Selling a diamond ring: Advice?

Like Stike said but also keep the ring at a safe deposit box at the same bank so he doesn't carry it.

if a jeweler bought it back at 50%, he'd be paying nearly full wholesale. i think you would be very lucky to get anything like 50% from a jeweler, unfortunately.

was the place he got it an "all sales final" kind of place? if they have "store credit only" posted, then that's the policy. but if not, why not full value? was it a custom piece?

i understand your issue re the certified check being fake, but he's going to also have to convince whoever the buyer is that the ring is legit. does he have certification for it (grading and all that, which, also have been faked)

"cash only" would be the best way to sell it, and as you said, i'll meet you at your bank if you want

park near the door, too. don't wanna walk far with cash in hand (half kidding)

First, I would only take a cashier's check or cash that was verified by a teller at the bank and then I would deposit it in the bank without it ever leaving.

You'll have to make sure the buyer is a serious buyer before you even begin otherwise you're going to be running all over the place wasting your time.
You can put the ring in a safety deposit box ahead of time and meet the buyer at the bank. Otherwise I would probably spend the money to hire a security guard to accompany me.

I'm guessing the buyer will want to verify the quality of the diamond. I don't know how you can arrange that. If the buyer is really serious you could arrange to have a diamond expert meet you at the bank I guess. But I would let the buyer know ahead the quality of the diamond and I would ask for a nonrefundable deposit before I made arrangements to have people like security guards and diamond experts taking their time to get involved.

Sounds like a huge pain to me! No way would he want to save it to use in the future? I'm sorry for your son.

Funny how everyone is thinking of security measures just shows how times have changed...back in 1969 I was working as the auditor at a local bank when an elderly depositor had died and had $715,000+ in certificates of deposit which he left to his three children - 2 males and 1 female. By the time the estate was settled the 3 had grown to hate and mistrust each other. They made an arrangement with the Cashier to withdraw the money in currency! Normally large amounts are wire transferred, but not for these three people...they wanted cash! Believe it or not a bank seldom keeps that kind of currency on hand in their vault so we had to have Brinks make a special trip to the Fed Reserve in Chicago for us. The $715,000 arrived as a small package wrapped in brown paper and about the size of a football. We hired two off duty policemen to stand by even though this was purposefully done after the bank was closed to the public. It took about an hour of watching those 3 people painfully count out the $100 bills one by one by one, unlike an experienced teller adept at counting currency in a flash. Finally they got it split, each put their share in their individual briefcases and out the door they went! One guy hailed a taxi and the other two headed to a nearby parking lot and drove away in separate cars!

What she doesn't know won't hurt her!

could even play it up a little, they sell tiffany blue boxes on ebay from time to time :laugh:

in todays world he could probably sue for the loss.
http://archive.chicagobreakingnews.com/2010/12/jilted-bride-sues-ex-fiance-for-95k-for-cancelling-wedding.html

just buying a diamond is losing money
upgrading is losing even more :laugh:

Doug...Faith/ Fla grillin girl is in the jewelery wholsale business it might be worth a minute to contact her...

Keep it for round two? Otherwise if he needs to sell it have them meet in a public place. A bank would be perfect. Also, for the love of God, make sure he gets cash. Since you are at your bank, have the bank verify the $.

I sold a pick-up truck years ago for a large sum and had them verify it at a bank. No problem. It was all legit. Does he have a CC permit?

Hope he recoups some of the $.

I'd also have it appraised at Baileys or other Raleigh/Cary area jewelery store so the buyer wont' think it's a fake. You could also meet up at the jewelry store prior to selling it. The place he bought it should be more than happy to help. They did take 5K from him after all.