Good evening all,
Hopefully this is the right place to ask, what might be the best process in selling diamond rings? Do you get it appraised and then sell it online or just sell it to a jewellery store?
Curious what some peoples experience might be on it
It is an open secret that diamonds have no intrinsic value really, and the supply is kept artificially restricted to increase demand. The amount of diamonds not available for sale vs the stock that is available is vast. Jeweler's know that, so they don't value diamonds very highly. You would be lucky to get 25% of the insured value.
Of course the better the diamond the rarer it is but most even the best diamonds are still readily available to jewelers at wholesale.
I had a diamond supposedly worth $1600, i went to 5 jewelers and their offers ranged from $200 to 350. You are better off selling it privately.
Well yeah…replace "diamond" with car and you won't feel so bad.
Buy a brand new car off the lot for $30k, go back and try to resell it to them and they'll offer you much less, since they want to resell it again for profit. So probably offer you $18k and they'll sell it for 23k.
A car has intrinsic value, it gets you from point a to point b, i think you are confusing asset classes. Sure a car is a depreciating asset but for the life of the car it has a useful feature, as does a house which is shelter. A diamond not only has no intrinsic value but is also useless. Gold and silver on the other hand have intrinsic value.
Is it a proper GIA certified diamond? If not then don't expect much..
A minefield!
Insurance valuations typically over-state the value by 100%. So, a ring valued at $1,000 is really only worth about $500, and a jewellery shop will likely pay around $250