Located in the heart of New York City’s Midtown Manhattan, the Diamond District is known worldwide as one of the premier destinations for anyone buying or selling diamonds and other precious stones. The Diamond District is also known for being the largest shopping district for a plethora of precious stones and other rare pieces.
In this blog post, let Luriya guide you through the ins and outs of the Diamond District and some tips to get the best possible price.
The Diamond District is home to jewelry buyers and sellers that deal with anything and everything diamond, gold, and jewelry related. The street is open within regular business hours but keep in mind that it would still vary from store to store. Generally speaking, businesses are open as early as 8am and may stay as late as 6pm to 7pm.
If you absolutely have no idea about the Diamond District, it can be particularly daunting for first-time goers. Thankfully, we have invited Luriya’s expert appraiser, Fima Kandinov, to help us with tips to help you navigate this busy street.
Hawkers, hawkers everywhere
“The first thing you might notice when walking down the Diamond District is the insane amount of hawkers trying to get you to buy or sell to them. This is a pretty common practice for jewelry stores to fish potential clients,” begins Kandinov. “The rule of thumb is to never sell to the first person/place that gives you a decent price for your jewelry.”
Keep this in mind. Even if you actually get “fished” and brought into a store by a hawker, you can always leave after the appraisal and tell them that you’re still trying to look around. If they’re a respectable institution, they would never force you into selling to them.
“The only reason we’re highlighting this is that you might get better offers out there and isn’t it more comforting to know that you actually put the time and the effort to look for a better payout?” says Kandinov.
Equip yourself with enough know-how
Let’s be real. You wouldn’t be able to know everything there is to know about the jewelry you’re trying to sell. Whether you’re selling diamonds, estate jewelry pieces, or rare coins, you need to accept the fact that you have to do a bit of research first before going to an expert appraiser. If you went straight to an appraiser, how would you know if the appraiser is giving you the right price?
Another thing you can do is to have your jewelry appraised by multiple appraisers. Having your jewelry appraised not only gives you an idea about how much your piece is worth but also helps you in settling for a realistic price. Usually, however, appraisals are inflated for the sole purpose of insuring your piece for its value if it’s stolen or accidentally damaged. Appraisals also look for the proper documentation for your jewelry so be sure to have those at the ready!
If you’re looking for appraisers, the Gemological Institute of America (GIA) has produced a list of accredited associations that provide trusted appraisals all over the world. Check out the list here.
If they rush you to close the deal, rush to get out!
“This is probably the most common sign of a dishonest dealer. Rushing the customer to make a deal without allowing them to think it through is a big red flag,” says Kandinov. “As an appraiser myself, I would try to explain your piece’s worth with as much detail as I can to help you better understand how valuable it is.”
We can’t stress this enough - if a buyer tries to rush you into closing a deal, run! It’s important to ask for a detailed description of your jewelry before you sell your piece to anyone. In this way, you have a clear idea of how much your piece is worth and you would know in a snap whether someone’s trying to scam you or lowball you. Unfortunately, much like in any other shopping district, the Diamond District also has these types of people so beware!
“The kind, size, weight, and quality of your jewelry or precious stone should be clearly spelled out to you,” says Kandinov. “Jewelers tend to talk in jargon about jewelry pieces and it’s perfectly understandable that you aren’t familiar with those terms. The best thing to do? Ask! A reputable buyer will always accommodate you and answer your questions.”
In NYC’s Diamond District, the “best place to sell diamonds” does NOT exist
Knowledge is key. Equipping yourself with enough knowledge about the buying and selling process will not only help you in making an informed decision but also keep you from being taken advantage of. Again, never sell to the first person/place that offers you a decent price. Sure, it might be close to the price that you want and, on rare occasions, it might be more than the price you were hoping for but NEVER sell. The best place to sell does NOT exist - you have to put in the work to get the best price for your stone.
Being in the Diamond District for more than 20 years, we here at Luriya have heard A LOT of horror stories about people being scammed for hundreds if not thousands of dollars. Be wary of lines like you will never get a better price anywhere else or the classic my price is actually fair because your diamond isn’t worth the money I’m offering you. If the buyer you’re talking to utters these phrases, just run and avoid the disappointment.
Pro tip: Be emotionally ready to let go of your jewelry. Before making the final decision to sell, make sure you’re emotionally ready to let go of your piece. Understandably, some jewelry pieces you own may carry a much heftier emotional price than its actual monetary worth so be sure that you won’t regret letting it go.
Luriya is a reputable jewelry buyer right in the heart of New York City. We deal with fine jewelry, gold, diamonds, watches, coins, as well as other precious stones. Our experts are trained gemologists and appraisers that are knowledgeable in proper gem assessment practiced by the Gemological Institute of America (GIA) and licensed by the NYC Department of Consumer Affairs.
Luriya is also a vetted member of the Jewelry Security Alliance (JSA), the Jewelers of America, the New York State Jewelers Association (NYSJA), and the Manufacturing Jewelers Sales Association (MJSA).