What to do with inherited but unwanted sapphire?

[gemmyblond]

Hi CSers...
One of DH's relatives (who knows I'm into jewelry) asked me to help her figure out what to do with a pretty blue sapphire she recently inherited. She's not a fan of sapphires and wants to sell it but isn't sure how best to do this. TIA for any advice/thoughts, as I want to point her in the right direction.

The stone is 8+ carats, a really pretty, lively, even medium blue color. Very attractive and currently set in a contemporary 3-stone ring. Her longtime (local) jeweler suggested she start by sending it to GIA, which she did last fall. The stone is Sri Lankan in origin, not heat treated; she has the recent GIA report.

She wants to sell it, has no emotional attachment to it,and isn't in a rush to do so quickly. She just wants to do it efficiently and get top dollar for it.

What do you think she should do? Take it around to a few auction houses for estimates? Have it appraised? She's able to travel to NYC (or elsewhere) to do some legwork if need be.

I really want to be helpful and not steer her wrong here, so thanks so much for any ideas about how best to proceed.

 

[GregS]

I wonder if one of the "trusted" vendors would sell a certified stone on consignment...?

 

[movie zombie]

personally, I'd hold it for use as a gift at a future date for another member of the family or for a friend.

 

[minousbijoux]

While it would be good to at least talk with auction houses about the stone, the bottom line is that your friend will likely pocket a greater amount through a private sale. A few ideas for you/your friend: 1) There is Diamond Bistro and Loupetroop, both of which are for private parties to sell their used/unwanted stones and jewelry; 2) There are a number of FB groups devoted to gemstones where people sell them regularly; 3) Every year, vendors/buyers/dealers gear up for Tucson - I haven't seen your stone and don't know its quality, but assuming fairly high quality, I would imagine many dealers might be interested in buying it from you in the hopes of resale (heck, you might even find a dealer who would be willing to sell it for a % commission); and 4) there are the auction houses to at least inquire of. I imagine there are other venues that I am overlooking as well.

 

[minousbijoux]

Just thought I should add that if you think its high quality (you've already said its unheated which, combined with its size, is a huge bonus; if its a good color, transparent and has no distracting inclusions visible to the naked eye), then it might be worth sending it to AGL (located in NY) for their "Prestige Report." This not only provides all relevant data on the stone re size, dimension, etc., but also grades the stone, which I imagine would help tremendously when having an auction house/appraiser look at it.

 

[iLander]

Just thought I should add that if you think its high quality (you've already said its unheated which, combined with its size, is a huge bonus; if its a good color, transparent and has no distracting inclusions visible to the naked eye), then it might be worth sending it to AGL (located in NY) for their "Prestige Report." This not only provides all relevant data on the stone re size, dimension, etc., but also grades the stone, which I imagine would help tremendously when having an auction house/appraiser look at it.

Excellent point, Minous!

 

[gemmyblond]

Thanks so much for the responses; I'll pass them on to her.

Sending the stone to AGL/NY sounds like a good idea, too. Appreciate the heads-up about that.

As for potentially keeping the stone for future use/gifting, apparently during the holidays she asked her (grown) children if they were interested in it and nobody was, for whatever reason (I wasn't privy to that discussion). So she came to what sounds like a firm conclusion to just sell it and move on.

If anybody has other ideas or thoughts, please chime in. And thanks again for the ideas so far. Much-appreciated.

 

[minousbijoux]

Thanks so much for the responses; I'll pass them on to her.

Sending the stone to AGL/NY sounds like a good idea, too. Appreciate the heads-up about that.

As for potentially keeping the stone for future use/gifting, apparently during the holidays she asked her (grown) children if they were interested in it and nobody was, for whatever reason (I wasn't privy to that discussion). So she came to what sounds like a firm conclusion to just sell it and move on.

If anybody has other ideas or thoughts, please chime in. And thanks again for the ideas so far. Much-appreciated.

An 8 ct, unheated, nice blue Ceylon sapphire? I would volunteer to be her child!

 

[FrekeChild]

I need an 8ct sapphire as a gift! I volunteer as tribute!

 

[endless_summer]

I need an 8ct sapphire as a gift! I volunteer as tribute!

maybe we can be adopted and have it re-cut into two stones

 

[gemmyblond]

Hah! I know what you mean -- I was ummm, pretty surprised when I heard that, too -- but I sure don't know the whole group dynamic. Decided that my role was just to try to be helpful and represent this side of the family well!

Anyway, I'm happy to pass along your interest in case she decides not to sell it and is looking for gift-ees!

 

[slksapphire]

a 8+ carat, unheated sapphire COULD be very valuable, or not so much depending on a bunch of factors (color, clarity and cut, roughly in that order). if you want to sell the stone relatively quickly w the least amount of pain (read: time, resources, etc from you), i suggest that you send it to agl and order the prestige full grading report.

http://aglgemlab.com/the-prestige-report/

this report will give you an OBJECTIVE evaluation of color (its composition of blue and other colors) and a SUBJECTIVE but extremely well regarded evaluation of color, tone, cut and clarity. (like number grades.) the report will also provide you with a total quality rating (from excellent on down). once you have that, we can give you a better sense of value.

for 5-10 carat unheated sapphires of ceylon origin with excellent overall rating, you are looking at starting values of $10,000 per carat. any other combinations would be less than that, though given recent values i've seen you are probably looking at a minimum of $2,000/ct unless it has a pretty undesirable color as determined by the trade, or very serious cut/clarity issues.

since the minimum value of the stone is still pretty high, i think it's worth getting the agl report. many of the high-end dealers (including the auction houses) are providing agl reports these days.

for high value sapphires, i would consider selling through the auction houses or a dealer (look on 1stdibs.com and you will quickly figure out which dealers value colored stones, and sapphires in particular, highly). if the ring design is special (antique, etc), you might consider lang or jbeg. i believe that pala also buys stones (palagems.com, "sell to us") though i don't personally know anyone who has gone this route.

for what it's worth, i bought a 5ct+ unheated sapphire within the past 2 years and while i scanned diamond bistro and loupe troop, they had virtually no supply of those kinds of stones.

just my 2 cents and good luck!

eta: i know you said she is in no hurry to sell. the alternative (if you don't go with a dealer, etc) is to learn as much about sapphires as possible so that she can evaluate the stone herself comparing against the market -- could take months or years. she could use an appraiser, but she MUST find someone who specializes in colored stones and preferably sapphires (there are not that many of them out there). the most important thing to know about colored stones is that VERY subtle differences in color have a huge impact on pricing, and the only way to know how to evaluate color is to see a bunch of stones in person.

 

[JewelPhenom]

That is very gracious of you to assist your relatives. Please allow me to share my personal thoughts and learning, as a consumer, in regards to the handling of higher value gems.

As a Seller:
My initial steps, prior to sharing it with others, is to obtain a replacement value appraisal with a credentialed jewelry appraiser (N.A.J.A., I.S.A., GIA) and then insure it as soon as possible; my preferred insurer is Jewelers Mutual. To obtain insurance it does need to be in a setting rather than a loose stone, however, a plain, no frills setting is acceptable.

Also, if the plan is to store it most of the year in a bank vault, let the insurer know that as well; the cost of insurance should be significantly less.

Only after it is insured would I show or send it to possible buyers or others. And as mentioned, Tucson allows many vendors to examine it during the show and without the cost of mailing the gem to each individually.

As a Buyer:
My initial step is to obtain a GIA report from my personal Graduate Gemologist (GG) who is very experienced in high value gems. After my GG’s report, at that point, and depending upon whether it is a loose stone or a piece of jewelry, I may discuss a price.

If the price was acceptable, I may conditionally purchase first, then appraise, insure, and send it to the AGL, but that sequence is based on price, the gem, my personal choice and the working relationship with my GG.

To summarize:
As the gem owner: 1) set stone if it is not in a setting, 2) then obtain an appraisal, 3) followed by insurance, 4) and lastly sharing with possible buyers, vendors and others.

All the best to you!

 

[chrono]

With a GIA report in hand, you may not need an additional AGL lab report. Most laypeople find GIA sufficient. The next step is to determine quality because this sets the price. I would look for an experienced appraiser and I stress the word experienced in coloured stones, for the best estimation of its value. From there, you'll have the right information to make the decision as to what is the best avenue to sell the sapphire (auction, consignment, personal sale, etc). A full prestige report from AGL can also help somewhat as an unbiased appraiser because it gives you colour and overall quality rating but no information on valuation. That said, with the information provided, you can do some legwork and figure out the valuation yourself as well. AGL does not need the stone to be unset but the price is likely to be higher due to the carat weight and mounting.

 

[gemmyblond]

Again, thank you so much for all of your thoughts - very helpful.

One further question, about finding a CS-experienced appraiser (since this seems a likely next step): We spoke last night and went through the list of PS appraisers under the Resources tab. I've heard of several of them through others' posts, but mostly re: diamond appraisal work. Are there any who specialize in CS/sapphires (particularly in California or the western US)? Or how does one go about finding a CS-experienced appraiser otherwise?

Thanks again for all the good advice and ideas.

 

[JewelPhenom]

If you review the memberships listed for an appraiser, those membership websites will contain data on specialties for the appraiser. For instance, the NAJA website, National Association of Jewelry Appraisers contains a search for appraisers that will filter on “state” in addition to a secondary specialty search for ”colored stones”. The resulting list will indicate the membership level based on years of experience and education.

Search on “NAJA appraisers” to find the website. A similar type search is available on the website for the ISA, International Society of Appraisers. Call a few shown on the list and ask about their experience, specifically with appraising colored gems.

Also, talk with several luxury jewelers in your area and ask for a recommendation. Many times the same appraiser’s name will be mentioned. My appraiser, who was recommended by my jeweler, was also independently mentioned by another jeweler during a casual conversation about the best gem appraisers in the region.

 

[gemmyblond]

JewelPhenom, thanks for the detailed response. Will do.

We have a plan, thanks to PSers. Really appreciate all who chimed in and the good advice.