Advice on selling diamond ring?

Silver_Lining_3

No idea if this is in the right forum!

I inherited my grandmothers diamond ring at 18, and now aged 26 I've realised that I'm unlikely ever to wear it. I'm saving for a house deposit and so wanting to see whether it's worth selling, or if it's not worth a great deal, whether I could split the diamonds, and have one reset in a wearable ring from the sale of the other two.

I guess my query is about the best way to do this, should I have it valued first? (the last valuation was in 1994 at £2500, but may be higher or lower than the worth now). Should I go to local smaller stores, or somewhere mainstream?

Many thanks!

paddyrg

Do you live near Birmingham? If you can get there easily enough, go round the jewellers of the jewellery quarter and see what they say - they know the market and will be competitive.

In your shoes though I'd certainly get a stone made into something you'll always wear, it's your heritage and you can pass it on to your own granddaughter one day.

Silver_Lining_3

Thank you Paddyrg. We have a jewellery quarter here in Brighton, so maybe I'll try here and see if the quotes average out the same so I'm sure I'm not being ripped off! I think you're right about taking it apart and keeping some. I'm not going to have children, but I would like to keep a part of it, even if just the base.

paddyrg

Even if you're not having kids, maybe you'll have a niece one day :-)

I'd try manufacturing jewellers - many generic jewellers will just buy in from catalogues and will only be thinking in terms of gold scrap and often not even valuing the stones.

sarah2503

I tried to sell a diamond ring and most places will only pay for the gold, I was advised to take it to a specialist jewellery auction to sell it.

System

Silver_Lining wrote: »

No idea if this is in the right forum!

I inherited my grandmothers diamond ring at 18, and now aged 26 I've realised that I'm unlikely ever to wear it. I'm saving for a house deposit and so wanting to see whether it's worth selling, or if it's not worth a great deal, whether I could split the diamonds, and have one reset in a wearable ring from the sale of the other two.

I guess my query is about the best way to do this, should I have it valued first? (the last valuation was in 1994 at £2500, but may be higher or lower than the worth now). Should I go to local smaller stores, or somewhere mainstream?

Many thanks!

If it was £2500 in 1994 it will definitely be worth far in excess of this, as long as the diamond hasn't become damaged. Do not take it to a pawnbroker or one of those scrap places and look at specialist auctions as someone else here already mentioned.