Selling Your Diamonds These Days

By Author: Garrett Tarbell
Total Articles: 21
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With the dispute on the so-called blood diamond in South Africa still brewing and an upsurge in diamond buying-spree in China and India, this year is the best time to sell diamonds. The blood diamond issue, which is said to be funding human rights violation, has complicated the import of wholesale diamonds in the States. Middle class Chinese and Indians, on the other hand, have developed a taste for those sparkling rocks.

In the past, jewelry stores would only buy gold as they are easier to appraise. Depending on the store’s preference, gold is weighed by the ounce and computed depending on the current price of their karat, giving it a more uniform pricing system. With diamonds, there is no standard appraisal system. This makes it confusing for people who are selling their diamonds, especially if this is their first time.

Crass as it may sound, there’s also an influx of people who want to sell their diamond. With the rising rate of divorce cases, a lot of women are ready to dump the jewelry their husbands gave them. Because of this, more jewelry stores have become diamond buyers.

Canvassing

You ...
... want to sell your diamond but you have no idea how much it’s priced now. What to do? Definitely, you don’t sell it at the first jewelry store if you want to get your money’s worth. It’s a good idea to have it valued by a neutral appraiser. They would often give you a conservative estimate but at least you get a ballpark figure of how much it’s really worth.

You can also do a canvass of jewelry stores and even pawnbrokers to gather prices on your diamond. Unlike the appraiser, this is free price evaluation. And once you hit on a price that suits you, that’s when you sell.

Be Realistic

There may be some sort of buying spree happening for diamonds these days but it doesn’t mean you can dictate the prices of your rocks. As Deborah Jacobs writing for Forbes put it, “Having unrealistic price expectations for your diamond is the fastest way to disappointment with any ultimate sale.”

Although professional appraisers have a fee, going to one can give you a better understanding of the resale value. This is their business so they know the current trend of diamond pricing. And as they’re neutral, they can provide you with a more realistic price for your diamonds. They can also offer you specifications of your diamonds like cut, color, clarity and carat.

Time Element

Not all diamond sellers are after the highest bid on their jewelry. Some are in a hurry to dispose of them, they’re willing to sell low to convert it to cash as soon as possible. So, determine your time element because this will be your basis of your diamond price. If you’re not in a hurry to sell, you can always give it to the highest bidder.

Sentimental Value

It’s understandable that you have an emotional attachment to your diamond jewelry. Divorce cases may not always be the case. Sometimes they’re inheritance from your mother and have been handed down from generation to generation. Other times they’re a gift from your husband who has passed away. It’s just that there comes a time when you need to sell.

So be sure you’re ready to sell. Because once you do, there’s no turning back.

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