Selling Your Diamonds? Here’s How to Get the Best Deal

Pieces of diamonds in different sizesParting with diamond jewelry is not only emotionally difficult; it is also daunting for first-time sellers. Although more people are selling their diamonds, there is no standard metric in determining diamonds’ resale value. You can, however, get the best deal for your diamonds with these three steps.

1. Get to know your piece.

To be able to set a reasonable price for your piece, you have to determine its color, cut, clarity and carat.

You can get your piece appraised with no charge when you approach jewelry or pawn shops, such as AAA Jewelers. They recommend that sellers shop around to get and compare quotes. Doing this will give you a better idea of the value of your piece.

Another way to have your diamond jewelry appraised is through qualified appraisers. The Gemological Institute of America provides a list of national appraisal associations and networks on its site. These appraisers, for a fee of $2000 or more, can give you the needed information on your diamond. They will make you an appraisal report with a sealed statement of value. Make sure to inform your appraiser that you are having your diamond assessed for selling to clarify that you are not looking for insurable value. (And yes, the value of diamonds for reselling and for insurance differ.)

2. Set your price.

Even though you now have an estimate of your diamond’s resale value, keep in mind that buyers want a good deal. Those who are buying for personal use wouldn’t want to pay the full price for a previously owned piece, while resellers need to make a profit.

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Consider the appraised value in setting your price but also look at the selling price of similar pieces online, to give you an idea of the current price range.

3. Find a reliable buyer.

You may sell your diamonds online or to an established jeweler. Selling online is suitable for those who don’t have the knack for face-to-face negotiations. Selling your piece to jewelers, on the other hand, is the best option if you want to sell your piece quickly. This also gives you security knowing that you will be paid in full.

Selling your diamonds involves comprehensive research, but knowing that you will be selling a once-significant-part of your life for the right price will make it all worth the effort.