How to Sell a Diamond—The Ultimate Guide to Finding a Buyer
Do you have a piece of diamond jewelry that doesn't fit your style at all? Or, maybe a loose diamond you’ve inherited and completely forgot about? If so, you’re probably toying with the idea of parting ways with those items instead of letting them sit around in your drawer for years to come.
Deciding to sell is easy, but finding the right buyer might be tricky for those who are new to the selling process. Most importantly, you’ll want to find a reputable buyer who will offer you the fair price that you deserve.
Once you start exploring your options to sell, you’ll likely have a number of questions:
- How will I know that my potential buyer is trustworthy?
- How much can I get for my diamond?
Can I sell my diamond without it being certified by a lab?
Fortunately, The Estate Watch and Jewelry Co. knows that it’s necessary to have someone guide you through the process, so that’s why we’ve compiled all the relevant information in one place.
To get the answers you need to sell your diamonds successfully (and quickly), we’ve created our detailed guide that’ll definitely come in handy when searching for a buyer you can rely on.
3 Main Reasons Why People Sell their Diamonds
You’re probably wondering why a person would even think of selling their diamonds.
Or, maybe you’ve also decided It’s high time to declutter your jewelry box and sell your diamonds to make room for some new pieces you’ll wear more frequently. If that’s the case, you were probably prompted to do so by some of the reasons listed below.
Letting go of bad memories
A bad divorce or a broken engagement can leave you feeling bitter each time you take a look at your diamond engagement ring. And you don’t want those memories haunting you forever, right?
If you’re constantly wearing a tangible reminder of a past relationship such as a wedding ring, it won’t be easy for you to move on.
That’s why it’s always a better idea to sell the diamond as you’ll feel like you’re finally putting the experience behind you. Plus, you can treat yourself to something new once you’ve sold the ring.
A new style
Our guess is, your style isn’t the same it was 10 years ago. Trends change and so does our style - meaning we’re probably not buying the same clothes and jewelry we bought ten years ago.
If your diamond doesn’t fit your style preferences any longer, why let it sit in the jewelry box when you can sell it and invest in pieces you’ll wear daily.
Money for a rainy day
The third and possibly the most common reason are money troubles. Ever since the surge of diamond prices in 2011, people have realized that diamonds are a good investment and selling your diamond can help when financial markets and times are tough or if you’re simply looking to reinvest the money elsewhere.
We’re well aware that sudden expenses can put a strain on any budget so saying goodbye to your diamond until financial times improve can be a very wise thing to do.
What Type of Diamonds Can I Sell?
As you can see, people do have a variety of reasons for selling their diamonds which brings us to our next question regarding what diamonds we can actually sell.
In case you’re not familiar with the term “loose diamond”, it’s actually a diamond that has been cut and polished but not yet made into jewelry (or, already removed from a particular piece).
Each diamond jewelry piece, for instance, a diamond engagement ring, starts with a loose diamond—that’s the first part of the process.
Some jewelers sell loose diamonds and if you bought a loose diamond years ago, maybe now’s the time to cash in that investment and get some money that you can put to better use.
Naturally, diamond jewelry is probably one of the most common form of diamonds that people sell. As we’ve mentioned before, some jewelry pieces bring back bad memories which prompts many people to finally let go of them.
Also, if you own a broken piece of jewelry that’s likely beyond repair, it may be better to try to sell the piece instead of spending a large amount of money attempting to fix it.
Let’s face it, we all own some fine jewelry we were once in love with but that we just don’t wear anymore and have simply replaced them with items we fancy more. Or perhaps, the gemstone was a gift from a relative who just didn’t get your style right.
Whatever the reason may be, finding a buyer for your diamond jewelry should not be a problem if you do proper research.
Where Can I Sell my Diamonds for Cash
Once you’ve made the decision to sell, the next task is to find a trustworthy buyer who’ll not only offer you the best price, but who’ll answer your questions and help with any doubts you might have about the process.
The first place people usually turn to (and the one that can oftentimes be the most reputable option) is going to the local jewelry store.
That way, you’re able to speak to a professional jeweler who’ll be able to evaluate and determine the value of your diamond and at the same time explain the process of selling your diamonds.
Plus, it’s much easier to discuss selling your piece in-person, rather than being forced to turn to an unknown person online.
If you have some other jewelry you’d wish to sell as well, we’ve got you covered—visit this link and read through the guide to get some helpful tips.
Should you find yourself in Arizona, feel free to stop by our Scottsdale jewelry store that’s just a quick hop from Phoenix. If you have a piece of diamond jewelry you’re ready to part with, our staff of experts will make sure you get a fair price.
To learn more about where to find us and how to reach us in case you wish to make an appointment, click here.
If you’re interested in finding out more about the advantages of selling your diamonds to a jewelry store, make sure to check out the paragraph below for more in-depth information.
Selling your diamond online is also an option, but a risky one to say the least. As we’ve pointed out in the previous posts, turning to an online buyer on platforms such as eBay, Craigslist or classifieds means you’re oftentimes putting your trust into an unknown party and by no means can you ensure they’ll be giving you a fair deal.
A recent report from 2021 shows that the average number of online scamming attempts has risen to almost 30,000, proving the fact that, although the Internet has made some aspects of our lives easier, it has also made it easier for hackers to steal your information and money when you decide to sell.
What does this mean for you as a seller?
Well, once you ship your diamond and it’s out of reach, you will virtually have no control over what will happen next. You may end up never receiving the actual money for your diamond or your personal data may be easily abused by the “buyer.”
Also, these buyers are typically not GIA-certified professionals and are inexperienced with the process. They may also claim to never have received the diamond you shipped.
Financial losses suffered by victims of online scams-image credits by statista.com
All things considered, we wouldn’t recommend dealing with these types of online buyers.
Whenever it’s possible, it’s better to handle important transactions like these in person—it’s not only safer, but quicker as well.
When experiencing financial issues, many will make the mistake of turning to a pawn shop for a quick loan without taking into consideration the extremely high interest rates and the fact that you won’t be able to retrieve your item unless you pay on time.
You’re mistaken if you believe that a pawn shop is going to offer you the retail price or the wholesale price. In fact, they sometimes offer you as little as 25% of the actual resale value of the item you bring in.
Certain pawn shops demand that you pay extra fees for storage or for the option to renew your loan if you need additional time to pay.
Instead of pawning your diamond and risking a loan with a very high interest rate, it’s advisable to opt for a more reliable option to make sure you truly get a fair deal you deserve and avoid the hassle of putting your diamond up as collateral.
4 Advantages of Selling to your Local Jewelry Store
If you’re still not sure where to turn to for a fair deal on your diamond, we’ll take you through some of the primary advantages of selling your diamond to your local jeweler.
Verify credibility easily
When looking for a diamond buyer, you’ll want to be able to check if they’re reliable and even worth your time. Nowadays, the easiest way to do that is to go online and see what people are saying on Google.
Google reviews are an important factor that directly impact the credibility of a local store and it’s the first thing potential sellers should look at. This helps show sellers what actual customers have experienced when doing business with a particular jewelry store.
We’re glad to say that The Estate Watch and Jewelry Co. has a 4.9 rating with more than 500 reviews of previous customers and each day the number of satisfied customers who decide to entrust us with their jewelry keeps rising.
Avoiding the “middleman”
If you opt for selling your diamond to the local jeweler, it means you automatically cut out the middleman whose only goal is to offer you the lowest price possible in order to increase their own profit.
So, when looking for the best price, you’ll want to avoid the middleman buyer and sell directly to the end-buyer, a.k.a. your local jewelry store who will be able to resell the diamond in their own store.
A middleman buyer without a store is forced to sell to another company that actually has the ability to resell the piece, which leads to lower prices for you.
When selling your diamond, you’ll need to get it evaluated and graded properly. Once you bring in your piece of diamond jewelry, a trained GIA gemologist will take a look at your diamond, inspect its quality and make an offer.
Plus, the jeweler will also inspect the diamond’s lab certification (if you have one).
One of the biggest benefits of turning to your local jewelry store is the fact you can expect to be paid the same day, which is good news for those looking to sell quickly.
After the piece is evaluated (as explained above), you’ll be presented with an offer and if the price works for you, you’ll be paid right on the spot after you’ve signed a couple of papers.
Do I Need Papers or a Certificate to Sell My Diamond?
After you’ve made the decision to part ways with your diamond, you’re probably wondering whether it’s possible to sell it if you don’t have a lab “certificate”.
If you have the diamond’s original certificate, usually issued by the Gemological Institute of America(GIA), then by all means don’t forget to bring it when meeting with the buyer.
GIA sample report-image credits by tingdiamond.com
GIA is the most well-known diamond grading lab in the world, but there are other labs as well. Other labs that also grade diamonds are:
- AGS (American Gem Society) - a reliable laboratory that was first to provide diamond cut grades (scale 0 to 9)
- IGI (International Gemological Institute) - not as credible as GIA and AGS as their grading is considered less consistent and their certifications don’t provide retailers the same security as the abovementioned certificates
- EGL (European Gemological Laboratory) - the lab is often thought to overestimate the diamond quality and provide you a certificate that doesn’t have the same level of credibility as GIA or AGS
Therefore, if you do have a diamond certificate (and if it comes from a reliable lab such as GIA or AGS), it could potentially increase the buyer’s offer. The official grading report provides evidence of the diamond’s authenticity and gives the buyer insight into the diamond’s overall quality.
GIA serial number close up-Image credits by zcova.com
However, it may be the case that you’ve just lost the original certificate, or your diamond never came with one.
In this case, there’s no need to worry - a certificate is not needed to sell your piece and jewelers will still be interested in buying your diamond at a fair price.
Which Factors Affect the Final Price?
Now that you know how and where to sell your diamond, you should also be aware of what the buyer’s final offer depends on.
Several factors that are usually taken into consideration:
Diamond resale value
Before you put your diamond in your pocket and head down to meet a buyer, you have to be familiar with what the resale price entails.
Before the buyer can offer you a final price, they will have to take into account the diamond’s current market value as well as the retail markup that also affects the resale price.
The diamond’s quality will be inspected and higher grades will result in a better price.
In addition, it will depend on where you decide to sell.
If you choose a large volume buyer with a strong retail store customer base (and is able to resell the piece directly), that’s good news for you. That will likely result in a better price for you from the diamond buyer.
Another factor that affects the price as well is the shape of the stone (shapes can sometimes go in and out of style with the market). Stones like round shapes tend to hold their value compared to other “fancy” shapes that are more affected by current trends.
When talking about diamonds, we can’t help but mention the “4 C’s” which directly impact the final price you’ll be offered for your diamond. The 4 Cs refer to the diamond’s:
- Carat weight
You should find all of this information in the diamond grading certificate (if you have one):
American Gem Society certification sample-Image credits by americangemsociety.org
If you want to learn more about the 4 Cs and why they’re important, read through our thorough guide on the topic.
Designer (“signed”) pieces
Another factor that can positively influence the final offer is whether or not your diamond is a designer piece.
If your piece of diamond jewelry is made by a famous designer (e.g. Tiffany, Harry Winston, Van Cleef & Arpels, etc.), you can expect a significantly higher price as these items are highly desirable by customers, making it easy for the piece to be resold at a better price due to their collectability.
Hopefully our easy-to-follow guide has helped answer your questions about finding the right buyer for your diamonds.
When saying goodbye to your diamond jewelry, it’s necessary to choose a reputable place to sell that isn’t a middleman that offers fair evaluations and immediate payment (if they don’t, be very careful before transacting).
If we can help out in any way, don’t hesitate to visit us in our jewelry store in the heart of Old Town Scottsdale, which is just a quick drive from the city of Phoenix.
Our team of certified professionals is more than happy to assist you and guide you through the process.
We’ll make sure you get a fair deal and leave our store satisfied.