30 April 2010

Selling on Diamonds

| deece
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I have a diamond ring I’d like to sell. It’s not enormously valuable, but enough to help.

Where would I go to get a good and fair evaluation in Canberra? And where is a good place to sell on to? Alternatively, would I get a better price for it in Melbourne?

Any hints much appreciated!

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Many thanks for the advice all – i’ll see how i go…. fingers crossed!

Inappropriate2:34 pm 30 Apr 10

Take it to a pawnshop or an estate jeweller and expect to sell it for about 10% of retail.

Or throw it on eBay and you might get more.

The 90-year-old Ponzi scheme that is the international diamond trade is entirely predicated on the end consumers holding onto their diamonds and not re-selling them.

So to ensure that the merry-go-round keeps on turning, you’ll find that most places are reluctant to buy them from you – and if they do, they won’t pay more than wholesale price, which is a massively lower value than you’ve been led to believe that they’re worth.

You could also talk to the ACT Gold guy upstairs at 29 Lonsdale Street in the city. He’ll probably give you a better price than the Gold Buyers stands in the malls.

I was recently in a similiar situation. You will find that there are very few – if any – places that will simply buy the diamond back from you (unless it is one of a kind). In my experience, your best bet is to talk to the place you bought it from and see if they will be prepared to sell it on consignment for you.

I found that Canberra markets are not great for this, and had my diamond sitting doing nothing for 2 years. I then took it to a place in Melbourne and they had it sold within a month.

You might also consider removing the diamond from the setting – that advice was given to me from everyone I spoke to.

I hope that this can help out.

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