Selling a 520ct Ruby: Valuation & Where to Sell

Question
dear expert i recently purchased a 520 carat ruby it has been faceted, it has an gla report of 104.500as an ins replacment value. where can i go to sell this.not looking to get rich just want fair price.thanks              wade brown

Answer
Hi Wade,

Sounds like you got a large ruby. I am a little confused on what you wrote. It has a gla or is it GIA report. The 104,500 is Autralian Dollars? That is an insurance replacement value? Without seeing it it is hard to tell you who might buy it. But if that is the retail replacenebt value then it will be less than 50% of that, way less. Go to a few gem shows and see what material like you have is selling for, look on ebay, other internet sellers so you can see what the market is paying. That will give you a good idea what its worth. And those are the places to sell it once you know the value. Make sure you look at the sold prices not the asking prices. Good Luck,

Peter