Best way to sell diamond ring inherited from mother to pay for college?

Question

I have a diamond ring that was inherited from my mother when she passed in 2001. I have held on to this as a keepsake, however, I am needing the money to help with college expenses (I'm sure my mother would apporve) and need to know to best way to get the maximum value. She purchased the diamond ring in August of 1996 and it was valued at $4,350. (I have the appraisal papers and letter of authenticity) I would be so happy to get $4,000 for it and all the money would go directly toward college classes, books, and living expenses. I am a single mother who has returned to school to pursue a degree in nursing. I have worked for the last 5 years helping troubled teenagers and previously have a degree in Criminal Justice. I have started classes but the student loans aren't enough to cover living and school expenses and will run out of money shortly. Any advice, or direction would be greatly appreciated. Thank you ~ Rhonda

Answer 1

I agree, go to a reputable jeweler.

Do not go to a pawn shop. Do not place an ad on E-Bay or that insipid Craig's List.

Oh, and have you considered getting a job? I worked full time and went to school full time for both my undergrad degree and my MBA. It wasn't that hard.

Answer 2

Go to several jewelers can get offers.  Be prepared to prove the ownership.

Answer 3

You should get 2-3 prices from different jewelers if possible. They will often offer more if they know you are shopping around.  Pawn shops usually do not offer top dollar.  Buyers like to examine rings before buying, so you are unlikely to get a good price on E-bay.  

Unfortunately, there is a tremendous mark-up between wholesale and retail prices for diamonds. Expect to get less than half the retail price when selling.

Answer 4

Your best bet is to go to a reputable jeweler (and not a pawn shop!) Take the appraisal & authenticity info with you and you should be able to sell it right there if the price is right. My suggestion would be to take it to a few just to make sure that you get top dollar for the ring-  

Answer 5

e bay perhaps. Certainly not through a jewelry shop in the business of buying and selling "used" jewellry because contrary to popular belief you won't get much for it, 500$  or so if you're lucky.

Answer 6

you probably wont get that much for it.. its only worth what someone is prepared to pay....  if its an insurance valuation then its not worth that much anyway....

you will be lucky to get half that