To have the extra cash, selling your diamond & jewelry is a convenient way. There can be various reasons for which people sell their diamonds & jewelry. Sometimes the reason could be paying off debt or renovating the home after a long time. Others might sell their inherited antique pieces of jewelry thinking it is back-dated and does not match their style.
Whatever the reason is, if you want to sell your diamond & jewelry then the first thing to consider is to have patience and be smart about the whole thing. The market of diamonds can be very aggressive. If you fall into the wrong hands then chances will get high that you will get paid less than half of the actual piece. That is why we will be guiding you step by step so that you can sell your piece at the most profitable rate.
Have a Grading Certificate From any Reputable Lab
Diamonds are considered serious business. If you are planning to sell your diamond & Jewelry then one possible scenario is that the buying member will demand to see any proof or authentication of the diamond’s qualities from your side. The best and quickest way to establish trust is through grading your diamonds by an authoritative gemological lab such as GIA(Gemological Institute of America)
The grading certificate from such institutions contains important information about the precise weight, cut quality, clarity, and color of your stone. Since the grading report is provided by a neutral 3rd party, It eliminates the chance of any biased opinions from both parties.
Moreover, it is also essential to get an evaluation performed by a local appraiser. If you get your diamonds appraised then it will be easier for you to understand the value of the jewelry depending on the current market conditions.
A better understanding of value will help you to propose and analyze deals. If you want to have a more accurate estimate of your diamond’s value, you can easily compare it with a price list called Rapaport Report which is used by jewelers to benchmark prices.
Selling your used jewelry for cash by approaching a jeweler
Some jewelers also take in used jewelry from individuals directly besides buying from distributors. If you are planning to do business with jewelers, you have to be fully prepared with knowledge of your diamond’s appraisal value and preferably, a certificate from a renowned gemological lab such as GIA.
You have to absorb the part that no matter how good a relationship you have with the jeweler, at the end of the day they are businessmen and just like you. They will make sure to get the most out of their deals. In many cases, they offer to buy your diamond & Jewelry at a value that is below the dumping price.
The dump price they offer is roughly 40% off any diamond’s Rapaport value. It is strictly advised not to agree on selling your diamonds & jewelry at this offer. In most cases, most of the jewelers will start the bargain at a low price but slowly will move higher as negotiations go on.
The smart thing to do in such negotiations is never agree to the initial offer. If you are not confident enough for such an aggressive bargain, then you can take someone you know who can win the negotiation for you and land on a good deal.
Get cash by selling your diamond & jewelry online
Since the internet is more accessible to people, many companies have shifted from physical to online platforms to gain customers in the virtual world. If you are looking to sell your diamonds and jewelry online, the best is to trust certified and reliable online platforms. There are quite a few benefits of selling through the online portal, these follow-
- Certified online platforms have the added benefit of full insurance coverage which is applicable from the moment you leave your jewelry item until it arrives at their office. The shipping service is also free.
- Provides complimentary diamond grading by the best gemological labs in the world. Moreover, they take care of cleaning and photographing your items, and have all diamonds graded at leading gemological labs such as GIA.
- Has access to a vast network of vetted, professional jewelry buyers.
- The whole process is hassle-free and monitored by the online site for which you do not worry about finding the right buyer. Their process includes grading, cleaning, photography, and attracting a worldwide network of professional buyers. This makes it so exciting because all you have to do is deliver pickup and the rest will be handled by them.
- Provides a dedicated account manager who will assist you to walk you through the whole process step by step and keep you updated on each progress.
Consigning your diamonds & jewelry via a local jeweler
Selling diamonds on your own is much harder than collaborating with a jeweler. The main reason behind this is trust issues. The trust issue is quite a normal phenomenon since you are more likely to trust a jewelry store to buy than a stranger from an online listing you found.
You want to eliminate the hassle then you can go consignment with a local jeweler. The consignment process involves an agreement where the jeweler will place your item within their inventory and attempt to sell off your jewelry on your behalf.
After your jewelry item is sold, the jeweler will take a commission off from the sale. Through consignment, how quick the diamonds & jewelry are sold are depended on the 2 factors which are-
- How much day-to-day traffic does the store get
- How much demand is there for your specific diamond & jewelry.
There will be some service fees when you are planning to sell your jewelry through consignment. Following this method will save you from jewelers by placing your item within their inventory and attempting to sell off your jewelry on your behalf.
But one thing you have to consider is that consignment can sometimes take weeks or even months to sell. You will have the opportunity to sell it at a higher price but you have to pay the price of time to compensate.