Wholesale Diamond Wedding Ring, How to sell/trade my diamond w/o getting hosed?

Q.Awhile back, I got a diamond engagement ring from a 47th street dealer here in NYC. Things being what they are, I'm sure I got hosed somewhat..but to what extent I do not know. Time has passed and I have a new potential financee :-) and I want a different diamond ring. I have the old ring (emerald cut w/trillions) and I want to sell or trade it for another (putting the stones into the new one won't do since I need round cut stones, etc.) So, my quest is to figure out how to get the most $$ or value out of the old ring to put towards the new. I know I should try to get some idea of current value of the old ring or stones. Some of my questions are: 1- Can I get a better appraisal, and $$ by removing the center stone and having it GIA certified and 'sealed'? 2- Should I do the same thing for the smaller trillions? 3- Better off trying to sell or trade? 4- What kind of a loss should I expect (if that can be generalized)? 5- Or, can I expect some appreciation?

A.First, get an insurance appraisal from a reputable GIA certified jeweler. An insurance appraisal is different than a market appraisal in that it's what the insurance company will pay in the event of theft or loss (it is an insured ring, is it not?). Once you know the value, you can ask the jeweler to take it on consignment for a percentage (again, check with your insurance co.), list it in the classifieds (but beware that this is how burglars can case your house for valuables) or go a wholesaler. None is better than the other, just more or less time consuming. Taking stones out will likely decrease the value as the whole is usually more than the sume of the parts. Alternately, why not ask about taking the stones out and getting a new mounting, either as an engagement ring or as a cocktail ring or pendant? You'll have a piece you like more and will end up with less headaches. BTW, I'm a DJ but my family was in the jewelry business in Virginia for 50 years so take my opinions for what they're worth. Party Central Disc Jockey Service. Some or all of the above text may have been paraphrased or quoted from a movie or television show. Or maybe not.

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