If you intend to sell your old diamond jewelry or diamonds for cash, there are several considerations to make before you sell. The fact that diamond is precious, valuable, and rare doesn’t mean it is easy to sell, and it takes more work to ensure you get the most value from selling your diamonds for cash.
What is the value of your diamonds?
Before looking for diamond buyers, you must educate yourself about the value of your diamond. A diamond’s value is based on different aspects, including color, clarity, cut, and carat. You can use a qualified appraiser to find out the value of your diamond if you don’t have the invoice information from the original purchase.
You should also do the leg work and find out the price of comparable diamonds in retail stores online. Essentially you should expect to fetch around 30% of the retail value of your diamond when you sell.
Get a diamond appraisal.
A diamond appraisal is a certification indication of the diamond’s characteristics, including measurements, cut, carat, clarity, and color. It also estimates the worth depending on the current market trends, whether for insurance or resale purposes. However, do not expect to fetch the exact appraisal amount when you sell your diamond.
Assess reputable diamond buyers
Next, identify reputable diamond buyers and evaluate them. Your options for selling diamonds include a diamond jeweler, retail jeweler, or an auction. You can sell to a retail jeweler, but not all of them buy diamonds, especially preowned ones. Some may display your diamonds in their store for a fee, but that would mean enduring a long time before getting a buyer.
Selling diamonds through an auction is only good when you have an antique piece, and you have to find a store that offers such services. Diamond dealers are the best option because they specialize in buying and selling diamonds. An online diamond buyer may offer a good deal and execute it swiftly if you accept.
What is your diamond resale value?
The price a diamond buyer offers to pay for your diamond depends on several factors we mentioned before. They include the diamond’s characteristics, current market trends, demand for the gemstone, and the buyer’s integrity. The resale value will be way less than what you paid for it. Here are some basics to help you understand your diamonds’ worth:
- Color- diamonds come in many colors, from colorless to shades of brown and yellow. Colorless diamonds are rare and fancy ones are blue, red, and pink.
- Clarity- diamonds have external properties known as blemishes and internal flaws known as inclusions. Diamonds without blemishes and inclusions are rare, but the characteristics can only be seen through magnification.
- Carat- the carat weight of a diamond is the most objective property among the 4Cs, and it refers to the diamond’s physical weight.
- Cut- this examines the skill and precision of the diamond’s cutter. The more precise the cut, the more beautiful a diamond is and the more valuable.
Generally, you should expect to get 30-50% of the diamond’s retail value at a resale. Most importantly, perform your diligence to identify a reputable buyer.