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Minimalist Lifestyle Blog
  • Go Minimalist and Turn Diamonds into Cash!
  • Tracy Freese
  • minimalist lifestyleminimalist livingreclaimrepurposeTracy Freeseunclutter
Go Minimalist and Turn Diamonds into Cash!

QUESTION:

Hi - I was on your website, wondering the best way to sell my mom's diamond that sits in a drawer.  I want to downsize but for now I'd like to sell the ring/diamond to pay for dental care.  Thank you! ~  Mary B

ANSWER:

Hello Mary,

Thanks so much for the question and your patronage of Home of Wealth. While my decision was far more counter-cultural than yours appears to be, I did get some great advice on selling a diamond. My real life commentary as the decision unfolded can be heard here:

https://soundcloud.com/homeofwealth/minimalist-tracy-freese-sells-her-engagement-ring-part-1

https://soundcloud.com/homeofwealth/minimalist-tracy-freese-sells-her-engagement-ring-part-2

I spoke to a highly ethical jeweler (who knew they existed?) that looked up my ring value in his wholesale catalog ($4,500) and then offered me $4,000 on the spot for it. His name is Dave Cutler and he can be found HERE.  Dave then went on to say he felt I could do far better on Ebay and get between $5,500 - $6,500. He said there are a lot of people out there scouring Ebay for diamonds and many interested parties would be from larger metro areas and willing to pay a higher price. Of course he told me to come back if I didn't find success and he would buy it!
I did some research on the best time and ways to list something on Ebay and discovered the following ideas:
  • List items for short auction periods. I chose a three day auction.
  • Take clear and extensive photos. Photos sell the products, period. Ask a friend to help you if you don't have a nice camera and they do. Use bright natural light and keep backgrounds very simple.
  • Begin pricing at $.99 with no reserve. I wasn't brave enough to do this so I added a reserve price of $5,000 to my auction. I completely see the value of the tip, however. Ebay used to be more free and fun than it is today after the implementation of 25-day auctions, buy it now features, and Ebay storefronts. The auction concepts have largely been replaced by one-stop eCommerce shopping. Ebay buyers take a lot of interest in fun, open auctions and run up the bids!
  • List items to strategically end on Sundays at 6PM Pacific. This strategy allows heavy bidding on all coasts at a convenient time during the week when most buyers are available to track your auction.
To remove the stone or not to remove the stone? Dave Cutler told me that leaving the stone in the setting was the best way to sell it because it made the stone look more authentic to buyers as opposed to a loose diamond. I had thought to remove my stone and replace it with a cubic zirconia but decided if I was going to go minimalist, go big or go the F home! So the whole thing was auctioned and I shunned social pressures to live through my STUFF completely. 
    I ended up selling my diamond to a lovely Jewish man in New Jersey for $6,000! I was totally happy with that price. Ebay and Paypal took about $500 in fees. To illustrate the rapid depreciation of diamonds, however, my husband originally paid $14,000 for it at a big box jeweler! Thus, I only made back 40% of what he paid which is very market typical.

    One last note, my diamond had a GIA certification with it and that was highly attractive to buyers. You can discover more information on those HERE. I would consider that type of report to be advantageous when getting a better price during your auction. Depending on the size of your stone, full reports run from $53 - $200 and I view that expense as an investment. The GIA site offers a searchable certification system and Ebay buyers were requesting my GIA number so they could verify my diamond's legitimacy.

    Mary, I wish you the best as you begin your minimalist journey by turning an inanimate object into a repurposed lifestyle! -Tracy Freese
    • Tracy Freese
    • minimalist lifestyleminimalist livingreclaimrepurposeTracy Freeseunclutter