Selling a diamond can feel overwhelming. With so many options available, where do you start? Below, we answer some of the most common questions we get asked.
What options are there for selling my diamond?
Some of the most popular choices include:
- Online diamond buyers
- Platforms such as EBay
It is important to weigh up the pros and cons of each in order to find the best option for you. We always recommend selling to diamond experts (ideally GIA trained gemologists) that have an A+ rating with the Better Business Bureau. They are best placed to get you a fair price and are the quickest way to get paid.
Online or in-person?
Up until recently, the only option for selling a diamond was to your local jeweler. These days, there are a wealth of online options available too.
The advantage of selling online is that you are no longer restricted to a jeweler who will only be interested in stones that sell well in the local area. Online diamond buyers typically have a broader reach, and as such, buy a larger range of diamond items. When selling to a reputable and trustworthy buyer, selling a diamond online is not only safe but also quick and free of charge.
Auction, consignment or online diamond buying company?
While all valid options, each presents a very different set of pros and cons:
- Online Diamond Buyers
The quickest of all four options, diamond-buying companies will offer you a firm and final price once they have examined the stone. If you are looking to sell your diamond quickly and have money in your account within 24 hours, selling to a reputable diamond buyer will be your best option.
Many jewelry stores offer consignment, making this a convenient diamond selling option. However, once again there is no guarantee that your diamond will sell or how long it may take for it to sell. It could take a matter of days or years, if it sells at all. And the jewelry store will take a percentage of sale price.
Selling a diamond at auction can be a great option if your diamond meets certain criteria. We only recommend that truly exceptional diamonds that are likely to attract a lot of attention go to auction. Prices at auction can rise dramatically if the right set of bidders are present on the day. The downside of selling at auction is that it is a time consuming option with no guarantee of sale. Furthermore, the auction house will be taking a percentage of sale.
The advantage of selling on EBay is that your stone will gain maximum exposure. However you will not benefit from a diamond expert’s knowledge and expertise, who can help you accurately price the stone. Additionally, you will be waiting for someone to be looking for that exact stone at that exact price. All in all, selling on EBay can be a waiting game
Is it safe to sell diamonds online?
When selling to a reputable online diamond buyer, absolutely. To establish whether a diamond buying company is trustworthy, make sure that they meet the following criteria.
- A+ rating with the Better Business Bureau
- Excellent online reviews from previous customers
- Offer a free service and do not take a percentage of the final price
Shipment of your diamond to their headquarters for a final price:
- Free of charge
- Fully insured
- Shipment is trackable and overnight
- Packages are always be opened on camera
How long will it take to sell my diamond?
It depends which option you choose. With both consignment and online markets such as EBay, you have to wait for a potential diamond buyer. The fastest way to sell a diamond is to an online diamond buyer who can purchase the stone and have money in your account in as little as 24 hours.
What’s a good price for my diamond?
Assuming that you bought your diamond at a fair price, you can expect an offer that is 20%-50% of retail price.
Why can’t I get the amount I paid?
The reality is that you will not receive the amount you paid. Just like when you buy a new car, the second you drive it off the lot it will depreciate in value, and the same happens with diamonds.
Though this may be disheartening news at first, but as long as you find a trusted buyer, you will be offered a fair secondhand price for your stone.