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Best diamond ring consignment in Toronto?
December 9, 2013 6:17 AM   Subscribe

Anybody had a good experience selling a diamond engagement ring on consignment in Toronto? Or if you've got quite a lot of knowledge on the subject, is there a better way to maximize the price of one?

A few relevant details:

Time is not a factor. I don't care if it takes a year to sell, just want to get the best price possible for it.

The ring has been professionally appraised (although it was done over 5 years ago, does that matter?) but it does have a minor flaw in it, a small carbon spot that's visible if you look close.

Thanks, any advice about how to turn this ring into money would be appreciated.
posted by anonymous to Shopping (5 answers total) 1 user marked this as a favorite
I can't address a consignment place in Toronto, but I might be able to clear some things up for you as far as the 'value' of your ring.

Unless the ring is exceptionally beautiful, or a custom design or a famous design, the value is in the pennyweight of the gold (at the going rate) and what you can get for the stone (not much, if anything.)

If the ring was purchased in a mass-market shop, sell it for scrap. If you can get something for the stone, great, but I doubt that you'll get much.

Diamond and gold jewelry is a scam. The DeBeers corporation artificially creates a shortage, creates the market and tightly controls the whole thing. It's the most successful marketing campaign in the world.

You will not get anywhere near the appraisal price. The price of precious metals fluctuates, it was $1400 down $500 from last year.

But more importantly, when the ring was purchased, the markup was enormous.

Take it to a jeweler, see what you'll be offered. They may or may not want the stone (the jeweler I sold my gold to didn't want the stones.) With a visible flaw in the stone, it's probably not saleable.

Also, when figuring out what the gold is worth, it's only the gold in the metal, not the alloy, so even if the ring weighs an ounce/28 grams, if it's 18 karats, only 75% of it is actual gold. Then, the jeweler won't buy it from you at full rates, he'll want to make a profit. So if the price of gold is $1400, $1050 is the market rate, and you'll be lucky to get half that.

Here's a calculator.

You don't want the ring to sit anywhere on consignment, the price of gold is going down, so there's a risk in the diminishing value of the ring as the price plummets.
posted by Ruthless Bunny at 7:02 AM on December 9, 2013 [3 favorites]

Came in here to say what ruthless bunny said - you can't sell a diamond unless it's an antique. This (old) article explains it all.

If your ring is an antique, or otherwise unique, try Antiques on King (Cynthia Findlay).
posted by St. Peepsburg at 7:39 AM on December 9, 2013

I don't have any personal experience with it, but I Do Now I Don't seems to fit your needs. I disagree that there's no secondary market for jewelry, I think it's just marketed differently (as "estate" or "vintage" jewelry instead of "used").
posted by aspen1984 at 8:02 AM on December 9, 2013

I also disagree that you can't sell a diamond. Whether or not the price of diamonds is inflated is irrelevant to whether there is a secondary market. You could say the same thing about Chanel handbags. Chanel controls the entire supply and marks up the price enormously, but there is still a thriving market for used Chanel bags.

You could try an online consignment shop such as Jewels by Erica Grace or try selling it yourself at a classifieds site like eBay or Diamond Bistro. It helps if you have a certificate for the diamond (not just an appraisal) from a lab like GIA or AGS.
posted by payoto at 8:11 AM on December 9, 2013 [1 favorite]

Try Kijiji. I have some jewellery listed. Admittedly so far I have received: crazy lowballs, a good offer from a party who mailed several times and then, when I went to ask where she'd like to meet, I got 'sorry but I spent too much money this weekend lol,' an offer of 'lots of laptop computers,' and, well, other time-wasters, but if I was in a hurry to sell I could've already sold for, well, less than I am trying to hold out for, which still would have been more than the scrap value/pawn shop price/etc.

Lots of people want a good deal on gold and diamond jewellery, and somebody will find yours to their liking eventually. Big advantage in that you are willing to sit on it. Take good photos, list all the relevant specs, ask a reasonable price, sit tight.
posted by kmennie at 10:21 AM on December 9, 2013

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