Is the trade-in value on this ring worth it?
April 26, 2018 8:12 AM   Subscribe

Jeweler offered $700 trade in on a ring appraised/insured at a replacement value of $2900. Should we go for it? We don't like the ring, the alternative would be perhaps removing the two yellow (probably irradiated) .25 ct diamonds and making earrings with them. Or I guess we could try to sell it on ebay/etsy.

I guess I don't have a better picture at the moment (the ring is with the jeweler), but here is the appraisal which includes a bad photo, but you can sort of see the design in the picture.

From the appraisal:
"Ladies diamond fashion ring. The mounting is a cast constructed 14-karat white gold bypass shank with two diamond clusters. Each cluster has one round yellow diamond (diameter 4.0mm) set with six prongs surrounded by six round white diamonds (diameter 2.5mm) set with shared prongs."
posted by czytm to Clothing, Beauty, & Fashion (8 answers total)
I am not an expert.

But in my time working in higher end jewelry auctions, Diamond rings, especially with incidentally small diamonds generally pawn/trade in for 1/4 to 1/3 their insurance value (the exception is really in demand original art deco pieces or items with very large diamonds) Which is a startling difference to many people. Diamond rings read as engagement rings and people dont' want to buy used engagement rings. But even so this estimate is still a little low for that rule of thumb.

I'd just go to another jeweler and ask for another quote. See if you can compete the price up a bit.
posted by French Fry at 8:21 AM on April 26, 2018 [3 favorites]

Just for context, a replacement/insurance appraisal is usually in the range of double what you could sell it for, and then anyone who's buying it for resale is obviously going to take another cut on top on that. So $700 is a little low but not ridiculously so. My decision would be based on how quickly you need/want money - a bird in the hand and all. But you can always shop it around a little bit too.
posted by brainmouse at 8:24 AM on April 26, 2018 [1 favorite]

Those are small diamonds and that setting is not in fashion; I don't think you'll do better on Ebay or Etsy. I'd ask the jeweler to go to $750 but I'd take the $700.
posted by DarlingBri at 9:35 AM on April 26, 2018 [3 favorites]

You might look here and see what people are asking (not what they are getting). That's one problem with eBay and the like - you can ask any price, but you need to look at closed auctions to see what actually was paid on like items. Many of the listings include the appraisal price, but I agree...what the appraisal is doesn't reflect the actual value.
posted by OneSmartMonkey at 10:13 AM on April 26, 2018

The markup on jewelry is very high. Negotiate harder. They will make money selling the ring, either as components or intact, they are making money on the new piece. Negotiating may feel awkward, but can save a lot.
posted by theora55 at 10:25 AM on April 26, 2018

You can check sold listings Ebay. Honestly though, rings are hard to sell online because the market is super oversaturated. You might try your local classifieds rather than online. And just a note, Etsy is only for handmade or vintage (20+ year old) items.
posted by Crystalinne at 10:28 AM on April 26, 2018

I will send you a direct message on this! it feels a bit weird to just type it all out here.
posted by euphoria066 at 11:56 AM on April 26, 2018

I think the appraisal is a bit on the high end. Was it done recently or years ago when the ring was first purchased? In any case the appraisal value would be more like what you could expect to pay for a new replacement ring on the retail market at the time, not what the rings forever resale value would be.

The diamonds are on the small side, and the ring will probably be used for parts as opposed to resold whole. I think you could haggle up a little form $700, but I think its fair for the current jewellery pawning market.
posted by WeekendJen at 1:24 PM on April 27, 2018

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