Selling diamonds?

[Rogar]

I have two smaller diamonds that have been in a safety deposit box for many years. I'm considering selling them and using the money to buy something useful for my house. They were appraised many years ago and were not worth a great amount, but nothing to scoff at either. I have maybe two questions I could use some advice on.

First, is there any good reason to hang onto them as an investment? Say a different asset class than my other savings. I've read about people using gold and silver as an investment and have a little knowledge of that, but have never heard about using diamonds as an investment. Second would be how to find a reputable place to sell them. I've sold a few small things for scrap gold and silver and the places I've been to have seemed a little sketchy. I'm not sure if I would trust them for something more valuable. I hardly know where to start, although a new appraisal might be useful?

[Williamsmith]

Because of the expertise needed to evaluate and price diamonds, I wouldn't think they would be valuable for catastrophic economic collapse like gold and silver tend to be touted for. Dial that back to maybe as use for an emergency fund and its seems to me to only be as good as its most recent appraisal. Diamonds as an investment, yeah I guess but not too liquid and limited places to cash out. If it had no sentimental value, I would personally look for a trusted and certified appraiser and sell them and use the cash for new investments more fitting your situation.

[pinkytoe]

DH's father gave him a 24k ring with three rather large diamonds that he no longer wanted. It has been sitting in its hiding place for many years. We talked about refashioning it into a new wedding ring for me but honestly, I would rather sell and add it to the vacation fund. I would have the diamonds appraised and sell.

[iris lilies]

Diamonds are not an investment. There is a chance that the scrap price of a setting is worth more than the diamond. There are rare exceptions, but diamonds owned by average joes are worth vey little and don't grow in value.

What about that appraisal,you may ask? Well, diamond appraisers are in on the scam to prop up the market. They give appraisals for insurance purposes which is a the high retail end. You will get low wholesale price for yours.

Are these loose diamonds? If you have them in a vintage setting, because vintage is hot right now, they may sell better due to the setting.

Do not waste your time and money on any more appraisals. If you want to sell them, select three good jewelers and ask them what they will give you. And sorry in advance, you will likely be disappointed.

Keep in mind that all jewelry is part of a fashion trend. If the ones you are selling are not fashionable, that brings less than their fashionable counterpart. Good quality round diamonds of more than 1 carat are always in demand because they are classic. Other shapes are subject to fashion. If your old family diamonds are round Mine Cut or Old European cut, that is not a sparkly modern cut, and that affects value. Some people like them though, I do! I like vintage jewelry (but don't really buy it.)

[bae]

Diamonds aren't an investment, they are just pure speculation in a commodity whose price is manipulated. Sell them and buy pork belly futures or something less sketchy.

[iris lilies]

P.s. Look around places like eBay or "I do now I don't" to see how things are selling at retail. Be sure to look at what has sold, not listings. It's tough to sell old rings, most girls like new settings but as I mentioned vintage is cool right now.

If you try the online selling path, you'll need specifications of the ring, which hopefully came with your appraisal. A GIA appraisal has more cachet than any other certification agency. You will need good clear photos from all sides and preferably one photo with someone modeling the ring.

[iris lilies]

DH's father gave him a 24k ring with three rather large diamonds that he no longer wanted. It has been sitting in its hiding place for many years. We talked about refashioning it into a new wedding ring for me but honestly, I would rather sell and add it to the vacation fund. I would have the diamonds appraised and sell.

i am picturing a large mans ring and in this case it is very likely that the scrap gold content is worth more than the diamonds. Don't discount that, gold scrap rather high now, has been for some years.

As a fashion ring it's not something people wear now so there is not much of a market.

[iris lilies]

Since we are talking about precious metals in our household stashes, I want to say that I sold two sets of sterling for $1,200 each and in an easy way, to Replacements and Silver Queen. It was EASY!

Don't let the stuff sit around unused, turn it into cash!

[ToomuchStuff]

Diamonds aren't an investment, they are just pure speculation in a commodity whose price is manipulated. Sell them and buy pork belly futures or something less sketchy.

:laff:
I was thinking Brooklyn has a bridge that might be a better investment.
Since we have had the ability to manufacture diamonds for years now, and it is only by CHOICE and law of supply (controlled by the Diamond groups) and demand (in part controlled by marketing), that they haven't made them colorless and dropped the market.
I have a ring from a deceased relative, and if it weren't for the sentimental value, I would have sold it off, LONG ago.

[Rogar]

Thanks for the thoughts. It's given me some new perspectives and ideas. I am dealing with a sentimental value, but it's not too logical. They have been sitting in a safety deposit box for years. One thing I'd not considered is that they may be worth only a small fraction of the appraised value from a few years ago. They are old mine cuts, about a carrot each, in a modern setting.

[iris lilies]

Thanks for the thoughts. It's given me some new perspectives and ideas. I am dealing with a sentimental value, but it's not too logical. They have been sitting in a safety deposit box for years. One thing I'd not considered is that they may be worth only a small fraction of the appraised value from a few years ago. They are old mine cuts, about a carrot each, in a modern setting.

If the sentimental is uppermost in your mind, consider giving them to a young relative. Now, many people do not want "old" jewelry, but if the center stone is a carat+ that's enough to interest a young person who doesn't have much money to buy an engagement ring.

Rings at a mall store that are a carat+ are ridiculously pricey. A carat is the new standard in the Midwest. 2- 3 carats is the standard out there in richly rich land on the east coast.

[ApatheticNoMore]

A family member set a diamond that was part of an aunt's old ring (not a wedding ring, but as big as most wedding rings) as a pendant in some white gold, so I could wear it as a necklace (because necklaces are the only jewelry I really wear - rings are a pain - I don't like jewelry that interferes with my hands much) and gave it to me as a gift. It was a nice gift.

[Teacher Terry]

What I have found with selling jewelry is that it is worth about a fifth of what it cost. I got the most $ by putting them in a very high end designer consignment shops. Because they are a carat they are more valuable then most so you might have better luck selling them then we all think. There also are people that travel to buy and take out ads in newspaper, etc. Some of these are fair & some are rip-offs so do some research. A jewelry store may be interested also at that size.

[iris lilies]

What I have found with selling jewelry is that it is worth about a fifth of what it cost. I got the most $ by putting them in a very high end designer consignment shops. Because they are a carat they are more valuable then most so you might have better luck selling them then we all think. There also are people that travel to buy and take out ads in newspaper, etc. Some of these are fair & some are rip-offs so do some research. A jewelry store may be interested also at that size.

I agree that a carat+ is worth thinking about selling. Less than than, not so much.

But a carat that has bad specs is still a problem.

[Teacher Terry]

I had the best luck and sold everything at the high end consignment store and nothing was a carat. It did take 6 months.

[bicyclist]

For your entertainment, I think that it is in the movie "Gentlemen Prefer Blonds," that Marilyn Monroe sings a song about preferring diamonds that contributed to the allure of that metal. Otherwise, they are useful due to their hardness for industrial drilling not teeth but things like rock. I agree they aren't as lucrative to sell as gold

[lessisbest]

I had the diamonds from my mother's engagement ring and my engagement ring set into a necklace for my daughter's 40th birthday and sold the gold. I no longer wear jewelry - and no one wants an old, uninteresting, setting like ours were. As others pointed out, it's the gold, not the diamonds, that hold the value of the ring - unless they are truly exceptional diamonds.

[iris lilies]

A family member set a diamond that was part of an aunt's old ring (not a wedding ring, but as big as most wedding rings) as a pendant in some white gold, so I could wear it as a necklace (because necklaces are the only jewelry I really wear - rings are a pain - I don't like jewelry that interferes with my hands much) and gave it to me as a gift. It was a nice gift.

I took an old diamond from a great aunt's necklace and set into an earring for DH. Its his "good" jewelry, haha.