HELP - Platinum & Diamond Ring - NOW WHAT??

[biggmike]

I picked up this old Platinum & Diamond Ring at a garage sale a few weeks ago and need some help flipping it. I took it to a pawn shop and was told that it is all real (16 diamonds in Platinum) and weighs 5.7 grams. The center diamond they told me is just under a carat. They offered me $250 but said they are a pawn shop so they couldn't give me what it's worth which is understandable. I took it to a jewelry shop and he said the same thing and added that the diamond was old and may need to be recut to get better value and offered me $225. I said something to the effect that my wife likes it and I would have to check with her to see if she wanted it and he stopped me and said "let me show it to my partner and he may need it to add to a vintage collection or something like that. He returned a couple minutes later and said "good news!!! He can use it" and offered me $450. I'm just looking to get the most out of it and not in a real hurry to move it. I have little to no money in the ring. The other assorted gold I acquired at the sale is worth more than double in scrap than I paid for the whole lot. I'm much more of a scrap buyer and almost always sell for scrap or just over or under depending but haven't sold one with a decent diamond in it like this one. Should I take the $450 or what do you think?? Thanks

 

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[Beachkid23]

I don't think I would take $450 for it until I found out more about its value. Some of those can sell for ridiculous money. I had one in the past that went for $2200. The most in town people would give me was 250 bucks. I actually gave some guy at Zales 20 bucks and he told me the color and clarity and size of everything. Those rings can go for a lot of money I would definitely find out more about it. There's even a place here that does written appraisals for $125. I would check around first.

 

[kcm]

Never, NEVER sell to a pawn shop unless you don't mind the fact that you're getting way under value!

I, personally, have virtually zero knowledge with jewelry, but maybe BeachKid can help you out a little more, or maybe one of the other amazing members. One thing I read most is them saying that they can take it to a jewelry store and get a written appraisal, just like BK said. Never knew it cost THAT much, but still, would be well worth it if it brings the value up considerably. If it were me, I'd try to find a jewelry store that has a big name and bigger reputation - one that people will look at the appraisal and KNOW the ring is authentic!

Not sure what to think about re-cutting the main diamond. I know it can be done, but would/could it increase the value or mostly just put a little more money in their pocket? I honestly do not know - just throwing that out there.

 

[DFW_THer]

Yep, time for an appraisal. $250. LOL. At least he made it clear he was offering under value. I can respect that. 1500-2500 under value, though. Haha! That diamond looks beautiful.

Keep us posted. Nice hit!

 

[DFW_THer]

I won't ask how much you paid, but I will ask how it was purchased? A single ring in a box? Or a jewelry box? Or found in the bottom of a scrap box? Did they price it or was it a "make an offer" situation? I love to know how these things turn up...

Again, great pick. Ignore me if you're uncomfortable disclosing any of this info.

 

[masterjedi]

I had a pawn shop for over 20 years and bought 1000's of diamond rings.... Its an old antique mine cut diamond. Its worth $1000-$1500 depending on the buyer. If your in a hurry you will get less and if your patient you will get more... slow down. Beautiful ring...

 

[mojjax]

My buddy from High School has a pawn shop called Maine-ly Pawn . I never sell jewelry to him , he pays a little over 1/2 the scrap price for beautiful pieces . Last year I needed money for my Girlfriends Christmas present , A Qiviut hat . My gold neckless - 20'' 20 grams , my pawn buddy offered $ 133.00 - Ebay it went for $ 279.00 - she got her HAT !

 

[GibH]

I'd get an appraisal done. That could be worth several thousand depending on total carat wt. and quality. Like BK said, you should be able to shop around and have a written appraisal done for 100-150.

 

[biggmike]

I won't ask how much you paid, but I will ask how it was purchased? A single ring in a box? Or a jewelry box? Or found in the bottom of a scrap box? Did they price it or was it a "make an offer" situation? I love to know how these things turn up...

Again, great pick. Ignore me if you're uncomfortable disclosing any of this info.

I think it was a little bit of luck.... I walk up at a sale that only has jewelry scattered all over one big table. The first thing I notice is this fork bracelet and the lady sitting there says "anything on the table is one dollar". I pick it up and the lady says that is the only silver piece left.



I said, "well for a dollar I will definitely take it". I asked if she had a good sale and she said yes and that she was just about to put out more stuff. She said that an older lady that she worked for gave her all this stuff and told her to get rid of the stuff she didn't like. There were probably 100 or so pieces and all the rest was costume (I know nothing about costume jewelry but in hindsight, I probably should have just bought it all) Anyways, she dumps a bag and starts scattering it out. I immediately pick up the necklace and she says that's gold and it's a little more expensive. I pick up the Menorah pin and she says that's gold too.



She picks up the ring that I hadn't noticed yet in my excitement and says this is gold too but the diamond isn't real. It had a sizer in it made of some kind of thread and was woven very tightly around the ring all the way up the sides. It didn't look like gold to me but with the prices the way they were I wasn't going to argue with her. I asked how much for the 3 gold items and she said how about $80. I handed her a fifty and two twenties and she was looking for a ten change and started counting out one's. I told her to keep the ten cause I thought the gold was worth it. The two pieces would scrap for about $140 even if the other ring turned out not to be gold and she was happy to accept it. I tried in the car to pick the thread out and just decided to wait to get home to look and to my surprise, I saw Plat. I got to the sale at about 9 am and she had a fist full of one dollar bills and wish I was earlier but I'm happy I got there when I did to get the second dump. My only real question is why was that huge sterling fork bracelet still on the table. I've been doing this for many years and learn something new every week. Can't wait to get out tomorrow....

 

[DFW_THer]

Sounds like you handled that extremely well. I too would wonder what the early birds walked away with. I mean, the pieces you got are glaringly obviously treasure, so you can only guess what incredible, high karat, gemstone statement necklaces walked away an hour earlier.. Someone was excited enough to leave your pieces behind... hahah! I torture myself all the time with "what did I miss..."

Your only oversight? And you already mentioned it, buying all the vintage costume. I'm seeing visions of early rhinestone trifari and coro and weiss and lisner and and and haha

Cheers

 

[marjam]

Get it appraised. It sounds like the folks including the jeweler is trying to put the screws to you. To me that looks like a multi thousand dollar ring.

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[biggmike]

OK.... Sounds like an appraisal is my next step. I'll let you know how it appraises. Thanks for all the input.

 

[captain flintlock]

I definitely agree with everyone here. Take your time and get an appraisal. You might not get exactly what it's worth but I think you should be able to at least double or triple the $450 offer. Maybe more. It absolutely gorgeous!! Great find!!

 

[fransherrell]

I think you are being underpaid for it. Please take some other opinion as well. Most of the times such rings come at a far higher prices. Please be very sure before settling for the one being offered.

 

[ARC]

So... what was the "outcome" of this ? ? ?

 

[nathan104]

BigMike- I sent you a private message.

 

[DannyB.]

HELP - Platinum & Diamond Ring - NOW WHAT??

Do not sell that thing for 400.00 bucks!

Old post..

I bet it's sold.. vintage rings are back in style.

 

[lookindown]

He didn't sell it and he hasn't got it appraised yet... I keep telling him to go get it appraised because I want to know what its worth.

 

[DFW_THer]

*chants* APPRAISAL! APPRAISAL! APPRAISAL!

hahah

 

[biggmike]

Ok here's the deal. I haven't sold it and I also haven't gotten it appraised yet as I know absolutely nothing about the process. I did check into appraisals and I am more confused now then I was before I started. The price range to get it done is crazy too, from $150 to $500 and I don't know who is reputable and who is ripping me off. Does anyone know or would recommend a reputable appraisal service in the central Florida area that charges a fair price that I could take it to? I really want to get it done but don't really want to spend hundreds of dollars and find out I went to the wrong place and wasted time and money when someone tells me "you should have done this or that". School me a little bit and I promise I will get it done. I don't really need to get it sold right away is the reason for the delay but more than that I really don't want to make a mistake doing something I know nothing about. Someone help me out. Thanks