Selling Your Diamonds
“What? You’re selling your diamonds?”
This might be the surprised reaction you get when you tell someone that your diamond is for sale. If you’ve decided to sell your diamonds, the reasons are actually immaterial. What matters most is that you get the best price for the diamond.
Now, even if you’re tight on cash, don’t rush to sell your diamond because you may lose alot of value on a transaction you don’t fully understand.
Here are some considerations to bear in mind:
Have your diamond appraised by jewelers so that you will have a good idea of how much its present market value is. Approach your jewelers and ask them for the Rapaport Value (which is the wholesale value of a diamond).
Based on the GIA certificate of the diamond you have on hand, you can easily gauge the highest price possible a retailer would sell your diamond for. This is also why a diamond certificate is very valuable regardless of whether you are buying or selling.
No to Pawnshops or Consignments
Don’t sell your diamonds to pawnshops because the majority of them can only offer you 10% of the actual price of your diamond. You should also not allow unreliable shops to sell it for you on consignment because of the various scams in the market. I’m sure you don’t want to be the next victim!
The first prospects you may want to approach are your friends and family members. Who know, someone might just be interested. If nobody is, you can then look for prospects outside your family and friends circle.
Some diamonds are so rare and valuable that you will find it impossible to sell them to individuals. What you can do is to take it to an auction house and pay a fee to get it sold in auctions. Very frequently, this can also give you a better price for your rare diamond.
Classified Ads and Ebay
Diamonds that aren’t rated as high-end diamonds can be advertised in the classified ads. That said, you need to be cautious when dealing with individuals and selling to strangers.
This is your last option if you want your diamond to be turned into quick cash.When dealing with a jewelry shop, make sure you don’t keep your sight off your diamond. Unscrupulous businesses may trick you by replacing your diamond with one of a poorer quality.
Make sure your diamond certificate is with you in order for the jeweler to give you an accurate price for your diamond. If you don’t have a diamond certificate, get one before transacting your diamonds to anyone or any jewelry store.
Ideally, you should be given a fair price of at least 60-80 percent of the Rapaport value and nothing less. If they can’t give you that price, leave the store and look for another buyer.