Has anyone here sold a ring (or other expensive jewellery) through classifieds? - Mothering Forums

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#1 of 7 Old 04-06-2010, 03:53 AM - Thread Starter
 
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I have had some unfortunate money issues arise and am now in a scary financial situation. I would like to sell my old engagement ring (I have been hanging on to it for an emergeny such as this). It's worth a lot and I was planning on posting it on Craigslist. I wanted to go this route as I think this is how I can get the most for it.

I would have the buyer meet me at the store where the ring was purchased from. I'd show the certificates and have the store verify it. I would take cash only.

I'm nervous because I live in a large metropolitan area and there are so many scammers out there. I'm normally not a paranoid person but I seriously see little me handing over the ring and then yoink ... I can't run that fast! Maybe I just need to take my sister with me...she was a track star, haha.

Anyone have any tips/advice? Would it be more safe to Ebay/paypal it? I need the money to make my May rent/childcare so I only have a few weeks. I haven't researched this enough obviously and am pretty desperate -- I have been so stable financially that I thought I was in the clear!!
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#2 of 7 Old 04-06-2010, 01:30 PM
 
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I have no experience, but I was interested because my mom and sister and I have been getting some of my grandmother's jewelry since she is now misplacing it. Some of it is beautiful, other pieces are not our style at all.

I found this which might help you. I, personally, think I would steer clear of craigslist and the like for jewelry.

In the end, only three things matter: how much you loved, how gently you lived, and how gracefully you let go of things not meant for you." Buddha

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#3 of 7 Old 04-07-2010, 04:33 AM
 
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Yes I've sold jewelry online, Ebay, Craiglist and even here on TP. If your ring is worth a lot, get it appraised first. Get as much information as possible, like weight, ring size, diamond carat size, clarity and color...etc. And try to take very close-up clear pictures, using natural light if possible.

I've seen people's listing on Craigslist that's like "I have a very pretty diamond ring, call if you're interested." with a blurry picture. Listings like that would never get any calls. Do some research on Ebay to see what similar rings sold for to give you a price idea. Generally speaking, used rings in excellent condition can sell for 1/2 retail price or less, maybe a bit more than 1/2 if it's designer pieces like Tiffany or Cartier. Good luck selling your ring! Oh if you can take a big guy friend with you that might make you feel a bit safer? A brother or neighbor or even a friend's brother?

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#4 of 7 Old 04-07-2010, 09:06 PM
 
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I had a very nice ring appraised at $5750 by a certified gemologist, tried for more than 2 years to sell it on Criaigslist for $1100, no serious takers. I finally just used it to barter with for house painting. I would NOT ebay it and take paypal, they;ll hold your $$ if you don't have enough feedback and it would be very easy to get scammed IMO.
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#5 of 7 Old 04-07-2010, 10:02 PM
 
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Yes I tried to sell some jewerly like the PP, mine was valued at 2k and 4k respectively. Again no takers at 50% of appraised value. I tried craigslist 4-5 years ago before it got so 'scammy' and didnt have any luck. I tried ebay in the same time frame and no luck. There are places who will buy the gems, and gold etc, I'm not sure of the return though.

In this economy I'm not sure how many folks are looking to spend $ on this type of thing. Ya know?

Good Luck.

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#6 of 7 Old 04-07-2010, 10:02 PM
 
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Sorry to be less-than-optimistic. . . I haven't sold jewelry, but I certainly buy used jewelry.
  • Your timeframe is rather short. I see many engagement rings listed again and again and again on the web classifieds I frequent.
    Your timeframe is short, your buyer's probably isn't. People "need" a second-hand vehicle on short notice. Who "needs" a second-hand diamond ring on short notice? The buyer can wait and wait for a great price, a "just-right" style, etc.
  • Not sure what you are expecting for price, but I think you would be lucky to get 30% of the retail price. Lots of people just have strong sentimental ideas about buying only brand-new jewelry, so your pool of prospective purchasers is pretty small. Also consider that if the ring is a typical "mall store" setting, those rings regularly go on sale 30-50% off brand-new in the store. So it has to be pretty compelling for someone to buy it second-hand from you.
  • Also, "retail" is not the same thing as "appraised value". It's very common to have an appraised value that is double or triple the purchase price of the ring. Appraisers want to "make sure you're protected" by building in buffer for: inability to replace on a "sale" if the ring is lost/stolen, possible variations in price from retailer to retailer, need to have a previous stock jewelry item custom made b/c it's now longer available when the loss occurs, etc. They know the appraisals are often used to base the insured value on, so no one wants to be "short". It's a bit of a racket, almost, as so many of us then pay insurance premiums on that inflated value. For example: I bought my diamond for $1700 (at the time) and my custom-made setting was $500. = $2,200. I had two appraisals done at different stores within two years of buying the ring: $4,600 and $5,200.

That being said, I'm not trying to discourage you from selling it those ways. Just my two-cents-worth that you make your offering as compelling as possible since you need the money quickly.

I would be much more likely to complete a purchase from eBay if the ring was worth much more than $400. Your buyer is wide-open for fraud if they've bought it from you off Craigslist or Kijiji. The "price" of the hassles/risk you have with eBay may be well worth the benefit of reaching a larger market or buyers who have more confidence.

Hope you have good luck with it.

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#7 of 7 Old 04-08-2010, 01:55 AM
 
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I do agree that Ebay has better odds of selling jewelry, if your price is reasonable and pictures good. I bought my engagement ring and wedding band on Ebay and felt pretty safe paying with Paypal. Sure they might hold your money for a while but it's eventually yours. Craigslist usually takes ages and you get all sorts of scammers or low-ball offers. I think Craigslist is best for selling used baby stuff. Scammers are usually not interested in playpens.

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