Friday , October 24 2014
BREAKING NEWS
Home > Shopping > How to Sell Your Diamond for the Most Money

How to Sell Your Diamond for the Most Money

Do you have a diamond you no longer want? Maybe you got divorced and would prefer not to have an engagement ring lying around that reminds you of a bad marriage, or maybe you recently inherited a piece of jewelry from a relative and it’s just not your style.

Whatever the case may be, a diamond is a potentially valuable asset that could fetch you a lot of cash. The problem is that the market is crowded with lots of spammy middlemen who end up ripping off sellers who don’t know enough about the diamond industry.

sellyourdiamond

Follow these tips to make sure you get the most money for your diamond:

1) Get the Necessary Paperwork Together – Even though a trustworthy buyer should be able to determine the value of a diamond fairly accurately, supporting documents can help increase the amount of cash you receive by making sure they’re aware of things that can be easily overlooked. An appraisal can be a good first step. Original receipts and certifications from gemological laboratories such as the GIA and AGTA can also increase the offer you receive.

2) Remember Appraisals Are Different from Offers – Just because your diamond gets appraised for a certain amount of money doesn’t necessarily mean you’ll receive that much cash from whoever buys it. That’s because an appraisal basically determines how much an insurance company will pay if your diamond is lost or stolen. It’s not the same as the market value of your diamond at this moment in its current condition.

3) Educate Yourself on What Makes a Diamond Valuable – One of the ways to arrive at a ballpark figure of how much your diamond is worth in cash is to educate yourself on what drives the value of a diamond and what depresses it. Nicks and chips, for example, could take a major chunk out of the value. So could an old style that’s no longer popular. A large diamond, on the other hand, might net you more cash than several smaller ones. And a signature mark from a famous designer, such as Cartier or Tiffany, could get you more money.

Image courtesy of FreeDigitalPhotos.net

4) Find the Right Buyer – Perhaps the most important step is finding the right buyer for your diamond. The market is full of spammy middlemen who are trying to buy diamonds quickly and then resell them to jewelers. In order for them to make a profit, they overcharge people who don’t know how much their diamond is really worth. You can increase the amount of cash you get for your diamond when you sell directly to a jeweler.

5) Don’t Get Pressured into Selling – Beware of spammy buyers who try to pressure you into selling. It’s usually not a good sign if they’re trying to hurry the process along. That usually means they don’t want to give you time to find a reputable buyer who will offer you a fair price. We know selling a diamond can be an emotional process, but make sure you get a fair deal.

With Farewell Diamond you can be sure you’re selling your diamond to someone you trust. They’ll never pressure you into selling, and because they are owned and operated by Long’s Jewelers, a brick-and-mortar jewelry store in the Boston area, you can be sure you’re getting the best price. Find out how much your diamond is worth.

Image courtesy of FreeDigitalPhotos.net

About Ronnie E.

A mix of Israeli and Bolivian, of first world and third world. Having grown up in both countries, Ronnie has learned all about frugal living. She loves to figure out how to spend less money, and the challenge of finding great deals and cheaper options. As a contest and giveaway lover, she's also a huge fan of winning and receiving free items.
  • Shauna S.

    What great information. I don’t want to part with what few diamonds I have but it’s helpful to know about.

  • Eng Tinkham

    This is very helpful! Would love to share this to friends.

  • malia p

    These are great tips for those looking to sell a diamond!

  • http://www.agarwalankit.com/blog Ankit.Agarwal

    Now only if i had a diamond to sell could i use some of these tips! Great tips nonetheless, i will probably get my future wife to read this :D

  • Marika

    I know my grandma had a nice diamond – not sure where it is now that she passed away. If I get my hands on it, I know what I’ll do with it!

  • Cynthia L

    I have never really thought about selling diamonds or any jewelry. I do have an old ring that I know I will never wear, so i need to look into this. Thanks for all of the great information.