I need advice right away. Pawn shop or jeweler?

[lizziegrace]

As most of you know, I lost my job due to a medical condition at the end of November. I fall under the ADA and am still trying to reach the attorney who specializes in this. In the meantime, there will be no Christmas at my house. In fact, I'm trying to get my daughter to go spend it with her father and his wife because I just cannot muster an ounce of Christmas cheer and it's not fair to her.

So my question, I have a 1/2 carat oval engagement ring that was appraised at $2k when it was bought in 1982. Our store used a 10 point system for grading diamonds. This was and 8+ on both color and clarity. I also have several solid gold chains, including a very pretty solid rope chain with beveled edges. (I know there's a better term for it, but have not sold jewelry since college). Would you take these and pawn them or try and find a jeweler? I wanted to have the diamond remounted and given to my daughter when she finishes college, but having heat and food is more important right now.

Any suggestions?

Thanks!

LG

[lizziegrace]

1. please don't let this sink like a stone

I really need the advice

[necso]

2. It might be worth checking ebay,

but I've never bought or sold jewelry there, so I don't really know.

And a newbie gets low end prices typically. Plus the Christmas rush is probably on -- to be followed real soon by the holiday drought.

I do know that I had a jeweler buddy and he sold me a wedding ring for like a third of what it appraised at (and he paid even less). So don't expect overmuch.

Maybe you could sell some of the gold chains here, I dunno.

And my guess is that either a jeweler or a pawn shop will give you less than you can get elsewhere.

But you gotta see if there is any government, etc, help that you can get. I know it's tough (and demoralizing) to do (they weed people out by making it a pain), but there are delays, etc, so the sooner that you start the better.

Maybe you should retitle your thread like: "I need advice."

If you sell on ebay, take money orders only, and screw that hooking your bank account into Paypal stuff. It doesn't take much to jam you up, I understand.

And the gold is probably your better bet; you can figure out it's value yourself by %gold x gold-price/unit-weight x number-of-units. But they use troy ounces (31.1 grams) and grains typically. However, you can do conversions online.

I sold some silver once at a coin/precious-metals store and got fair value -- but you should know what it is beforehand.

[seemunkee]

3. I would try a jeweler

My wife sold a diamond that she was given by a great aunt and got a good price for from an estate jeweler.

[miss_american_pie]

4. I'd look into ebay

You may have luck there with holiday shoppers, and you can set a reserve.

I'm sorry you're having a rough time.

:hug:

[lizziegrace]

5. Thank you.

I was always told you lose everything at least once in a lifetime. If you count the emotional as well as the financial, I've lived many lives. Please send good vibes and prayers my way. I need them.

LG

[In_The_Wind]

6. Check out both for the highest offer.

My guess is a jeweler will only give you 1/3 of the diamond's value.

I'm sorry you're having to face this decision.
Are there any heat assistance programs that could help you.
Also don't forget about local food pantries that can help you through.

[sendero]

7. Yeah..

.... but a pawn shop will probably give you a lot less.

To be honest, diamonds are not a good investment. The appraised value is all but meaningless. The gold, OTOH, is hot right now and depending entirely on weight you (the OP) might get fair dollar for it.

[In_The_Wind]

8. Gold is always a better investment.

She can get a fair market value for the weight of the gold. She should also check the price of silver.


The very last thing a good friend told me on our final visit this spring was "Buy Gold".

[sendero]

9. And with gold..

.... over $530, much higher than in the spring, your good friend was giving you good advice. :)

[In_The_Wind]

10. ...

Damn! I miss Andy! x(

[JVS]

11. It depends on how well dressed you want the man swindling you to be.

Check Ebay. There are suckers on Ebay and then you can do the swindling