I'm an idiot!

[Beachkid23]

After doing this for a couple years, I did a huge rookie mistake today. I got all excited and negotiated with the person down from $800, paying $500 and did an idiot move. I want to puke just looking at it. I'll find out on Monday how bad the damage is...

Lady had a bunch of diamond rings. This was from a callback I've been working on for a while. I don't know if I should say something to her or just Kinda see what I can do with it I don't know. But I ended up buying a 14 K ring with a 1ct diamond for $500. I looked at the marking on the ring, I tested it it was good. Tested the diamond and it was real, measure the size of the diamond which is 1.03 ct. 11gr in weight. I drive home before I go inside I look at the stone through a loop. And it has two of the biggest chips in it I have ever seen... I nearly cried. I don't know if I can take a good picture. thank Goodness it had some gold weight so I won't completely eat $500.

Anyone have any idea how much it cost to have a diamond recut and if it's worth it? Should I just sell the stone like it is and let someone else deal with it? Ugh. Stupid!!!

 

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[jochart]

don't be too hard on yourself, a 1 ct. I2 should still go for good money. there are plenty of big diamond seekers who don't care about clarity.

 

[masterjedi]

Kid indicated it has chips... not inclusions (clarity issues). The best thing would be to have it reset so that the prongs cover the chips if possible. It also looks like an old mine cut diamond re-set onto a modern band which wont bring as high a price. Whats the worst that can happen? You may lose $200 max. It will be a lesson you will never forget and do again.

 

[jeff of pa]

if you keep it long enough the weight of the gold may make you a profit.

My prediction by Mid 2017 gold will be pushing $2000

I personally am of the Belief Diamonds aren't worth anything anyway

 

[NHBandit]

Why would you say something to her ? Do you feel that she owes you a refund ? You win some and you lose some. If that ring turned out to be worth several thousand dollars would you feel obligated to go back & give her some more money ? My apologies but it's my opinion that you should just suck it up to experience and look more closely before you make offers in the future.

 

[Nitric]

...It still doesn't sound like you did too bad. I would try to sell it as is! I've been able to sell some pretty crummy diamonds in the past. There is someone that would pay 600 or more just to have a 1 ct. Sometimes they don't even care about a little damage. or clarity.

 

[JonG]

Where are the chips? If they're on the girdle, the best bet would be to bezel set it. To have it recut, you assume all risk, and there are no guarantees. A reputable cutter will charge $500+. Finding one is a challenge in itself.

As jochart says the stone still has value. Yesterdays RAP price for an I2/I was $2200 per carat for 1.00 to 1.49 carat stones & $1700 for stones weighing .90 to .99 carats. Stones are trading at 50-60% of RAP, so you should still come out on top.

 

[diggummup]

if you keep it long enough the weight of the gold may make you a profit.

My prediction by Mid 2017 gold will be pushing $2000

I personally am of the Belief Diamonds aren't worth anything anyway

I sure hope your prediction is correct. I'm sort of with you there on the diamonds. I think they are way over rated and over valued myself. I won't buy jewelry based on a diamond alone, I'm not versed enough to tell the difference between grades.

 

[Beachkid23]

I sure hope your prediction is correct. I'm sort of with you there on the diamonds. I think they are way over rated and over valued myself. I won't buy jewelry based on a diamond alone, I'm not versed enough to tell the difference between grades.

I think after this experience I'm just not even going to buy any. Unless it comes in a bag at a yard sale for a dollar. I'm just gonna pass and keep my money in my pocket from now on.

Also yes it's chips right around where it sets in the bezel where the prongs are.

 

[cheech]

Don't know if it would be worth it or not but I go to a place in North Carolina that there is a guy there Jerry call that used to cut stones for Tiffany's and some other famous people it might be worth to give them a call if you think the stone would be worth re-cutting The last time I was there he sold the business but still stays on to show people how to cut stones here's a link http://www.riodoce.com

 

[Beachkid23]

Awesome! Thank you very much! I have some family up that way too