Generally, members of the public pay more for diamonds than industry insiders, as they’re looking to save on retail but can’t access wholesale prices, says Beaty. Since they intend to make a profit from your stone, they have no reason to pay anywhere near retail value. The downside to selling to an industry insider is that you’re unlikely to get top dollar. Always check their Better Business Bureau rating or seek out American Gem Society members, who are dedicated ethical business practices. “The most important thing is to choose someone you trust,” says Murray Rose, President of Rose Estate Jewelers in Chicago.
If you want to sell quickly and safely with little fuss over marketing, target a jeweler, diamond dealer or pawnbroker. The primary advantage of selling to someone in the jewelry industry is time. Choosing a buyer isn’t always about getting the top price, says Beaty, but is often a function of how quickly you can settle the deal, how much you trust the buyer, or your stomach for negotiation and marketing. Resellers of diamond jewelry have two options: sell to the jewelry industry or to the public. Above all, remember that in most cases, “the only reason anyone will buy your diamond is because they’re either going to make a profit from it or because it’s a good bargain,” says Beaty. Look at prices of completed eBay sales for diamond jewelry with similar characteristics check out comparable new diamonds in retail stores and online, and factor in a discount for your pre-worn jewel. A good appraiser follows current market trends and can help you understand the potential resale value of your diamond.Īlternatively, do the legwork yourself. “Discussing pricing strategies is about 80% of the benefit of an appraisal for resale customers,” he says. First, if having an appraisal, ask how much the stone might be worth in specific markets and circumstances. Beaty recommends two approaches to determining a shrewd price. Having unrealistic price expectations for your diamond is the fastest way to disappointment with any ultimate sale. Visit two or three shops to get a range of opinions in the end, you’ll have a solid idea of the specifications and state of your stone.
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If you’re short on funds and the diamond is likely worth less than $2,000, have the stone evaluated for free by a professional diamond buyer or even a pawnbroker. A qualified appraiser – preferably one that doesn’t buy or sell diamonds – can give you an unbiased opinion of the stone’s characteristics and condition, and highlight positive and negative attributes that could affect its value.īut spending money on a formal assessment isn’t always necessary,says gemologist Neil Beaty, owner of American Gem Registry, an appraisal service in Denver. So, before you rush to market, get an accurate picture of its quality and authenticity.
Just because Granny said her old diamond ring was valuable doesn’t make it so. To help unravel the mysteries of diamond selling, here are four tips to consider before hocking your stone.
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