As of 2021, the global diamond market was worth a whopping $75 billion.
And yet, used diamonds have a curse attached to them. Not only can they be associated with a failed relationship, they often sell for far, far less than their original purchase price! You’re worried that that old jewelry you’d rather get rid of might not come with a worthwhile return.
Fear not. Selling diamonds can be a painless–and lucrative–process. Read on for a guide on how to sell diamonds for cash.
How to Sell Diamonds
Selling diamonds for cash is a relatively straightforward process. There are plenty of gem professionals along the way that will make sure you get the most bang for your buck.
If you’re new to this, relax! You might not know where to sell diamond jewelry, but even beginners can fetch a fair price for their old apparel.
1. Determine the Key Features of Your Diamond
It’s not as simple as selling a diamond just because it’s a diamond! Diamonds sell based on a few key factors.
- The carat
- The clarity
- The cut
- The color of the stone
Generally speaking, you’ll make more money selling diamond jewelry for cash if it has a higher carat. The other factors will vary. If you have the original paperwork or certification from when you purchased the diamond, this information will be invaluable.
In the event you don’t have any further information, you might compare your diamond to similar cuts, carats, and colors.
It’s important to educate yourself as much as possible. Even just knowing the basics will pay dividends when the time comes to sell diamonds for cash.
Confidence is guaranteed to fetch you a better price. Walking into a negotiation without being able to “talk the talk” puts you at risk of being taken advantage of. Luckily for you, there are plentiful online resources for getting yourself up to snuff.
It also helps to see what price your particular diamond is getting online. Keep in mind that diamonds do depreciate over time, so comparing your diamond to a brand-new one won’t reflect the most accurate price.
2. Get an Expert Opinion
It might be tempting to take your diamond straight to the buyer. They’ll offer you a price upfront, and you may walk away with your cash and no further hassle. The convenience of easy money without further strings attached could reduce your payout.
However, gem appraisers can give a certified calculation of how much your diamond may fetch in the current market. If you want to get the most cash possible–and have that estimated amount be expert-certified–you need to talk to a professional.
Gem appraisers such as the world-renowned GIA allow you to mail in your diamond for rapid analysis. This is ideal for those on a busy schedule or for those who are not yet comfortable with seeing an appraiser in person due to the pandemic.
Once your gem has been returned with a determination, you’re only one step away from a sale! Keep this around when the time comes to negotiate a price. This is your secret weapon to make sure you’re not given a lowball offer.
It never hurts to get a second opinion! GIA offers a directory of several associations to choose from. If you’re not confident with the appraisal you’ve been given, it never hurts to ask the next guy over.
Again, education will save you a lot of headaches! Do your research. Associations may have a poor reputation online.
Even something as small as a Google search might bring to your attention that the person you intend to get advice from is actually disreputable.
3. Research a Reputable Buyer
You’ve determined exactly what kind of diamond you have. You’ve gotten an expert opinion to back it up. Before you hand it over in exchange for cash, you need to make sure the person you’re giving it to can be trusted.
There are too many diamond buyers to list here, so with a simple Google search, you can find possible scam buyers. In Google, search “buyer name scam” and replace “buyer name” with the name of your buyer. If anyone has been scammed by said buyer, these reviews will pop up.
Now, not all reviews are reliable. It’s a common tactic in the internet age for buyers to review-bomb their competitors with baseless, negative reviews. Here are some tips on how to evaluate negative (or positive reviews) before deciding to trust the information.
Get the word on the street! Ask around if friends or colleagues have gone through this process before. They may have essential tips on how to narrow down the best diamond buyers in your area.
Don’t be afraid to shop around. If your local jeweler offers a low price, it might be worth the drive down to another store to cover all your bases. Who knows, the next buyer you run into might be in search of your diamond and may pay a higher price to get it!
The best diamond sellers, though, will allow you to appraise your diamonds without leaving the comfort of your own home. Find a buyer that allows you to send your diamonds via post. These buyers often appraise your jewelry and send an offer shortly after.
It’s Time to Sell Your Diamonds
You now know how to sell diamonds. You know the specifications of your piece forward and backward. You have an expert certification, and you know exactly where to take it. Keeping these tips in mind, you’ll be sure to fetch the highest price possible.
Time is money, so if you’re in search of a buyer that can also give a fair, professional appraisal, look no further!