5 Tips to Sell Your Diamond for Cash

Have you decided to sell some of your diamond jewelry? The reason doesn’t matter, what does matter is that you get a good return. You’ll find a lot of sellers willing to buy your diamonds from you. However, it’s tricky to sell your diamond jewelry at good prices. We’ve put together some essential tips that can help you get the most from your jewelry.

1. Assess Your Diamonds

Before you go and sell your diamond, educate yourself about the piece you own to know its worth and market value. You need to know the cut, clarity, colour and carat (the 4 C’s) of your diamond. Consult a qualified appraiser who doesn’t buy or sell diamonds himself/herself, to get an objective opinion about what you have. The more information you have, the better you’ll be able to handle a diamond dealer and safeguard against low price offers.

2. Get a GIA Certification

A certification from the Gemological Institute of America (GIA) for your items can give you an idea of the worth. It’s the most trusted valuation body in the diamond industry. Although the GIA doesn’t provide monetary valuations, it’ll tell you the 4 C’s of your stone, along with its flaws. To get a certification from the GIA, you’ll need to send off your diamond to the institute and pay for it. The certification isn’t necessary to sell your diamond, but it’ll protect you from buyers who might try to offer you a low price by claiming that your diamond quality is low.

3. Set a Realistic Price for Your Diamond

If you seek help from a qualified appraiser, ask him/her to help you price your diamond. Research similar stones over the internet and find out the valuation and market trends. Wholesalers have lower overhead, so they’ll pay you more; retailers have higher overhead and they’re likely to pay you less for your stone. It all depends on the current industry trends. So, always set realistic figures before visiting a diamond dealer.

4. Research the Best Place to Sell

There are numerous ways to sell your diamond jewelry. It’s important to explore all the options that are available to you. There are local pawn shops which are unlikely to pay you good cash for your diamond. You can consider a local consignment shop where they’ll take your jewelry and sell it at their store and you’ll get the cash when it sells. This option is only favourable when you’re not in a hurry for cash. You can also sell your stone online through websites like eBay and Craigslist. They can get you better cash than a pawn or consignment shop but they come with their own risks.

5. Negotiate

Keep pushing for the price you want. If a buyer doesn’t offer you a good price, then just walk away and move on to another buyer. Don’t rush, even if you need cash fast. If you’re in a hurry, buyers will purposefully offer you a low-price thinking that you’ll accept the first offer that they’ll give you. Take your time and try out different buyers. However, if you find that most buyers are offering almost same prices for your stone that is much lower than your expectations, then you need to think. It could be possible that your expectation is unrealistic and you may need to change it for good.

Diamonds come with memories. Parting with your memories isn’t easy. Prepare your mind before selling those precious items. Make sure that you get the most money for your assets.

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