Selling Metal vs. Rings

[DukeOBass]

I realize that in some instances it's better to sell our finds for the metal content and weight. But where do you draw the line? For example, If you find a 1/3 carat diamond ring, it's probably going to be valued at around $500. There's no way the gold content will be worth pulling the diamond. Correct?

 

[therick]

What I want to do one day is take all of the diamonds that I've found, that's not very many as of now, and take the larger stones out of their settings and mount them into one , large, horking man's gold nugget ring. It'll make a great conversation piece and you'll only get about 1/10 of their actual value if you go to sell just the stones by themselves. The only way you'll get a good market price for one is if you find someone that REALLY wants one that you've found and they are willing to pay for it. Otherwise, unless you need the money, keep them.

therick

 

[dahut]

therick is right. The only place for us to realize anything even approaching a market value return on precious metals and gems is in the retail end as jewelry. That means selling to private buyers.

Separating the stones is pointless in terms of value, as they resell at a fraction of market price once out of their settings. Ditto smelting/scrapping the gold - the best you can do there is get spot price MINUS fees and so on. Essentially, you are become a discounting wholesaler at that point...

Some will say that it is found money anyway, so no matter how you dispose of it, it's still profit. They will be right.

Unfortunately, I am one of those who doesnt like to see a nice piece of high grade jewlery destroyed for scrap. I would rather see it purchased by someone and worn proudly. I suggest you do some research and learn the market price for your pieces, then offer them at a nice discount from market.

You will get far more than wholesale scrap prices and will likely do a brisk trade in the bargain. Ebay comes in real handy at that point...

 

[DukeOBass]

Yes, I have to find out what the costs are to get official appraisal papers for the jewelry so that it has some kind of backing. Otherwise, I would think people would be wary to purchase

 

[DavHut]

Yes, I have to find out what the costs are to get official appraisal papers for the jewelry so that it has some kind of backing. Otherwise, I would think people would be wary to purchase
That couldnt hurt.

Another idea is to collect a few jewelry store fliers that show a similar ring and go with that.

Still another way to go is the old "Make Me an Offer," method. This is what ebay is all about. Good things will sell for what they are worth to others, regardless of what you do about it - so you can go with that as a premise.