Gold Inlay
Gold Inlay
What would be the wholesale value of 2 diamond rings appraised at $11,500 and $6000?
My mom is splitting from my dad and needs to sell her rings to pay first and last on a new house to rent. These rings were appraised 22 years ago. One which is just one (big) diamond on a gold band and was appraised for $11,500. The other is a gold band inlayed with about 40 little diamonds in 3 rows and was appraised for $6000. If she was to sell them, what could we get?
The first step is to have them appraised again. Their value could have gone up–22 years is a long time–or down (if they acquired scratches, etc. over time). When you schedule the appraisal, make certain the gemologist can also give you the diamonds’ Rapaport value. If possible, pick an appraiser who isn’t interested in buying your jewelry–you are more confident it’s a true, fair appraisal.
When you attempt to sell a diamond in good condition, a diamond dealer is likely to make an initial offer of 60% of the diamond’s “Rap value,” according to the Rapaport Diamond Report. The report is updated each week and covers diamonds of varying color, shapes, grades, and sizes up to six carats. Most people selling their jewelry don’t know their diamonds’ Rap value, but if you got it during the appraisal, you have better negotiating power.
Often the dealer’s offer is far less than the diamond’s appraised value. This is because the appraiser is aiming to give you the diamond’s retail value. If one of your diamonds’ retail values is $10,000, the appraiser is likely to appraise it at $10,000. The Rapaport value of the ring may be $4,000. It may be $5,000. You simply won’t know unless you see a relatively current Rapaport sheet listing the qualities of your particular diamonds.
Hypothetically, let’s say one diamond that was appraised at $10,000 has a Rapaport value of $5,000. That means the wholesale price of the diamond would be $5,000. The average dealer would offer you 60% of the $5,000, so you should expect the dealer’s initial offer to be $3,000. As you can see, it simply doesn’t matter to the dealer that your ring has been appraised at $10,000. To the dealer, there is no reason to expect the diamond to sell for more than the Rapaport value.
However, there are plenty of reasons a diamond could sell for less than the Rapaport price. A diamond could be chipped, have scratches, or otherwise show damage. These things happen. And dealers know it. So, if a dealer offers much less than 60% of the Rapaport value on a ring you thought was in good condition, ask why and listen with a skeptic’s ears.
If you aren’t getting the kinds of offers you epect from jewelers, go online. People resell jewelry on Craig’s List, eBay, just about everywhere. Make sure to include a very nice photo of each ring and a nice, clear photo of the appraisal.
I hope this helps.
Forster Products Gunsmith Gold Inlay Demonstration by Reid Coffield
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