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Question :Selling rings.??

B

BARKER

New member
Hi Folks; Question: On the ing I said I found that had 3 diamonds in it; When I took it to the store to sell the ring weigh 6.11 pennyweight with diamonds in.When I talked to the guy he said it weigh 5.7 pennyweight.It was 18K as well. I said I wanted to to have the diamonds removed toi make o pendant for my kid,The guy told me if I did he would not buy it. I was hard for cash so I sold it as is for $157.00. I know I took a beating on it.Question is should I remove good stones "before" I sell the gold.Did he intentionally undervalue the ring or its gold weigt.I'm kind if ticked at having sold it but having just gotten out of the hospital and a kid to feed I needed the money. What do you guys think?? Did I get taken?? Should I "always" remove the good stones??? How much should the stones effect the value of a gold rong??? I'm honestly thinking about confronting thi guy because I feell he was dishonest with me but I want clearer heads to prevail.
Second: I try to post my repkies to you guys posts but they keep showing up as a new post at the top of the page instead of in sequence in the topic at hand. I don't want to do that because I look like a jerk or something and I'm not. How do I fix that as well. Anyway I await your replies; Unttil later; PEACE:RONB :blink: :biggrin: :detecting:
 
Unless the stones are more than 1 carat they are almost worthless. Jewelers don't want them because most diamond engagement rings are 1 or more carats. The small stuff they buy cheap wholesale. You got $157 for the gold content. Most jewelers are crooks and will con you. Next gold take the diamonds out and save them for your family and send the gold out to be melted down.
 
If you ever have enough gold to make it worthwile to sell for scrap, ARA (American Recycling Associates) in Dallas removes ALL the stones, frosts the CZ so you know they're worthless and sends all stones back to you with your check. They pay 98% of spot on the day processed. Fast turnaround. I don't thinj there's a better deal going at the moment.
 
American Recycling Associates are good to deal with. I sent gold off last Sept. and I got a ck. for 98% and no games like Midwest play. They sent all your stones back.
 
Ron
If your ring was 6.11 pennyweight that would convert to 9.546875 Grams. Gold is 1,089.55 an ounce and is priced at 26.2753 per gram for 18k.

9.546875 Grams
x 26.2753 dollars for 18k
_____________________
= $ 250.8470046875 $ 250.85 would be what your gold was worth. So with that being said, he gave you 157. 00 for the gold content in the ring.157.00 divided by 250.85 would be .62572%


He gave you about 63 % of the value of your ring if it was 6.11 pennyweight, if my calculations are correct. You can research this on the internet and find all the conversions, prices etc.

Hope this helps.

BCOOP
 
Ron the only place to sell gold in MASS. is "Bob's Coin and Jewelry "26 Central Sq, Chelmsford Ma. 01824. he will buy diamonds for a fair price depending on size...he pays the best I have seen any where his prices are great! He is hated by most of the other local gold buyers cause he pays so well he is killing them! If you get any really nice diamonds of size I know a spot in Billerica that buys bigger diamonds. I got a 60.8 gram chain in November I sold it to him he paid me $1,160.00 for it gold was at around $1,100.00 a oz. or just under. [attachment 151763 16132_1208645611020_1075099308_30594928_5828581_n.jpg] here is the chain.
 
damm the jewelers.....but they are in business too,they do have over head too..but 63% humm id be mad too..I'm saving all my stuff for Ara at the end of the year..
but you had to do what you had to do..:clapping:
good luck in the future,it ll get better
hh
john
 
Well bcoop figures should be correct. Looks like you took it to a pawn shop as jewelers are not in the habit of buying off the street. The reason for him not wanting the stones removed was he had plans to resale it or keep for self. Must have been a nice ring! as I didn't see it. As far as removing stones yourself you may damage them more than the worth, better to let someone with the proper tools remove them, for once they are cracked or chipped you have just wasted your time anyway. For anyone with loose stones and want to sale them, I would suggest looking to see if you have a rock and gem show in your area coming up during the year, visit it and take your stones with you. As far as confronting the person you sold the item to, did you not agree to the transaction? You did take the money. Mark it up to a learning experience. We all do things we regret.
 
The deal is done and it would appear that you got gouged a bit. At least you have learned from the experience and won't do that again.:thumbup:
 
I believe most pawn shops and jewelry shops are going to do their best to pay you for the weight of the jewelry with disregard to the jewels. Educate yourself on gold prices, penny weight, grams and troy ounces. Determine the worth of your gold before you try to sell it. Ask the person before you show them the merchandise your selling if they buy gold/jewelry and how they buy ie. penny weight, grams troy ounce, etc.
From there you can determine, what you feel is a fair price.

Jewelry shops that make repairs will melt junk jewelry down to use in repairs if it is quality stuff they will of course polish it up and put it in a nice ring box and sell it. Pawn shops will put it in the case and mark it up 2 or 300 % Remember these places are paying overhead and it is their bread and butter, it is a walk in business. If they don't make money the don't eat, pay their bills.
And they are going try to buy your items for as little as they can to make as much money as they can.
 
I haven't used ARA yet, but the fellow I have dealt with in the past is starting to modify the terms of our verbal agreement to pay him 10% for his trouble.

ARA is looking better all the time.

CJ
 
Check with Kitco.com for current prices and send to ARA Period. They will even give you 90% the DAY they recieve it and give you the other 8% after they melt it. BEST deal Period. And I have used them, Midwest, two local jewlers and 123 Refinery. I live off my gold. Its not that I endorse anybody.
 
It's a learning process my friend. Sorry you got more stick and less carrot but, you are wise to ask. Follow the advice of the seasoned forum hunters or do the math and find a local person you can trust and that will be based solely on numbers you can agree on. I have a local gold buyer here I go to and the day I am going to take my swag in I always sit down and weigh it out individually, making sure to check and recheck the stamps. I write each weight down on a piece of paper (seperating my different carat weights) and do the math for what it is worth at today's spot. I then also do percentage conversions to know just what he is offering me..is it 98%,97%,96% etc on down the line. That way when he throws out his number I know off the top of my head whether I should go after him for a little more or leave it be. I usually walk out with somewhere between 94 and 96%. Hope it helps
 
Hi Folks; Yes it looks like I got burned. Kicker is I know the guy personally and never a problem. This time I got taken at 63% period. I know he's got t eat but thats feeding an army!!!!!!! What is he a great white??? :starwars. now I know.Amnyway I do appreciate it. What is the ARA and how do I reach them?? I've always dealt with local guys here and almost always happy. Next time" Curses Red Baron.!!" :rant: God I love these emoticons. Anyway until later; live and learn I guess. PEACE:RONB
 
18 k with 3 diamonds,,... did not want to remove the stone....... That's it!!!! Rock tumbler for couple hours with Jewell polishing powder.... Put it in a black velvet box in is display counter with a spot light on it and ...

a tag $529.99 on sale for $399.99 .......no taxes if pay cash
 
Here is the value on the Dendritics Calculator, based on YOUR weights. Not only did you get cheated, but you got nothing for your stones. Use ARAGOLD next time, they pay 98% of spot and send your stones back.

Weight of Alloy 9.50 Grams - 6.11 Dwts - 0.306 Troy Ozs
Alloy Gold of 0.750 Purity
Weight of Metal 0.229 Troy Oz of Pure Gold
Price Used 1,102.79 USD / Troy Oz
Value of Metal 252.68 USD
 
I used ARA and i had no problems they will send your stones back. Just tell them when you send in your items. Short turn around time, will be using them again this summer. Good hunting to everybody.
 
I think you misunderstood, they send all your stones back. They frost the CZ so you know what's what. Whatever chemical they use won't frost a diamond. Ron was asking whether he should remove the stones that he wanted to keep before selling the gold. With ARA you don't have to. They send everything back.
 
Does ARA have a minimum amount of gold they will accept or can you send in less than an ounce? Thanks. --Jerry
 
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