Diamonds are among the most beautiful and most sought after naturally occurring minerals in the world. They have been valued by humans since ancient times and they have had many uses over the years, with adornment being one of the oldest and most common. The value of diamonds is sentimental as well as monetary as wedding and engagement rings feature diamonds as a symbol of the everlasting bond between spouses. Jewelry containing diamonds such as diamond earrings and bracelets are often considered to be the most eloquent and most valuable types of jewelry.
Even though diamonds and diamond jewelry are valuable, they are very commonly owned items. People buy diamond jewelry for themselves or as gifts, and some may even inherit a jewelry collection from a family member that contains diamond jewelry. If you have diamond jewelry that you no longer want, you can sell it for cash instead of letting it sit around in your jewelry box.
Selling your diamond jewelry to a certified diamond buyer can get you a nice return. However, selling diamonds is something that you should not take lightly. The following tips will help prepare you to sell your diamonds and get the most value out of them.
Know the Value of your Diamonds
There are many factors that play into the value of a diamond, including carat, cut, color, and clarity. Your mother may have told you that her diamond ring is high in value, but this anecdotal evidence is not enough when trying to sell your diamonds for a high price. A certified diamond buyer will likely ask for authentication to prove the qualities and value of the diamond. The best way to get authentication for your diamonds is to have them appraised by a trusted appraiser that does not buy or sell diamonds. These professionals can accurately assess the carat, cut, color, and clarity of your diamond and provide you with an honest, unbiased appraisal.
Having a diamond appraised by a professional does cost money that may not be in your budget. If your diamond jewelry is likely to have a value of under $2000, it may be in your best interest not to pay for an appraisal. A professional diamond buyer can provide you with a fast appraisal of your diamond jewelry for no cost and with no obligation to sell. You can have your jewelry appraised by several different diamond buyers to get a better idea of the true value of your diamonds.
Expect a Realistic Price
It can be very easy to have a high price expectation for your diamonds which often leads to disappointment. Even a straight up appraisal of your diamonds may not account for current market conditions or trends. One way to get a more accurate idea of the value of your diamonds is to ask the appraiser questions during the appraisal. Ask specific questions such as how much your diamonds are worth in the current market and what will happen to the value of your diamonds over time. This information will help you better gauge the resale price for your diamonds so you know what to expect.
Another way you can gauge the resale value of your diamonds is to research the prices of similar items. Look for diamonds that are similar to yours on eBay and retail store websites to see their value. If you are looking at new items, you will have to lower the value when considering your own diamonds to account for the fact that they are pre-worn. Having an accurate idea of the resale value of your diamonds will give you a realistic expectation of the price when you go to sell them.
Consider your Options
When you are ready to sell your diamond jewelry, there are several options. The following are the most common:
- Direct Sale: A direct sale is a sale of your diamonds directly to a member of the public. This can be someone you know, or someone you find through websites like eBay or Craigslist. It is possible for you to get the best price for your diamonds through a direct sale, but this may require a lot of patience to find the right buyer. Most buyers will be skeptical of your asking price and may try to negotiate a lower price. You must also consider your personal safety when selling such a high price item to a stranger.
- Consignment: With this option, you will turn your diamonds into a jeweler or diamond buyer who will then try to get the best price for your items. The advantage of consignments is that jewelers charge you low fees and they can generally get a higher price than you would get through a direct sale. However, selling diamonds on consignment can take a long time, and this arrangement makes you dependent on the jeweler. When working out a consignment agreement, make sure you understand the time frame, set a minimum price, understand how you will be paid, and know what will happen if your items don’t sell. If you are in no hurry to sell your diamonds and you trust the jeweler to get you the best price, consignment is a good option.
- Sell to Diamond Buyer: Another option is to sell you diamonds to a certified diamond dealer. This is the quickest, safest, and easiest way to sell your diamond jewelry for cash. Diamond dealers have certified professionals who can accurately appraise your diamonds and offer you a fair price on the spot based on current market value. The one thing you must remember when dealing with a diamond buyer is that their goal is to make a profit off your diamonds. Therefore, they may offer you a slightly lower price than you expect to account for their investment and any repairs or recuts needed. However, selling your diamonds to a diamond buyer will get you cash right away and relieve you of the responsibility of finding an end buyer.
Regardless of the true value of your diamonds, they are essentially worthless if you let them continue to sit in your home and collect dust. If you are truly ready to sell your diamonds, follow the tips in this guide to get a good idea of how much your diamonds are worth and what price you can realistically express. The professionals of PGS Gold & Coin are certified diamond buyers that can quickly appraise your diamonds and offer you a price that beats our competitors. Give us a call our visit one of our three Chicago area locations for an appraisal.