Timing Right for Diamond Sales
The time has never been much better than now to sell your diamond. Thanks to an escalating taste for diamonds among the middle class in China and India, diamond prices have soared. As a result, an increasing number of sticker-shocked jewelers are restocking with diamonds purchased from the public, rather than buying from wholesalers. While the timing may be right, selling your diamond can be a major headache. Unlike gold, which has a quantifiable melt value, resale prices for diamonds have no one objective measure, making it easy for inexperienced sellers to become confused and overwhelmed.
Know What You Have
Just because your grandma said her old diamond ring is valuable doesn’t mean it is. It doesn’t even make it a diamond. So, before you rush to market, get an accurate picture of its quality and authenticity. A qualified appraiser – preferably one that doesn’t buy or sell diamonds – can give you an unbiased opinion of the stone’s characteristics and condition, and highlight positive and negative attributes that could affect its value. If you’re short on funds and the diamond is likely worth less than $2,000, have the stone evaluated for free by a professional diamond buyer or even a pawnbroker. Visit two or three shops to get a range of opinions; in the end, you’ll have a solid idea of the specifications and state of your stone.
Be Realistic With Price
It is never good to have unrealistic price expectations for your diamond. That is the fastest way to disappointment with any ultimate sale. If having an appraisal, ask how much the stone might be worth in specific markets and circumstances. A good appraiser follows current market trends and can help you understand the potential resale value of your diamond. In addition, do the legwork yourself. Look at prices of completed eBay sales for diamond jewelry with similar characteristics; check out comparable new diamonds in retail stores and online, and factor in a discount for your pre-worn jewel.
Look Into Your Selling Options
The primary advantage of selling to someone in the jewelry industry is time. If you want to sell quickly and safely with little fuss over marketing, target a jeweler, diamond dealer or pawnbroker. If possible, choose someone you trust. Always check their Better Business Bureau rating or seek out American Gem Society members, who are dedicated ethical business practices. The downside to selling to an industry insider is that you’re unlikely to get top dollar. Since they intend to make a profit from your stone, they have no reason to pay anywhere near retail value. The hard part is simply finding the right buyer. Online classifieds such as Craigslist can bring success, but you’ll have the hassle of filtering out the con artists. eBay is a good platform, particularly if you have previous selling experience there. Also, consider giving your jewelry to a consignment shop or dealer to sell for you. You might fetch a better price than selling to an industry insider because the diamond will be sold to the public, but the dealer will take a 25 to 40 percent commission.
Leave Emotions Behind When Selling
You can’t get around it. Diamonds are often symbols of passion or love and, as a result, they can be harder to part with than any other piece of jewelry. Nonetheless, emotions must be left out of selling. Sentimental value may raise the price of the diamond in your eyes, but a potential buyer won’t be so moved. In addition, selling before you’re ready could bring long-lasting regrets.
