Are you strapped for cash and in need of money? If you have some old diamond jewels lying in the box, bring them out. Selling diamonds is one of the best and fastest ways to arrange the cash that you need. Though most of the time, diamond jewellery holds sentimental value but holding on to that in times of need is not really helpful.
It is indeed not an easy decision but you have to make up your mind, be mentally prepared and let those emotions go. Here are 3 important tips that will guide you to sell diamonds in the best possible way and fill up the cash deficit.
Value of The Diamond
You cannot just go out to any place where it says ‘we buy diamonds’ and sell the stones. When you have made up your mind that you will be selling them, you should know what their actual valuation is. Start by having an accurate picture of the authenticity and quality of the diamonds. How can you do this?
Approach a qualified appraiser who does not buy or sell diamonds. He is the best person to assess the stones and give an unprejudiced opinion on the value of the diamonds. He will put forward the positive and negative characteristics, tell you the condition of the diamonds and how they are affecting the value.
Getting diamond appraisal services may cost you. In that case, you can get a free evaluation from a professional who is into buying and selling diamonds. You can also visit a couple of these people to get an idea. You can also visit a handful of pawn shops for the same. The collective data will give you a fair idea of the price.
Setting a Realistic Price
Sometimes diamond jewellery comes with a lot of emotions. So, when you think ‘I will sell my diamonds’ chances are that you will set an unrealistic price for them in your mind. This leads not only to be disappointed when you get the price estimates but also to take incorrect decisions. What can you do?
Get in your mind that a person who is into buying and selling diamonds will only pay for the stones, not your emotions attached with it. Research on what would be the best value of the diamonds based on the current trends, pricing strategies and specific market conditions.
If you are seeking an appraiser’s help, discuss the current market trends, pricing strategies and the situations that are favourable to fetch you a good price. You will understand the potential resale value of the diamonds. Keep in mind that a buyer will only purchase old diamonds from you when he knows it is a good bargain or they’ll make a profit from it.
Different Selling Options
Now there are two selling options in the market. One is to sell diamonds directly to the public and the other one is to sell to the jewellery industry. Choosing a correct buyer consists of the following things as well as getting the best price.
- How quick the deal can be settled
- How trusted the buyer is
- Your take on marketing and negotiation
There are pros and cons of both options. The pro of selling diamonds to someone in the gem and jewellery industry (pawnbroker, jeweller or diamond dealer) is that you can sell safely, quickly and with minimal fuss. Look for trusted people who are members of the American Gem Society with good Better Business Bureau Rating as they dedicatedly practice ethical business norms. The con of this option is that you may not get the top price. They may not pay anything near the retail value as they will make a profit from the deal.
The advantage of selling diamonds to the public is that you may be able to fetch a high price than what a jewellery insider quotes. Public individuals do not have access to wholesale prices and also wants to save on the retail price. But again, finding the right buyer is the con part. You can list the diamonds on online classifieds. However, you have to take the pain of filtering, shortlisting and finding someone genuine.
You can also consider selling diamonds through a dealer or consignment shop. This is better than selling to an insider as it brings a better price. But the dealer will take a certain percentage as commission which you can negotiate.
An Additional Tip
Keep your expectations to get only one-third of the retail value. People dealing with buying and selling diamonds are only interested in the centre stone. The accent stones have minimal value. The metal too is almost valueless as they will melt it.
Bear these tips in mind when you are deciding to sell diamonds that are old. If sold in the right way to the right buyer, you can get the cash that you need.