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SusanofO -> RE: selling used wedding rings (4/11/2007 1:18:06 AM)
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proudsub: Skip the pawn shop option. 25% of value is about all you're going to get, and that's a high estiamte, IMO. You can do much, much better. Read on.
Try Googling the words: Selling used diamonds - on the internet. You will find lots of wholesale diamond brokers, and jewelers that may (and do) buy them.
However - I'd only attempt to sell to one that also has a street address, a land-line phone and of course who looks like they've been in business awhile, but many of these places are very legit, and some claim to give you a fast turn-around (like a week, or less).
Here are a few I found:
www.47thstreetdiamondexchange.com (this one is in NYC, in the diamond district)
There are many listings on the net, of places to sell diamonds. Many appear to be reputable, and in business for years, and offer testimonials, references, a satisfaction guarantee, etc. Some of course are probably not (just like off the net.)
Then I found these (I am not necessarily vouching for these particular sellers, they just came up when I Googled): www.bullock.com
and diamondsfordollars.com
1) *Most (if not all) of the listed internet diamond buyers will require you insure your diamond, via whatever mail method you choose, when you send it (Fed-Ex, etc. I mean sending insured mail, of course packaged carefully - ask them how they want it sent, a far as particular instructions or recommendations)
2) Before you mail it to them, they will give you a written quote (via fax or e-mail) of what they'll pay you for it, based on their questions regarding an appraisal of your diamnd (and you'll need your own independent appraisal of your diamond, to be able answer their questions).
3) Most claim to stick with this quote, once they receive your diamond. Most require the diamond be close to a carat (or more) for them to be interested in buying it, but the buyer's criteria does vary, so of course check.
4) Then they mail you a check for whatever they've quoted you as far as their buying price (unless it has some big flaw you did not disclose upfront, etc), within a day or two, usually.
That seems to be the usual procedure I've read about re: These internet diaomond brokers and buyers. Ask them more questions about the process, if you'd feel safer that way, of course.
5) Make your asking price whatever you think you want for the diamond, that's close to your appraisal of the ring's value. You are never going to receive what the price of it was when it was new, of course.
**I'd say 60-80% of its appraised value would be a fair exchange, but you be the judge - you know what you can live with, and this transaction is very situational. Also, some jewlers inflate the on-paper appraisal to begin with, IMO.
6) Make your asking price slightly higher than you think absolutely need, or think is the bottom-line price you would accept (then they can dicker with you, and you can bet they probably will, at least a little).
7) *You'll definitely need to go into the transaction having had an on paper, verifiable, independent appraisal as to cut, clarity, etc. If you don't, it will be difficult to sell your diamond (sorry to repeat myself).
8) A good jeweler, or jewelry repair place, can tell you where to obtain a decent appraisal, if you don't already have one. I think they cost about $150 - mine came with my engagement ring, and I kept it - but it's easy enough to get one done.
You might also Google the words - diamond brokers, and - whoelsale diamond buyers, and see what comes up.
I haven't done this yet, but am considering it, as there is no reason for me to really keep my engagement ring, plus I ahve some diamond earrings I never wear, too.
(I am always paranoid they will fall off, and I'll lose them). Good luck.
- Susan
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