How does jewelry appraisal work?

I have a diamond that has been rotting in my jewelry box for a long time, and I've decided I should sell it... it's not any kind of heirloom piece.

Except I have absolutely no idea how much it's worth. How do you find an appraiser, without getting ripped off? I'm not a jewelry girl so I have zero idea how this works.

Well, the way i see it on TV and the adverts is that a woman has to parade around in her best dress (not necessarily an actual dress) and show the jewelry off in some manner.

Honestly though, you should go and get it appraised in several different locations. I think certified jewelers are more likely to give you an honest evaluation than a pawn shop though you may want to get it done at both types of establishment to see what the difference is between them.

Just remember - there's no obligation to sell to a person who appraises it. Don't give in to pressuring!

Yep, multiple places and sell to the one who offers the most. If they try to go below what they previously said they would take it for later on, just walk. And for the love of god, don't use one of those online services.

I am no expert, but I personally have a few independent jewelers that I really trust that I use constantly. I would go to them for an appraisal or a suggestion for an appraiser. Hopefully you have someone that you use that you feel the same way about.

Long time lurker, first time poster here. I figured since my wife's family owns a jewelry store / gold and silver exchange I could give you a decent answer to your question.

First thing to keep in mind is that there is a big difference between appraisal value and what a store will actually pay for a diamond.

The markup on new jewelry is 60% or more above the value of the material value of the jewelry. Jewelry stores in the mall mark things up even higher.

I know that my wife's parents will do written appraisals for insurance purposes. In this case they always appraise at full retail value which includes markup for craftsmanship etc.

When they buy something from someone they only pay for the value of the raw materials minus a certain percentage so they can make a profit when they re-sell the item.

When it comes to diamonds, there is a price jump when you hit the 1 karat mark. Obviously the quality of the diamond also makes a big difference.

I would say that you can probably expect to get about 30% of the retail appraisal value of the diamond.

It also doesn't hurt to shop around a little. Some stores will pay little more than others, but generally speaking, they are usually pretty close to each other.

I would also recommend an actual gold and silver exchange vs a pawn shop, the pawn shops don't usually pay as well.

Hope this helps.

You might be able to get more $ out of that diamond by cutting out the middleman and selling it on ebay or something. There are always guys out there looking for engagement rings.

Yeah, if you get it appraised, and it's actually worth something, put it up on eBay with a minimum of what the jewelry store offered, and see if you can't get 50% or so. They win, you win, everyone's happy.

clover wrote:

I have a diamond that has been rotting in my jewelry box for a long time, and I've decided I should sell it... it's not any kind of heirloom piece.

Except I have absolutely no idea how much it's worth. How do you find an appraiser, without getting ripped off? I'm not a jewelry girl so I have zero idea how this works.

You can contact your insurer for a reputable local dealer.

I'm really, really, sorry...

Click on "scroll of appraisal" in your inventory, and then click on the jewellery with a question mark on it.

spider_j wrote:

I'm really, really, sorry...

Click on "scroll of appraisal" in your inventory, and then click on the jewellery with a question mark on it.

Winnar!

Seriously though, thanks for the ideas. I think I'm going to shop it around and see what happens... I compared it to some other things I have and it looks a little bigger than 1/4ct.

It's a loose stone (cheap setting didn't hold up well), so I dunno if eBay will want it. Worth a try after I get a few opinions.

NathanialG wrote:
clover wrote:

I have a diamond that has been rotting in my jewelry box for a long time, and I've decided I should sell it... it's not any kind of heirloom piece.

Except I have absolutely no idea how much it's worth. How do you find an appraiser, without getting ripped off? I'm not a jewelry girl so I have zero idea how this works.

You can contact your insurer for a reputable local dealer.

This. There should be a few independent, certified appraisers in any city.