How to Get the Best Price in Selling Your Diamond?

During unfortunate times, you might be forced to sell your diamond ring or engagement ring. Since it is necessary to do so, maybe the only thing that you should worry about is how are you going to get the best price for it.

You can get more info about selling diamonds on this article, so read on. With that said, here are three ways that you can use to get the best price for your diamond jewelry:

1. Manage your expectations

Diamond’s secondhand market can be unforgiving as they can buy your jewelry at 25% to 40% of the original price. A diamond’s retail value does not always reflect its secondhand value. The reason why retail values are higher than secondhand values is because of the high mark-ups.

Mark-ups are the only way that a jeweler can make a profit to take care of rent, wages, marketing, large overhead costs, etc.

Unlike other industries, the jewelry market works at a low volume level. It means that they do not sell that often so when they have the opportunity to sell, they make sure that they get a high profit by increasing their price.

Even though the reality of the diamond market can be disappointing, it is still possible for you to sell your diamond at a reasonable price.

2. Gather as much information as you can

To get the best price for your diamond, you must get more information as you can. Gather all the important paperwork like authenticity cards, appraisal valuations, certificates, and receipts. When you have all those paperwork, you would make it easy for your buyer to offer an accurate price for your jewelry. Moreover, that information can increase the value and worth of your diamond.

Here are some of the things that you should collect:

  • Box and papers

If you own a designer jewelry, your buyer would surely ask for proof about its authenticity. Selling it to a collector can mean that they would give you the best price if the jewelry comes with box and papers in good condition.

Take note that you can still sell jewelry without box and papers but having those can certainly add value to your diamond.

  • Diamond certificates

Having this certificate would make it easy for you to make a sale. The certificate must be issued by a reputable lab. It contains details about the characteristics of your diamond such as fluorescence, clarity grade, carat weight, cut grade, and color grade.

3. Choose the right buyer for your diamond

Another way to ensure that you get the best price for your diamond is to look for the right buyer. Here are some of the most popular options:

  • Jeweler

You can sell your diamond to a jeweler as consignment but it would be a lengthy process which means you should have enough time. Moreover, it might make you pay high fees with no assurance of a sale.

  • Auction House

An auction house has a lot of knowledge about the diamond industry, but they also charge high fees and a sale is not guaranteed.

It might be best to look for other places to sell your jewelry. You can also get a quick quote online if you want.