Cash Hash » Cash Hash » Money Cash » What is the purpose for Jewelry appraisals and is it important for sale?

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  #1 (permalink)
: I bought a few gems and jewels.. A garnet, a few sapphires, rubies, black diamonds, and star sapphires, star rubies.. I wanted to know, is it worth getting an appraisal for them if I am looking to sell and how could I tell if they are real or not before I pay for the appraisal? is that part of the appraisal? How would I go about selling them and where? Location is Louisiana currently. Thanks for answering and for all extra info I may need if you have any more tips I may not think of.

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  #2 (permalink)
: I don't know about other gems, just diamonds. An appraisal represents the estimated replacement cost, or the retail price if you shopped around and got a fair deal. For diamonds, that's typically 100% above the wholesale price. They can actually be purchased for as little as 10 - 18% above wholesale, but 100% is considered the standard markup.

When you sell diamonds, how much you get depends on a number of factors. If you just want quick cash, you can get 100% of wholesale if you have a "wholesale quantity," which is typically about a million dollars worth. If you just have what most normal people have, a pawnbroker or cash-for-gold place will give you 30% of the estimated wholesale value. If the diamond has a GIA or AGS certificate, the estimated value will be pretty accurate. Otherwise they will have to guess and err on the side of caution, costing you a lot of percentage points.

The next option is to try every jeweler in town. Most don't buy anything from people who walk in off the street. Those that do are very particular. If they're interested, they will probably offer you a consignment deal.

Another option is eBay, only some buyers know every trick in the book. After the buy it, they complain that it's defective and demand a partial refund. The money remains in the eBay account until the issue is resolved, with the burden of proof on the seller.

Craig's List might be a little better. There's also a website called I Do Now I Don't.

Just to put this in perspective, commodities like wheat, corn, and soybeans are traded 5000 bushels at a time. In those amounts, those things are liquid assets. If you try to sell one bushel of wheat, you're out of luck. Same for diamonds.
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