sell gold ring
What type of establishment would be best to sell a gold and diamond wedding ring?
Or any other gold and diamond item.
There’s two routes on this: reselling the ring to someone who might want to use it or reselling to a jewelry store/ pawn shop/ someone in the jewelry industry.
Route 2: To get the most money for your gold and diamond item, have the ring appraised (at least the diamond) and make certain the appraiser can give you the Rapaport value of the diamond.
When you attempt to sell a diamond in good condition, the dealer is likely to make an initial offer of 60% of the diamond’s “Rap value,” according to the Rapaport Diamond Report. The report is updated each week and covers diamonds of varying color, shapes, grades, and sizes up to six carats.
Often the dealer’s offer is far less than the diamond’s appraised value. This is because the appraiser is aiming to tell you the diamond’s retail value. If your diamond’s retail value is $10,000, the Rapaport value may be $4,000. It may be $5,000. You simply won’t know unless you see a relatively current Rapaport sheet listing the qualities of your particular diamond. And the dealers know most people aren’t familiar with Rapaport value, so they’ll try to give you a lot less than the Rap value. Show you are familiar with the industry, and they’ll likely bump up the offer, though not to anything above Rap value.
Hypothetically, let’s say your diamond that was appraised at $10,000 has a Rapaport value of $5,000. That means the wholesale price of the diamond would be $5,000. The average dealer would offer you 60% of the $5,000, so you should expect the dealer’s initial offer to be $3,000. As you can see, it simply doesn’t matter to the dealer that your ring has been appraised at $10,000. To the dealer, there is no reason to expect the diamond to sell for more than the Rapaport value.
However, there are plenty of reasons a diamond could sell for less than the Rapaport price. A diamond could be chipped, have scratches, or otherwise show damage. These things happen. And dealers know it. So, if a dealer offers much less than 60% of the Rapaport value on a ring you thought was in good condition, ask why and listen with a skeptic’s ears.
The dealer looks at the gold at its market value–unless it’s a unique setting that could resell easily. Market value for gold changes every few minutes. Here’s a good source: http://www.monex.com/.
All of this can be a hassle, and some people would rather go with “Route 1″ as it is simpler.
Route 1:
Find out the specs of your diamond (from the paperwork that came with the jewelry or through an appraiser–or you can send it to a gemological laboratory, like GIA, for grading at about $100 for a 1-carat diamond). Look up the retail value of similar diamonds on a diamond search engine, like http://www.diamondpriceguru.com/. Then list your jewelry on eBay or Craig’s List to see if you can get a price that makes you happy. Posting a photo of the jewelry and a copy of the appraisal helps attract willing buyers.
I hope this helps.
Sell Gold Jewelry- Can you remove valuable jewels from my r
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The price of gold is linked to how strong the US dollar is. sell gold ring Because of the great increase of gold over the last ten years, many investors believe it is a good time to buy and speculate. sell gold ring But remember that gold is a commodity, and doesn”t sit and earn interest like a bond in the bank.