Selling diamond jewelry?

I never wear my wedding set because I'm just really not a jewelry person, and dh doesn't wear his band because of the construction type work he does- it gets in the way.  I would sell it if I could get anything near what I paid for it, but I highly doubt it???  Where would I even being to look for a place that would give me top $$$ for it??  I also have some diamond necklaces I paid a lot for years ago, I doubt I could get even half the money back though   That's how my dad said jewelry works...  when u are buying it, they tell you it is sooooo valuable but then when u want to sell it, it's worth nothing   I paid like 6K total for all this jewelry over time, years ago...  I sure could use that $$$ about now!!!  Has anyone had success selling diamond jewelry??

Sadly, I had some gold/diamond jewelry, WITH APPRAISALS from a while ago and could only get offers of like $100-$200 for pieces that cost between $3,500-$4,500 ON SALE brand new. Now, those offers were wholesalers, so obviously they are thinking of their own profit and costs too. I have had a bit better luck selling something in a private part (a/k/a Ebay or Craigslist) sell. I have sold gemstone rings appraised at around $900-$1000 for like $250 before. It's still pennies on the dollar but not quite as bad.

I hate to be the one that says this out loud but this is just the kind of scenario that makes people commit insurance fraud. You have jewelry you paid a zillion dollars for thinking it's an investment. Well, lo and behold, there's a fire or car accident and it's gone. The insurance company will pay replacement value, usually, especially if you have a rider. But if you try to sell it yourself, you don't get "replacement value", you get what some yahoo who is also down on his luck and looking for a bargain is willing to pay.

ugh, this is why I'm "against" jewelry, LOL...  unless you really have the extra $$$ and enjoy wearing it for yourself and never intend to sell, it just isn't worth it imo.  i do wear diamond studs a lot but that's about it LOL.  i don't like the way my hair always gets tangled up in the back of necklaces, you have to be wearing the right shirt, etc. and rings can get too tight or start to bother me after a while.  and i so don't care about trying to impress anyone by my jewelry or anything, LOL.

i would only sell my diamonds if i could get like 70% back but doesn't look like that is going to happen

i don't even have my jewelry insured so that is out   not like i would ever do that though, but how tempting considering, ha!

momof2boys:

ugh, this is why I'm "against" jewelry, LOL...  unless you really have the extra $$$ and enjoy wearing it for yourself and never intend to sell, it just isn't worth it imo.  i do wear diamond studs a lot but that's about it LOL.  i don't like the way my hair always gets tangled up in the back of necklaces, you have to be wearing the right shirt, etc. and rings can get too tight or start to bother me after a while.  and i so don't care about trying to impress anyone by my jewelry or anything, LOL.

i would only sell my diamonds if i could get like 70% back but doesn't look like that is going to happen

i don't even have my jewelry insured so that is out   not like i would ever do that though, but how tempting considering, ha!

I feel the same way. I have a nice wedding ring and a couple of other rings and then all my other "nice"' jewelry is CZ's! They're set in gold or platinum, but fake. If anyone asks, I say something about conflict diamonds and try to sound all vogue about it, but truly, I'm just really frugal and make my DH be the same.

I have a diamond bracelet I want to sell but I know I won't get near what I paid for it. I never wore it either.

 If you have a reputable local jewelry shop (preferably where you bought the stuff), they will let you trade in. That won't help you with the cash, but you might be able to find someone you could sell the credit to or something along those lines.

I have been running a small jewelry business (for funsies) for years. (I started it so I could buy my mom a huge diamond for her birthday at cost) Now I mainly sell to friends and family.  My uncle has a full scale many-store business. My dad has a gun business, and I have a financial consulting business. I have been around business/jewelry my whole life, so that's where my advice comes from. 

When you buy jewelry at a traditional retail store, the mark-up is unbelievable. 500% to start! (worse with diamonds)

Actual cash value of the jewelry is calculated by valuating 100% of the component value by weight. The current gold price is $1165 per ounce of pure 24k. That's $37.46 per gram. So take the weight of your gold in grams and multiply by $37.46. Then multiply by the concentration e.g. 10k is 41.7% pure, 14k is 58.3% pure, 18k is 75% pure. (k/24 or 14k/24k = percentage of purity)  That will give you 100% of the gold value of your jewelry. 

When jewelers buy gold, they usually pay from 50-65% of gold value. And pawn shops are just crooks!

With diamonds there's a completely different scale. There are 100 points in a carat so a half carat would be 50 points. Then you have to factor in cut, color, and clarity. Much more complicated.  I can tell you that wholesale, a jeweler purchases a nice quality diamonds for way under $10 a point. (That's less than $1000 a carat for a near flawless diamond)

A word on appraisals.. they're for insurance and replacement cost purposes. They have nothing to do with the actual value of the piece. Selling to an individual you can expect to make 10-20% of the appraisal value, 20% for a large, high quality piece. Another thing about appraisals... they lie!    I cannot tell you how many over-estimated appraisals I have seen. 1 carat total weight rings listed as 2+ carats on the appraisal. I'd say less than 5% of appraisals are factually accurate. 

Buying or selling, you must educate yourself, then weigh and measure for yourself to really know what you're getting. 

When I buy, I pay GV plus diamond value by a jewelers scale. I sell at just over component value. The smaller stuff I sell right at component value. Meaning if I have a ring that's 3grams of 14k plus a 10 point diamond, I sell it for 3grams of 14k, the diamonds are essentially free. I enjoy being fair and seeing people realize they can afford a nice piece for less than they imagined. 

So now you have a better idea of what your rings are worth. If you'd like to PM me I'll give you a quote on your jewelry. Even if you don't sell to me, you have a good ballpark of where to start your pricing.

 

I have tried everything to sell my 1st wedding set i paid $3,200 for with no luck:( This is why i am so against jewelry purchases....you'll never see the money back if you decide you don't care for a piece again:( I think my hubby loves that i don't ask for gifts though! LOL Here's a photo of it, i've decided to just save it for one of my children (if nothing els, it will save them $ in the future):