Looking to sell your diamond jewelry?
Have absolutely no idea where to start?
Great! Don’t beat yourself up - this isn’t supposed to be common knowledge. Let Luriya, a leading jewelry and diamond buyer in New York City's Diamond District, guide you into the dos an don'ts of selling diamond jewelry.
Starting a trade, like starting a business, is NO easy feat. It takes a lot of work, time, work, dedication, work, patience, and - you guessed it - WORK! In the diamond industry, however, it’s much harder than it looks. Nowadays, the diamond trade has become a lot stronger due to the entry of a plethora of jewelry and diamond buyers and sellers who contribute to the thriving precious stones industry. Although one can argue that it makes the industry much more congested, the emergence of small businesses - in theory - should always be a good thing for the economy.
However, it can be particularly intimidating (and to be perfectly honest, daunting) for first-time diamond investors and sellers to navigate the industry although a lot of people simply gather up their gems, take it to their local jeweler, and sell it to anyone that would sell for better money compared to the others. Considering the number of dealers and buyers around, it has become easier for a lot of people to deal with precious stones.
But are people really getting their diamond’s worth?
If you aren’t comfortable just selling to someone that offered you five bucks more than the last dealer, read these few tips from Luriya about what you can do to equip yourself with enough knowledge in order to NOT get ripped off (because really, who wants that?).
The first thing you need to do is research about the market. Selling diamonds is much like selling any other valuable commodity. There will only be peculiarities on what makes the diamonds sellable or in demand. Learn where diamonds sell best. Diamonds are generally of quite a bit of value, but its value will differ from one state or one country to another depending on its scarcity. Learn about the current price trends in your area. Is it higher compared to other states? If price trends in your area look good, it will be much easier for you since you can just look for a local buyer.
Whether you are selling diamond jewelry or just the diamonds themselves, you need to understand completely how much your diamonds cost in the market today. On a personal level, you may value your items more than a jeweler because of its emotional value. The sentimental or emotional value will not matter when you take your diamonds to the local jeweler or pawnshop. They will appraise your items based on their authenticity and clarity alone, and not on any other factors. What you can do is to take your items to an expert appraiser first. Let the buyer evaluate your item and give you a price range for its cost. This will help you set a realistic expectation for the deal. Always remember that a jeweler will most likely offer you a lower rate than the diamond’s original value since they will have to resell it afterward. For starters, read up on the diamond’s four Cs: Cut, Color, Clarity, Carat.
It does not take a genius to figure this one out. As a seller, you need to make sure you get the best deal for your treasured diamonds. Do not simply hand them over to the first jeweler you come across. Do your part of the research and look for reputable companies with many satisfied clients. You may want to verify their corporate ratings and credibility through the Better Business Bureau (BBB), an institution that provides information on a company’s performance and reputation ratings. Considering the fact that diamonds can now be sold and bought through the internet, there have been a lot of conmen out there waiting to swindle oblivious victims’ diamonds. Hence, it pays to be extra careful. As a first timer, you are a target for these crooks. Hence, know the right establishments to transact with, and make sure your diamonds land a legitimate expert’s hands.
Being a first-time diamond seller sure is challenging. However much as in everything else, knowledge is power when it comes to the diamond trade. Understand your market and know exactly where to go for the best deals. Since this will be your first time to sell diamonds, might as well make it a profitable one.