3 Tips for Selling Your Diamonds

There are many reasons that you might be ready to sell diamonds that have been sitting around in your jewelry case or safe deposit box. You might need cash now, want to invest in something else or simply want to eradicate memories associated with certain pieces. Whatever your reasons, here are three essential tips for having a prolific diamond selling experience.

1. Know the Quality of Your Diamonds

Always have your diamonds that you believe to be of a high value (above $2,000) looked at by a qualified appraiser before trying to market it. They will give you a better idea of its value and quality in addition to offering you a professional opinion concerning its positive attributes and any potential drawbacks to the stone.

However, it’s not always necessary to pay for a formal assessment and diamond grading, as a reputable diamond buyer or pawnbroker can often offer the same services for free. The key is getting an evaluation from someone that you trust before attempting to sell diamonds.

2. Set a Realistic Price Point to Sell Diamonds

One must keep in mind that they are selling a used diamond, so it’s not likely to draw in its full retail value upon resale unless it is in a designer setting or a highly unusual diamond considered spectacular for some reason. Set a realistic price through the appraisal and by looking at other resale goods at retailers or online and then factoring in the fact that the diamond is used.

3. Know Your Diamond Selling Options

One option to sell diamonds are to offer them to the public through a consignment shop agreement, through a private sale, or via online or public auctions. A secondary option is to sell them to someone in the jewelry industry such as a retail store, private dealer, or at a local pawnbroker who specializes in diamonds. Those seeking fast cash and a fair price on standard diamonds often get the best deals from pawn shop buyers.