Perhaps Great Aunt Nancy gave you her three carat antique old mine cut diamond engagement ring? Or, you have diamond stud earrings that were an anniversary gift from your first husband but your second husband doesn’t like you to wear them. Or perhaps you just could use the cash more than that seldom-worn diamond dinner ring? No matter the reason you decide to sell a diamond, when and how you go about selling diamonds can have a dramatic impact on how easy and profitable the sale is.
Diamond prices have steadily gone up in recent years; Now is a good time to sell an unwanted diamond. While the timing is right, you may still be apprehensive about selling your diamond because you don’t know where to start. How much is it worth? Where should you sell it? Who will you have to negotiate with and how quickly will it sell?
You really just have two options in reselling diamonds: sell to someone in the jewelry industry or directly to the public. Sure, you could sell to a friend or family member who has shown interest in your diamond but this is an unlikely scenario for most people. It used to be true that members of the public pay more for diamonds than buyers in the industry primarily because public access to wholesale diamond prices was limited and their goal was to simply pay less than retail for their diamond. Today, more buyers seek pricing closer to wholesale and most will have an idea, right or wrong, about how much your diamond is worth in the wholesale marketplace. If you do decide to sell directly to the public, you could use a marketplace such as Craigslist, Ebay, or the local classifieds. Be prepared to filter out the oddballs and cons lurking in these marketplaces and be prepared for it to take some time to find the right buyer.
You may place your jewelry with a consignment shop or list it with an auction house. This could bring a better price than selling to someone in the jewelry industry because the diamond will be sold to the public. There will be a commission and no guarantees about how long it will take to sell your diamond.
If you’re in a time crunch, selling to someone in the jewelry industry is a good choice. It is quick and safe and you will not spend a lot of time marketing. You may choose a jeweler, diamond dealer, or pawnbroker. Selecting someone you trust is important. Personal referrals are great but always check their Better Business Bureau rating.
If you sell to a pawnbroker, this will likely net the least amount of money for your diamond. Selling directly to a diamond buyer or jewelry store will be a better choice. To get the best price from a diamond buyer or a jewelry store, you—or at least your diamond—may need to visit several to obtain the best price. This resale price won’t be retail, but it will be more than you will get from a pawnbroker.
The more that both you and your potential buyer know about the value of your diamond, the more likely you are to have a good transaction and get a fair price for your diamond. Unlike precious metals, which have a quantifiable melt value, the resale prices for diamonds have no single objective measure. Understanding the resale value of your diamond can be difficult. The resale value of the diamond is based on several factors including the four C’s: cut, clarity, color, and shape. The Gemological Institute of America (GIA) is recognized as the foremost authority in gemology. In the 1940s, the GIA established the four C’s and the International Diamond Grading System – it is the worldwide standard for evaluating diamond quality. Using a gemologist to evaluate and understand your diamond’s value is important to your diamond selling success. Selling to a gemologist is one of the best ways to assure that you get the best price for your diamond.
Your diamond’s resale value will also be based on the current market conditions. We’ve already noted that today is a good time to sell your diamond. Nevertheless, if your diamond is unusual in size, cut, color, or shape, like the three carat old mine cut engagement ring, the resale value will be more difficult to settle with a buyer. Unusual diamonds can be difficult to find buyers for. This is where Graduate Gemologist Greg Glemser and Doylestown Gold Exchange offer an incredible service for you. Bring the diamond you’re selling in for an evaluation by Greg. We will then search—and do the legwork to take your diamond to several diamond buyers if needed—to find you the best price for your diamond.