Should I sell my diamond ring on consignment? What are the pros and cons of this approach?

You should consider selling your diamond to Andrew & Peter Fabrikant Fine Diamonds. They are located in Manhattan and specialize in buying and selling diamonds. You can ship your jewelry if you are out of state.

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Leaving your diamond jewelry in consignment with either a jewelry store or an online retailer could end up being an effective way of selling your unwanted diamond jewelry. It could save you the hassle and safety problems that might arise while selling your diamond jewelry by yourself. Diamond retailers have the advantage of having a large amount of diamond shoppers visiting their website/premises every day and thus your diamond jewelry could get much more viewing than you could have achieved on your own. Your share is likely to be less than half of the selling price, but due to the fact the diamond retailers will price your jewelry at over 100 percent of its original value, you could receive a very reasonable amount for your diamond jewelry. Just like any other business deal, you must be certain to receive a written description and agreement of terms regarding the item you are giving on consignment, stating (amongst other things) the minimum amount you are willing to accept for your diamond. If all is done properly, there is really no reason for you to feel hesitant about selling your diamond through consignment.

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As a jeweler myself, I will give my honest opinion and wholeheartedly recommend leaving your diamond jewelry in consignment with a jeweler you trust. The main advantage while doing so is avoiding the hassle of trying to sell your diamond yourself, which like you mentioned could be a real pain in the neck. With all the past experiences I had with customers leaving their own fine jewelry in consignment at my store, none ever lost a dime and very often even made a little bit of extra money as profit in this manner. I strongly recommend handing your diamond jewelry for consignment right before the holiday season, when sales really tend to peak up. Whatever you decide to do in the end, I wish you all the best of luck with selling your diamond jewelry!

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I hope that my own personal story will convince you NEVER to leave your jewelry on consignment. It was about a year ago when I decided to put my $17,000 dollar diamond ring in consignment with a local jeweler in Texas where I live. He made rosy promises to me about how my ring will sell in no time and how much money I would get for it. When a few months went by without hearing from the jeweler, I decided to contact him and confront him about this matter. Surprisingly, he told me that the ring had just been sold and that the money will probably reach me in the following day or two via wire transfer. I waited for four days and still hadn't received the sum of money to my bank account. It was then that I tried to call the jeweler again, but unfortunately to no avail. My calls were repeatedly unanswered for the next few weeks and I realized that I had to take things to the next level. I retained a lawyer and together we filed for a formal complaint with the police in order to get them involved. I strongly advise you to refrain selling your diamond jewelry through consignment with a jeweler or a jewelry store, to save you the grief I experienced while doing so!

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Just the thought of giving your precious diamond jewelry for consignment and leaving it with a stranger to be sold is quite scary. I mean, there are lots of things that could go wrong and thus you will need to leave your diamond in consignment with a jewelry store you're extremely comfortable with and trust with all your heart. If you're dealing with dodgy jewelers, they could easily switch your diamond for a lower quality one and claim that the diamond ring you gave them was never sold. I strongly recommend not to take the unnecessary risk.

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