Jewelry Appraisals - Reality Bites
Now you have your used jewelry, you paid $5,000 and have your appraisal that says it is worth $10,000. When you go to sell you want to sell it for as much as you can.
When you approach a diamond buyer, they are going to offer you below wholesale value for your used diamond and jewelry. As an example if you paid $5,000 and your insurance appraisal says it is worth $10,000 you might be offered an amount in the range of $2,500 - $3,000.The difference from the offer price, and the price originally paid is the markup the jewelry store placed on the item - their profit.
Remember the $10,000 value is an inflated value - it does not represent a realistic value and you should never expect anyone would pay you that amount.
Getting A True Value
If you are looking for a third party opinion regarding the value of your diamond, you can take it to an appraiser. However, do not simply ask for an appraisal or you are going to get the 100% above retail value which is highly inflated.
When you want to know what the jewelry is really worth, you need to ask your appraiser for the resale, cash value or even liquidation value. An appraiser will then tell you what you should expect to receive from a cash diamond buyer or estate buyer such as ourselves.