Unless you are a diamond expert or familiar with the industry, selling diamonds can feel like a daunting task. Establishing how much your diamond is worth, finding a trustworthy diamond buyer and finding a quick and safe way to sell can be difficult. Our extensive experience in the diamond industry means that we know the do’s and don’ts of diamond selling. Below, we share our top 4 tips for selling your diamond.
- Don’t Rush
Regardless of your situation and how quickly you are looking to sell your diamond, it is never in your interest to rush. Accepting a low offer from the first company you contact is a mistake. Finding the right diamond buyer is key, so it is important to take time to research diamond buyers thoroughly.
- Know Your Diamond Selling Options
We recommend working with a reputable online diamond buyer that meets the following criteria:
- A+ rating with the Better Business Bureau
- Great reviews online from other previous diamond sellers
- GIA trained gemologists on staff
- Payment is made by wire transfer or check within 24 hours
- Entire process is free of charge (no hidden costs or fees)
- Your diamond is fully insured when mailed in
In our experience, working with professionals who specialize in diamonds is the best and safest way of getting a fair price for your stone. Of course there are other options for selling diamonds. Popular alternatives include:
- A local jeweler: Your local jeweler may offer a consignment service. However this can be a lengthy process that takes months, or even years, with no guarantee of sale and a percentage taken by the store if it does sell.
- A local pawnshop: Their offers on diamonds are typically low as these are not diamond specialists with the necessary knowledge to grade your diamond accurately. As such, they will not risk making high offers that could result in them incurring a loss.
- EBay: A good option if you are not in a rush to sell. While your diamond item will be exposed to a larger market, you are still waiting for someone looking to buy your exact piece at the exact price listed. But the main issue with selling on a platform such as EBay is that you do not benefit from the help and guidance of diamond specialists when it to comes to establishing a price.
- Know the exact characteristics of your diamond
Knowing exactly what you have is half the battle. When selling diamonds, you want to go into the process knowing as much as possible about your specific diamond. At the very least, you should know the 4 C’s: cut, clarity, color and carat weight of your stone.
Start by checking any documentation you have on your diamond, as this will likely detail key information such as the 4 C’s. If you do not have any paperwork, there is a simple way of finding this information. A local jeweler will normally be happy to let you know the 4 C’s free of charge.
- Understand how these characteristics affect its value
Knowing how carat weight, cut grade, color grade and clarity grade affect a diamond’s price is important. This will help you understand your diamond’s value and how it will fare on the secondhand market. Visit the GIA for more info.