While it may be true that the timing is perfect, selling your diamond can be a very stressful task. This is mainly because, unlike gold, which comes with measurable melt value, there is no objective measure when it comes to the resale prices for diamonds. Indeed, this is the reason why this may be a very perplexing and overwhelming encounter for inexperienced sellers.
Sorting out which diamond buyers are truly qualified can be a knotty task especially if one isn’t experienced and knowledgeable enough of what to search for. Below are some useful tips and guidelines you can contemplate on if you find yourself in the position to sell a piece of diamond jewelry or a diamond.
In order to untangle the perplexity of selling diamond, here are some useful guides to consider:
Be sure to know what you’ve got
This simply conveys that prior rushing to the market, it is essential to get a precise picture of its authenticity as well as quality.
To provide you with an impartial opinion in terms of the condition and the characteristics of the stone and of course to underscore the good and bad attributes that may affect its value; you can consider dealing with a qualified or professional appraiser in preference, the one who does not purchase or sell diamonds.
Meanwhile, if you are short on finances and your diamond is likely worth less than two thousand dollars, then, you may consider having it accessed for free by a pawnbroker or a professional diamond buyer. What is more, you may visit 2 or 3 shops to obtain an array of viewpoints; this is for you to have a solid idea of the state and specifications of your stone in the end.
(Also read – How to Buy Engagement Ring to Maximize Value)
Always set a realistic price
Initially, ask how much the diamond might be worth in specific circumstances and markets if you’re having an appraisal. Take into account that a good appraiser adheres to the present market trends and can assist you better understand the possible resale value of your stone.
Another way is for you to do the search yourself. Check out corresponding new diamonds online or in retail stores, search for eBay sales prices for diamonds that come with the same characteristics and consider reducing the cost for your pre-own diamond.
Always be reminded that in nearly all cases, the only rationale for someone to purchase a diamond is because it’s a good bargain or they can earn a profit from doing so, otherwise they would purchase it new.
Carefully study your selling options
Diamond jewelry resellers have 2 options: they either sell to the public or to the jewelry industry. Selecting a buyer is not often about obtaining high price; but, it is always a function of how much you trust the buyer, how fast you can settle the deal or your stomach for marketing as well as negotiation.
More than that, the main benefit of selling someone in the jewelry industry is time. Essentially, if you wish to sell safely and instantly, it is advisable to target a pawnbroker, a diamond dealer or a jeweler.
Keep in mind that the most valuable thing is to pick someone you trust the most preferably those who are committed to ethical business practices.
On the other hand, the drawback of selling to an industry insider is that you’re less likely to obtain top price. This is primary because they intend to earn a profit from your stone and due to this they have no reason to pay anywhere close to the stone’s retail value.
Alternatively, you may consider giving your jewelry to a dealer or a consignment shop to sell for you. This way, you may sell for a better price as compared to selling to an industry insider since the diamond will be sold to the public. However, please be noted that the dealer may take approximately twenty-five up to forty percent commission.
See to it that you are emotionally prepared to sell
Since diamonds are common symbols of love or passion, they usually come with sentimental value to you, often times, it can be tougher for the owner to sell it as compared to other pieces of jewelry. This is the main reason it is pivotal for one to leave her emotions out of selling.
In like manner, selling before you are prepared could bring regrets for a lifetime. It matters to be practical rather than being emotional. Realize that while the diamond was a very valuable part of your life and perhaps it represents something or someone special to you, at the end of the day, what’s more, important is realizing your need to move on.
Just think this way, diamonds may be expensive, but the truth is they are only material things. It is worthy of note that there are other more important things in life; your peace of mind is something money can’t buy and something you can’t live without.
James Pollard says
I’ve never sold a diamond, but here’s how you can get a great deal on one. First, go to Craigslist’s “jewelry” section. Then search for “engagement ring” as a keyword. Proceed to find engagements that didn’t work out. Make an offer, then profit. 🙂 coldhearted, I know.