Lee asked in Business & FinanceInvesting · 6 months ago

My friend has a diamond ring worth $59k, how does he turn it into money/USD?

Update:

Where should he sell it? Will a jeweler give someone $59,000 thousand in cash? Will they give what it's worth, or will they only give a percentage of the value?

9 Answers

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  • B
    Lv 7
    6 months ago

    sell it.

    however, the appraisal for 59k is not what he sells it for, a buyer will probably only give half like $30K

  • RICK
    Lv 7
    6 months ago

    No way will he get $59,000 for it

    A reputable jewlrey store will give him more than a pawn shop but as they need to resell it for a profit about 70-80% of the $59,000 is the most he would get

    The only way to get $59,000 would be from a private sale but most people won't buy something that expensive from individuals

  • 6 months ago

    He takes it to the jewelry store that will pay him the most, and it will be a LOT less than $59k. Something is only worth what somebody is willing to pay for it. He can sit there all day and say it's worth $59k, but if no one wants to give him that much, it's not worth that much. Is it?

    Or he can take his chances on his own, trying eBay. He can set his own price and take offers, and if he gets $59k, it will cost him about $7,700 in fees.

  • Ludwig
    Lv 6
    6 months ago

    Raffle it.

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  • 6 months ago

    He will get much less than what it is worth if he sells it to a jeweler.

    If it is truly worth $59k, he can probably expect around half of that we he sells it.

  • 6 months ago

    He can go to a pawn shop and sell it, or a private jeweler and sell it. It is unlikely that he would sell it to anyone on Craigs List or FB.

  • Dylan
    Lv 6
    6 months ago

    You sell it

  • 6 months ago

    No

  • 6 months ago

    he has to sell it

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