If you have a used diamond ring collecting dust in a jewelry box, then selling your unwanted diamonds can be an easy and efficient way to make some extra cash. Most people do a spot of spring cleaning, but the old jewelry box typically remains shut.
What’s the difference between an old v neck sweater and a diamond necklace that both haven’t been worn for several years? Well, the V neck sweater will get donated to charity, while the old diamond necklace might just about pay for your next vacation.
When it comes to selling jewelry, knowledge is power. By understanding the carat weight, cut, clarity and color of your diamond you will have ever chance of recouping the maximum value when you do sell your diamond jewelry. Before selling your jewelry, you should definitely have it appraised by an independent GIA or AGS trained gemologist. The official document that they will provide detailing the quality of the diamond will be your key to a successful sale.
What are your options?
Diamond Buyers
Diamond buyers are there to make the best deal for them, but probably not for you. Whether you are attempting to sell to a reputable diamond broker in a major city or to a cash for gold buyer who also buys diamond jewelry, selling diamonds can be a quick process. We always advise a seller to visit multiple locations to test who would offer you the most money for your used diamonds. A diamond broker or a jeweler is just like any other salesman, they won’t want you leaving the store without closing the deal. Never accept the first offer and never accept the offer without leaving the store first to think about it. In all likelihood, they will call you back offering more.
Pawn Shop
You can also sell to a pawn shop, but this is not their expertise. In all likelihood they will not have a gemologist in the store to inspect the diamond and you will receive a very low offer. Avoid!!
Local Jewelers
Most local jewelers will also buy used diamonds and pre-owned engagement rings. If you are selling to a respected jeweler, then the process may feel more honest and friendly. They will in all likelihood explain the reasoning behind their offer. If you consider the fact that you as an individual initially paid a huge premium for your diamond ring, let’s say you paid $5,000 for the diamond and $3,000 for setting plus taxes. The jeweler through their connections can purchase the same diamond brand new for $2,500 and a new setting for $1,000. Why would they offer you $3,500 when they can purchase the same thing brand new anytime for $3,500?
Jewelers often have a sweet spot for certain types of diamonds, for example a 1 carat round diamond that is GIA certified. Many couples go in search of this kind of diamond, so as a result a jeweler can offer you their best price for this kind of used diamond as they will be able to sell it quickly. If however you are trying to sell a 2 carat uncertified Marquise shaped diamond, then you will be out of luck. It is a difficult sell and nobody wants to be left holding on to it.
Finding the End Buyer – Online Marketplaces
A number of online marketplaces have popped up over the last several years. Some of these sites such as swap.com help you sell your old baby clothes, etsy is your vintage or handmade products specialist and HaveYouSeentheRing is your go to help sell engagement rings. All these sites have something in common, they connect the seller with the end buyer, thus allowing the seller to get the most value for their pre-owned items.
Whenever selling to a diamond broker, jeweler or even a pawn shop, always remember that you are selling to a middleman and you are leaving a considerable amount of money on the table. The only way to maximize your sales value is to find the end buyer!
