Where to sell an engagement ring?

Where to sell an engagement ring?

Author
Discussion

sc0tt

Original Poster:

18,032 posts

200 months

Tuesday 19th July 2016
quotequote all
I bought an engagement ring a few years back now for someone and it is no longer required.

It has been sat in the cupboard for about 3 years and I could do with moving it on.

Anywhere in particular to sell it without having my pants pulled down?

S

bobbybee

872 posts

153 months

Tuesday 19th July 2016
quotequote all
Sell privately.
Any pawn brokers or jewellers who buy it will only pay its scrap value, been there done that. The precious metal value is next to nothing really it's all done to the rock quality / clarity, but it's still at wholesale prices. Surprising how little diamonds for example are actually 'worth' to the trade

bobbybee

872 posts

153 months

Tuesday 19th July 2016
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^^^^^^
I think you meant MIN6E or min9e, lol or even PU55Y

ecain63

10,588 posts

174 months

Tuesday 19th July 2016
quotequote all
With the current obsession with internet metal values and cheap stones from box pushers like Blue Nile you can only expect a scrap or trade rate no matter who you sell to. People are no longer naive when it comes to buying second hand. The hard bit to swallow is that people want the earth when they want to sell but the reality is nobody wants to pay for used goods. Even new products are feeling the pinch of tight arsed, internet crazed shoppers.

Metal prices are available online, updated twice daily and people can look up the value of your diamond and make offers based upon that.

I suspect, unless you bought used, you may also have been ripped off / less than savvy when you bought it. eg:

I had a customer come in yesterday looking for a 0.50ct H colour VS1 diamond in a Platinum mount. He'd been to Ernest Jones and was offered and pitched one of their Leo Stone rings. The reality is that a Leo stone is no different to any other diamond and worth the same, if not less than the equivalent brilliant cut round stone. How much was that ring in EJ I hear you ask?...... £5k!

I had in the cabinet an F (better colour), VS1 0.52ct brilliant cut in a halo mount with another 0.25ct of diamonds set around the centre stone. £1850 in 18ct white gold or £2150 in Platinum if he fancied it.

That's how much people are being ripped off on the highstreet!

So, how much is the 0.50ct stone being bought for by the dealer? Answer: Under £800 most likely at my end and under £500 by Ernest Jones given they buy bulk. If he wanted to sell that ring he'd be looking at £500 to me. There's no point in a trader buying it at any higher rate if the trader can buy loose stones at a similar price. I can't be bothered looking a BN or 77 prices but I bet they are under £1000 for the same stone.

So, what stone does your ring have in it? How much did you pay? For amusement more than anything else I'm willing to let you know what it's really worth.

Eddie

hashtag

1,116 posts

153 months

Tuesday 19th July 2016
quotequote all
And this thread highlights the reality that the dominant chains now taking over the world are ripping of the consumers.

And people are sucked into their lies

ecain63

10,588 posts

174 months

Wednesday 20th July 2016
quotequote all
People will pay their prices though. Reason: finance!

Even though the ring was £3k more than what I'd charge people without the funds will still pay the stupidly inflated window price. That's exactly what he did too as I can't do any finance deal where you take the ring away and pay later.

Du1point8

21,604 posts

191 months

Wednesday 20th July 2016
quotequote all
Query...

When the high street (not yourself) does a market manipulation like this, why is it not pulled up?

Yet when something like the airlines do it (I believe they got together and did this) they got fined and there was a court case.

ecain63

10,588 posts

174 months

Wednesday 20th July 2016
quotequote all
Because they can market it with the backup that they have big overheads, investment costs, insurance costs etc. Abd, because nobody is really complaining nobody is going to investigate or query it any time soon.

The other thing is, because you're not forced to buy from them it can't be seen as monopolising or price fixing. Plenty of competition, just not all of them offer that deal breaking finance.

sc0tt

Original Poster:

18,032 posts

200 months

Wednesday 20th July 2016
quotequote all
I think its .33 carrat set in white gold.

A grand I think. And I bought it from Goldsmiths with about £400 worth of Tesco vouchers.


schmunk

4,399 posts

124 months

Wednesday 20th July 2016
quotequote all
sc0tt said:
I bought it from Goldsmiths with about £400 worth of Tesco vouchers.
Ooh, you old romantic...

laugh

ecain63

10,588 posts

174 months

Wednesday 20th July 2016
quotequote all
0.33ct, average to good quality are about£300 so you didn't do too badly. Expect£200 or there abouts in second hand value

The Surveyor

7,576 posts

236 months

Wednesday 20th July 2016
quotequote all
Du1point8 said:
Query...

When the high street (not yourself) does a market manipulation like this, why is it not pulled up?

Yet when something like the airlines do it (I believe they got together and did this) they got fined and there was a court case.
Bloomin' 'eck. You'll be expecting Burberry to be selling their raincoats at Primark prices next....


sc0tt

Original Poster:

18,032 posts

200 months

Wednesday 20th July 2016
quotequote all
schmunk said:
Ooh, you old romantic...

laugh
I'd just bought a house. No shame hehe

sc0tt

Original Poster:

18,032 posts

200 months

Wednesday 20th July 2016
quotequote all
ecain63 said:
0.33ct, average to good quality are about£300 so you didn't do too badly. Expect£200 or there abouts in second hand value
Want it for £200 biggrin

ecain63

10,588 posts

174 months

Wednesday 20th July 2016
quotequote all
sc0tt said:
Want it for £200 biggrin
Possibly. Id need to see it wink

sc0tt

Original Poster:

18,032 posts

200 months

Thursday 21st July 2016
quotequote all
ecain63 said:
Possibly. Id need to see it wink
You have PM.

battered

4,088 posts

146 months

Thursday 21st July 2016
quotequote all
hashtag said:
And this thread highlights the reality that the dominant chains now taking over the world are ripping of the consumers.

And people are sucked into their lies
No, people are prepared to pay for something shiny. Nobody here says that someone handing over £5k or 10k for a Rolex is beng ripped off, when other people offer very high quality automatic watches for 1/10 of the price. You want it, pay the money. You don't, then go elsewhere. Nobody *needs* a diamond ring or a Rolex.

KungFuPanda

4,324 posts

169 months

Thursday 21st July 2016
quotequote all
battered said:
No, people are prepared to pay for something shiny. Nobody here says that someone handing over £5k or 10k for a Rolex is beng ripped off, when other people offer very high quality automatic watches for 1/10 of the price. You want it, pay the money. You don't, then go elsewhere. Nobody *needs* a diamond ring or a Rolex.
Correction. I *need* a Rolex. My girlfriend doesn't *need* a diamond ring... wink

sc0tt

Original Poster:

18,032 posts

200 months

Thursday 21st July 2016
quotequote all
KungFuPanda said:
battered said:
No, people are prepared to pay for something shiny. Nobody here says that someone handing over £5k or 10k for a Rolex is beng ripped off, when other people offer very high quality automatic watches for 1/10 of the price. You want it, pay the money. You don't, then go elsewhere. Nobody *needs* a diamond ring or a Rolex.
Correction. I *need* a Rolex. My girlfriend doesn't *need* a diamond ring... wink
Indeed

How else would you tell the time.

astirling

419 posts

171 months

Thursday 21st July 2016
quotequote all
ecain63 said:
People will pay their prices though. Reason: finance!

Even though the ring was £3k more than what I'd charge people without the funds will still pay the stupidly inflated window price. That's exactly what he did too as I can't do any finance deal where you take the ring away and pay later.
I've just sent you an email... smile