Selling a diamond ring: Advice?

The Naked Whiz

It is with mixed emotions that I tell you that my son has a diamond engagement ring to sell. We are trying to figure out what is the best way for him to sell it. He can hold it and get a store credit towards something else someday, but he doesn't need or want any jewelry. So selling it comes up.

I'm afraid if he sells it on Craig's List, that someone will either give him the money and then his buddies will crack him over the skull after he goes back to his car. (See recent death in San Diego over a freaking laptop.)

Or else, they will find a way to give him a bogus payment and make off with the ring. Ideally, if he could meet someone who banked at his bank, they could just transfer the funds. Otherwise, I doubt anyone would be willing to give him $5500 in any form and then wait for the check, official or otherwise, to clear.

So, anyway, any thoughts on a safe way to do this?

Thanks!
Doug

stike

Meet to show the ring at a bank (safe public place), and take a bank check only as payment

FlaPoolman

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

The Naked Whiz

Well, I've heard of people creating counterfeit bank checks that your bank will deposit and won't get bounced for a few days.

How about this. We put the ring in a safety deposit box at my bank. The two of them go to the buyer's bank so he can see the check get issued. Then they come to my bank, and exchange ring and check. The check gets put into the safety deposit box and everyone leaves. (I don't have an account at the bank, or I'd deposit it and then write my son a check.)

In general, anyone know what a jeweler typically offers on a piece of jewelry? 50%?

stike

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)

Little Steven

My Mom had a jewelry business and 50% is probably way over cost. Faith is in the business

The Naked Whiz

I think he bought it from Diamonds Direct, and I think they have an "upgrade" policy, but no returns. I'm checking their website.

My best guess without calling him is that he bought it from Diamonds Direct Crabtree.

thebtls

Cash. In a secure location like a bank. Or trade it in towards a rolex or other item he can enjoy personally.

Dimple's Mom

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.

stike

I was being optimistic. Hahaha

RRP

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!

The Naked Whiz

I don't many women would want a ring that was bought for (and worn by) another woman. :-)

Dimple's Mom

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

Richard Fl

Check with Florida Grillin Girl, rumor has it she is a gemologist.

fishlessman

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

crghc98

I don't know anything about diamonds direct....

I was thinking if the store is individually owned he might be able to negotiate a deal with the owner...ie money back less a few hundred bucks...a skilled jewler would just melt the ring and reset the stone....and would have a customer for life...

fishlessman

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

Dimple's Mom

That reminds me of a policy our local jewelery store has. You can turn in your diamond that you bought from them for full credit toward a new purchase. They want to encourage you to upgrade to a nicer piece. So you don't actually lose any money.

Another idea is to keep the ring and if he ever meets someone else, take the stone out of the ring and have it reset into another. The woman need not know where the original stone came from.

Unfortunately neither of those options gives him cash for his purchase.

stike

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

ranger ray

he should go to reputable jewelry store.... and trade it in on nice rolex for himself...he can enjoy the watch.... it will be a daily reminder to buy the next gf a fake diamond ...... after they have been married for an appropriate amount of time..... then he can reward her loyalty with a quality piece....... the whole diamond before proving your value to the relationship seems to be a bit wrong....just my opinion.... wearing an nice rolex will help him get a new girl.....lol......rr

WessB

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

crghc98

Any end to the story?

NC-CDN

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.

Slick

Not sure if Diamonds Direct is an authorized Rolex dealer, but if they are, the secondary market for a Rolex is significantly better than for a diamond. If not a Rolex, do they have anything else that may be sold at a better price than the diamond?