX isn't necessarily the price that I'm willing to pay. Sometimes if I am not interested in buying I put in a very low offer knowing that it will either be rejected (which is fine) or I will have a bargain which I can flip for scrap.

Original poster
Diamondring · 07/01/2015 23:08

Do skype?

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mrscumberbatch · 07/01/2015 23:11

Skype not necessary.

You can follow some auctions on Skype. A video teleconferencing software that is free.

It's not necessary to watch the auction itself as you would have set the parameters that you were happy to accept in advance.

mrscumberbatch · 07/01/2015 23:12

Also Op, you'd be surprised at what passes hands in the provinces.
It's a hard job to truly shock a jeweller with a piece! Wink

Original poster
Diamondring · 08/01/2015 07:56

Sorry to go on but just to make sure - no other options than jeweller or auction?

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Original poster
Diamondring · 08/01/2015 12:04

Jeweller called to ask me to reconsider...

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mrscumberbatch · 08/01/2015 12:49

Don't accept anything without further quotes.

It is weird that they are phoning you. Definitely not normal practise to hound people to sell them jewellery.

Original poster
Diamondring · 08/01/2015 12:50

Have taken it to a different place now.

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Original poster
Diamondring · 08/01/2015 13:03

I wouldnt call it hounding me though - they made an offer, I rejected it, now they say they could possibly offer more.

Are you a jeweller MrsC?

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SummerLight · 08/01/2015 13:14

This reply has been deleted

Message withdrawn at poster's request.

Original poster
Diamondring · 08/01/2015 13:16

I can tell from her posts, just wondered whether she does it for a living ??

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mrscumberbatch · 08/01/2015 15:09

Yup. I deal mostly in antiques and commissions.

I find it odd that they didn't offer more when you were in store. It would be normal to barter.
The fact that they're calling you would suggest that they know that they've under quoted you. So i wouldn't trust them personally.

Original poster
Diamondring · 08/01/2015 15:57

She questioned the colour as well, though I have it in writing that it's a G

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