This week alone I’ve seen six people who wanted to sell me their unwanted diamond jewellery, and a number of these were diamond engagement rings. I’d like to share one client’s particular circumstance with you here to highlight the pitfalls you may encounter when the time comes to sell your unwanted jewellery.
Let me tell you the story...
This particular client came to see me to sell her jewellery after reading my blog post "How Do I Sell My Diamond Ring and Other Diamond Jewellery" on my website. In there I explain some methods of how to sell your diamonds, and also which methods to avoid.
She had a 1.50ct round diamond engagement ring with a diamond grading certificate and a valuation report and wanted to sell it for personal reasons.
Correctly Valuing a Stones Worth
The stone was originally purchased for £9000. It was grossly over valued for insurance at £21,000. The lady in question, said she was expecting to receive close to the valuation mark - sadly completely unrealistic considering the true value of the stone.
The diamond had a certificate from an independent lab, however it wasn’t from a reputable company that is widely recognised within the trade. After comparing it to certified diamonds from the GIA, who are world renowned, it was evident that this was not what was suggested on the report.
The diamond was determined by myself and another colleague in the London Diamond Bourse as being lower by two grades in both the colour and clarity and the stone had a terrible spread which wasn’t even mentioned in the report. All these factors lead to the diamonds true worth being just one third of what was paid originally by the client to the retailer they purchased the ring from. In the end, the client settled for a third of the original price paid.
Lessons to learn from this story
Firstly, to accurately secure the value of your stone always get it certified by a world renowned diamond certification body. Joseph Sterling prides itself in selling and trading GIA certified diamonds.
Secondly, have it accurately valued for insurance regularly so that if and when you do want to sell back your jewellery you have a much more realistic idea of what it is worth. Joseph Sterling offers accurate valuation services for all your jewellery. Jewellery should be re-valued every three years.
Making sure you are aware of these potential pitfalls will hopefully result in less disappointment when the time comes to sell on your unwanted jewellery.