Advice on selling a diamond ring

[Rocket Man]

My girlfriend has a diamond ring that she inherited and wants to sell.

We sent it to be valued by IGR (International Gemological Reports), the valuation is for insurance not resale purposes but I'm assuming that it can act as a useful guide price. The valuation has pleasantly surprised us both.

It's a cluster ring set with three round brilliant cut diamonds weighing 0.55ct approximately, colour G-I, clarity SI. On both sides of the diamonds there are fourteen round brilliant cut diamonds weighing 0.56ct approximately, colour GI, clarity SI.

Never having done this before, what are the best avenues to explore? Is eBay worth a try or are there better/safer ways?

Thanks in advance.

[Longblackcoat]

My girlfriend has a diamond ring that she inherited and wants to sell.

We sent it to be valued by IGR (International Gemological Reports), the valuation is for insurance not resale purposes but I'm assuming that it can act as a useful guide price. The valuation has pleasantly surprised us both.

It's a cluster ring set with three round brilliant cut diamonds weighing 0.55ct approximately, colour G-I, clarity SI. On both sides of the diamonds there are fourteen round brilliant cut diamonds weighing 0.56ct approximately, colour GI, clarity SI.

Never having done this before, what are the best avenues to explore? Is eBay worth a try or are there better/safer ways?

Thanks in advance.

I bought a ring and bracelet for my wife from a very reputable dealer for £10k in total. She had them valued 5 months later for insurance purposes - £6k for the ring, £16k for the bracelet. I may be a canny purchaser, but I'm not that good; I'd suggest there's a wide disparity between the insurance valuation and what you can achieve in an actual sale!

Re the trade price for sale, you might want to contact kevkojak on here, who can give you an honest view on the actual market value of your items.

[Neil.C]

I bought a ring and bracelet for my wife from a very reputable dealer for £10k in total. She had them valued 5 months later for insurance purposes - £6k for the ring, £16k for the bracelet. I may be a canny purchaser, but I'm not that good; I'd suggest there's a wide disparity between the insurance valuation and what you can achieve in an actual sale!

Re the trade price for sale, you might want to contact kevkojak on here, who can give you an honest view on the actual market value of your items.

Agreed. Kev is definitely the chap to contact for a real life valuation.

[Chris_in_the_UK]

Agreed. Kev is definitely the chap to contact for a real life valuation.

+2

Those kind of valuations are usually way off (on the high side).

[Hood]

Insurance valuations are miles off.
Definitely not useful as a price guide unless you are minimum halving it.

[DONGinsler]

My mother’s rings were appraised at 5 and 6K. Jeweller offered $750 for one and didn’t want the other due to tiny edge chip. Old miners cut stones

Stones in her ring are small. Color average as is the quality sorry to say

D Flawless is the best and higher the letter. Lower the clarity

I would just take it around to a few stores, but expect low offers if any. Most stores will already have rings like that on hand.

Pawn shops even less

Check eBay to find a close match to value

[aa388]

Don’t send it to auction you’ll cry at the prices rings go for unless they are exceptional.


Sent from my iPhone using TZ-UK mobile app

[Montello]

Insurance valuations are miles off.
Definitely not useful as a price guide unless you are minimum halving it.

Agreed, why do they do that? All seems a bit pointless.

I got a valuation for one of my wife’s rings which was double what I paid and there was one in the window at that price.

[DONGinsler]

Agreed, why do they do that? All seems a bit pointless.

I got a valuation for one of my wife’s rings which was double what I paid and there was one in the window at that price.

The appraiser gets a fee and you pay a higher insurance rate, so the insurer gets paid.

Odds of ring getting stolen is very low, but you keep it insured just in case

[andrewcregan]

Isn’t part of the problem that women generally aren’t fans of pre-owned jewellery items?
Plus, is a bloke going to buy a special ring, that is literally second hand?!
Thus their second hand value is very low.

The classic supply and demand.

[Kingstepper]

The appraiser gets a fee and you pay a higher insurance rate, so the insurer gets paid.

Odds of ring getting stolen is very low, but you keep it insured just in case

But if it is stolen do you get the insurance value or the real value?

[Longblackcoat]

But if it is stolen do you get the insurance value or the real value?

If you have a recent appraisal, the insurance value - at least you do with my policy. Others may be different.

[Kingstepper]

If you have a recent appraisal, the insurance value - at least you do with my policy. Others may be different.

Just crazy!

[Saint-Just]

Just crazy!

Yes and no. The insurance agreed to a value (accepted the expert's valuation) and charged a premium accordingly. What they SHOULD do is only accept valuations from experts that quote replacement value. But too many people in the chain benefit from overhyped valuations, starting with the buyer himself who feels good about it.

[Kingstepper]

Yes and no. The insurance agreed to a value (accepted the expert's valuation) and charged a premium accordingly. What they SHOULD do is only accept valuations from experts that quote replacement value. But too many people in the chain benefit from overhyped valuations, starting with the buyer himself who feels good about it.

Yes, crazy the valuation values.

No other insurance (house, motor, watch etc) facilitates the insurance at double the real value. Valuers, the trade, insurers - charlatans all.

[Neil.C]

Isn’t part of the problem that women generally aren’t fans of pre-owned jewellery items?
Plus, is a bloke going to buy a special ring, that is literally second hand?!
Thus their second hand value is very low.

The classic supply and demand.

I'd agree with that.

Fortunately my wife is a big fan of pre-owned jewellery.

[Longblackcoat]

I'd agree with that.

Fortunately my wife is a big fan of pre-owned jewellery.

As is mine - she loves original Art Deco stuff rather than modern stuff

[justin44]

But if it is stolen do you get the insurance value or the real value?

I lost my wedding band in Vegas a few years ago, I claimed on house insurance and could show photos and purchase receipt (£480) they agreed that a replacement based on size and gold would be £1200. Could I go and buy a ring for £1200? He’ll no, they gave a list of suppliers that would take the credit and each one of those would only actually let me choose a ring to a lower value than the credit.

Hey, I got a new ring made to my specification and paid a little more so it worked out.