Sale price for 1.98 ct diamond studs?

[SmartCandyGrl]

On my quest for diamond studs for christmas and discussing with friends, I came across a friend that asked me a question about selling diamond studs. However, I have no clue so of course I'm going to ask all of you wonderful PS members. Long story short, has a matching pair of 1.98 carat round diamond studs, VVS1, H, very good cut, 14k gold. She is thinking of selling them to a jewlery store but wondering what a good offer would be. Any ideas on what she should accept or be fair? Thank you all in advance

 

[denverappraiser]

Have her start with a competent appraisal. She needs to know what she has and, frankly, you don't have enough information. Discuss the issue of marketing with the appraiser. Resale appraisals are a bit different from insurance replacement appraisals and there are several issues to discuss before setting a price.

Second, show them to the prospective store and ask them to make a bid. They'll do their own grading, their own market evaluation and offer a price. They can offer whatever they want. Armed with the information from #1 above, she can now make a rational decison whether to accept the deal, negotiate for more, try and sell to someone else, or just keep them.

A special note about jewelry stores. Make sure you understand the difference between a sale and a consignment. This will produce different offers, sometimes substantially different.

 

[SmartCandyGrl]

Have her start with a competent appraisal. She needs to know what she has and, frankly, you don't have enough information. Discuss the issue of marketing with the appraiser. Resale appraisals are a bit different from insurance replacement appraisals and there are several issues to discuss before setting a price.

Second, show them to the prospective store and ask them to make a bid. They'll do their own grading, their own market evaluation and offer a price. They can offer whatever they want. Armed with the information from #1 above, she can now make a rational decison whether to accept the deal, negotiate for more, try and sell to someone else, or just keep them.

A special note about jewelry stores. Make sure you understand the difference between a sale and a consignment. This will produce different offers, sometimes substantially different.

Thank you very much for the information. We live in a small town and there are not many resouces available. It would be about an hour drive both ways to get any place decent, which is why I asked here. I just thought maybe I could get a rough idea for her. If they do their own grading, why would she get an appraisal if they are just going to offer what they want too? I guess I'm a bit confused by that whole concept . Consignment might be a good option for her too, actually that's a great idea! Thank you again!

 

[denverappraiser]

The reason to get a resale appraial is for HER education, not theirs. They can bid whatever they like, but the seller then needs to decide whether to accept.

If she's in the US, there are dozens of appraisers who take in work by FedEx or USPS (including yours truly) if either of those has an office nearby. There's a list at the top of the page under the 'resources' tab.

The problem here is that a claim of 1.98ct each VVS1/H can mean a wide range of things and that range spans a LOT of money. Who graded them is hugely important. Pedigree is a big deal and tiny details make a huge difference. Cutting is huge and we know nothing at all about it. We know nothing about the individual weight or even if they are individual stones. We know nothing about the condition. All in all, we know next to nothing about them.

Rough range? At the high end we're talking upwards of $50,000. At the low end we're near zero. If the buyer bids $20k, should she take it? Maybe, maybe not. What about $5k? 10K? 30k? THAT'S what the appraisal is for. Do make sure you hire a competent and professional appraiser. Unfortunatly, many who call themselves appraisers are neither. Again, check the list at the top of the page and avoid having it appraised by a jewelry store, especially by a store that's looking to buy them. If someone on that list is an hour away, make an appointment. It's worth the drive. There are thousands and possibly tens of thousands of dollars on the table.

 

[diamondseeker2006]

I totally and completely agree that this is the time for an independent appraisal. If I were in this situation and did not have a qualified independent appraiser locally, I would get the maximum insurance that registered mail offers ($25k) and send the diamonds to someone like Neil Beatty to appraise them accurately. Then the proper coverage can be obtained when sending them back. She is going to get lowball bids and needs to know what they are really worth.

Are they GIA graded? That would be a plus.

 

[SmartCandyGrl]

The reason to get a resale appraial is for HER education, not theirs. They can bid whatever they like, but the seller then needs to decide whether to accept.

If she's in the US, there are dozens of appraisers who take in work by FedEx or USPS (including yours truly) if either of those has an office nearby. There's a list at the top of the page under the 'resources' tab.

The problem here is that a claim of 1.98ct each VVS1/H can mean a wide range of things and that range spans a LOT of money. Who graded them is hugely important. Pedigree is a big deal and tiny details make a huge difference. Cutting is huge and we know nothing at all about it. We know nothing about the individual weight or even if they are individual stones. We know nothing about the condition. All in all, we know next to nothing about them.

Rough range? At the high end we're talking upwards of $50,000. At the low end we're near zero. If the buyer bids $20k, should she take it? Maybe, maybe not. What about $5k? 10K? 30k? THAT'S what the appraisal is for. Do make sure you hire a competent and professional appraiser. Unfortunatly, many who call themselves appraisers are neither. Again, check the list at the top of the page and avoid having it appraised by a jewelry store, especially by a store that's looking to buy them. If someone on that list is an hour away, make an appointment. It's worth the drive. There are thousands and possibly tens of thousands of dollars on the table.

Okay I am convinced they definitely need to be appraised They are 1.98 carat total weight and a jewelry store that's been in business for 35 years told that they were VVS1 and H color...so was taking their word on that. However, word isn't what we need here, right!!

 

[SmartCandyGrl]

I totally and completely agree that this is the time for an independent appraisal. If I were in this situation and did not have a qualified independent appraiser locally, I would get the maximum insurance that registered mail offers ($25k) and send the diamonds to someone like Neil Beatty to appraise them accurately. Then the proper coverage can be obtained when sending them back. She is going to get lowball bids and needs to know what they are really worth.

Are they GIA graded? That would be a plus.

Hi! No, they are not graded at all. I agree now that they probably should be appraised, thank you for the also concluding that for me. They are very beautiful, ice clear and have wonderful sparkle. I asked on here because I was wondering what a low ball offer was. I mean, of course 1 or 2k would be low.

 

[SmartCandyGrl]

Here's a pic so you can at least see what I was referring to yesterday Thank you both for the sound advice, it is very much appreciated!

 

[partgypsy]

Have her get an independent appraisal. I mean we can give her any number you like as well, but is she going to be any more informed?