There are many reasons why you may choose to sell a piece of diamond jewelry, such as earrings, a pendant, or a ring. Perhaps it has too many bad memories attached to it, or it was inherited from a relative – whatever the reason, deciding to sell your diamonds is a significant one.
While purchasing diamonds or diamond jewelry is straightforward, selling them is a bit more complicated. You cannot simply walk into a jewelry store and get full price for your diamond or diamond jewelry. You need to do your research and be prepared when you enter to negotiate for the best price. To do that, you need to know just what you have and just how much it’s worth before you attempt to sell it.
Once you’ve decided to sell your diamond ring, you need to find out how much the diamond or diamonds are worth on the market today. Your diamond needs to be examined by an expert, and to do that properly, the diamond needs to be removed from the setting.
Removing a diamond from a setting can be simple, but doing so puts both the stone and the setting at risk of damage. The best thing to do is to take your ring to an independent jeweler. An independent jeweler knows how to carefully and safely remove a stone from its setting and understands the importance of authentication and evaluation of diamonds and other gemstones and how that influences sales.
Regardless of whom you are selling your diamond to (and we will discuss the different types of buyers later), the other party will most likely want to see the diamond’s certification if it has one, to see it’s weight, cut, color, and clarity of the stone.
The G.I.A. uses four criteria to evaluate diamonds. In order of importance, they are:
· Carat weight
The quality of the cut of a stone directly influences the way it appears. Poorly cut diamonds can appear lifeless in a setting, while an ideal cut stone will appear radiant in a setting even if other grading factors are lower. Every diamond has a crown (the top part) and a pavilion (the bottom part). How these two parts relate to each other impacts the sparkle and brilliance of the stone. Other elements of a diamond’s anatomy include:
· Facets, which are the polished surfaces
· Culet, a facet at the bottom tip that is typically not visible with the naked eye
· Table, the largest facet on the top
· Depth ratio, which is the height from the table to the culet
Different diamond cuts have different facet numbers, ratios, and other unique features that make them more brilliant or create special effects. Every diamond cut has its pros and cons, so it comes down to personal preference. Knowing what cuts are trending when you wish to sell your stone could help you get a better price.
The color of a diamond refers to how colorless the stone is. The more transparent the stone’s color is, the higher the color grade.
The majority of natural diamonds will have specific internal characteristics, which are formally called inclusions. The size of the inclusions, the type of inclusions, their location in the stone, and the total amount of inclusions all affect the grading and cost of a diamond. Diamonds are graded as “flawless” if no inclusions can be seen at 10X magnification.
Many people think that carat weight is connected to the size of the stone, but this is inaccurate. Carat weight is strictly based on the weight of the stone, and as we learned above, the stone's cut can directly influence its weight. Two stones of relatively the same size may have a different carat weight depending on their cut.
Once you have the grading for your diamond, a fair and accurate appraisal may be made to determine its monetary value. This may come from the G.I.A. as well, or you can seek out a local appraiser.
Now that you know how much your stone is worth, it’s time to start looking for diamond buyers.
You want to get the best price for your diamond, and the key to doing that is shopping around. Take your diamond to several different types of buyers and compare prices before you commit to selling it.
With a jewelry store, you also have the option of placing the diamond ring or loose stone on a consignment basis. This could be a wise choice if the jeweler’s store gets a good deal of daily traffic and if your jewelry piece type is considered in-demand.
Another option for selling your diamond ring is a high-end or luxury pawn shop. Pawnshops are similar to consignment in that selling the piece is left to the shop owner. The difference is that the pawn shop pays you an agreed price for your piece before they take it.
If you need to sell your diamond quickly, a luxury pawn shop may be the answer. Pawn shops may also offer you trade on your jewelry if money is not your primary goal.
Auction houses will buy and sell jewelry and loose gemstones and have the reach and visibility to garner substantial attention for your piece. However, they prefer to list the jewelry as intact, so if you had the stone removed for the appraisal, you might want to reset it before taking it to the auction house representative.
Putting your jewelry into an auction may mean waiting a while for the actual sale, as well as waiting for payment. The auction house will also take a percentage of the final purchase price, which could cut thousands out of your profit in the end.
Diamond brokers specialize in wholesale diamonds and travel the world to find the best stones for their clients. Depending on the quality of your stone, a diamond broker may be an excellent choice to sell your diamond. Many brokers specialize in specific cuts of stones, such as novelty shapes or the most petite stones, known as “melee.”
It is possible to find potential buyers on your own, and the internet has made it easier than ever to source for them. Most of the same platforms used for selling other types of items are used for gemstones and jewelry.
Sites such as eBay are places to start and good opportunities to see what similar items are going for. Your chances of getting a high price are much slimmer going this route, however. Classified ads are also an option and, depending on your locale, might be a good choice.
If you live in the Nashville, TN area and are interested in selling your diamond jewelry, Green Hills Gold and Diamond Buyers are the premier buyers in the area. Part of the Green Hills Diamond Brokers family of business, we have extensive experience buying, selling, and trading diamond and gemstone jewelry, as well as gold and luxury watches.
Along with Green Hills Diamond Brokers and Green Hills Jewelry and Loan, we strive to provide the best customer service, offering an easy and discreet way to sell your diamond jewelry so you can rest assured you’re getting the best offer possible. We offer free appraisals of your diamonds with no risk or obligations attached.
For more information about our high-value pawn and jewelry services or to schedule a free, confidential appraisal, call us today at (615) 386-3456.