10 Things to do Before Selling Your Diamond

Sell Your DiamondYou have decided it’s time to turn your diamond into cash. Whether you need to pay a bill, pad your bank account or just sell a memory; the reason doesn’t matter, what does matter is to know what to do before selling your diamond.

As tempting as it might be to rush out to the nearest pawn shop and unload your precious gem for cash, there are some steps you should take first so you can get the most money for the valuable asset that you have.

10 Things to do Before Selling Your Diamond

  1. Make your sparkler shine. Clean your diamond so it shines. First impressions count, and the same goes for a diamond, so take a few minutes and clean it before you start to shop it around.
  2. Learn you’re A, B and 4 C’s. Cut, clarity, color and carat are what determine the value of the diamond. If you don’t understand the 4 C’s, there are plenty of resources on the Internet, so get to Google and do some research, and if you knew them, bone up so you are up to speed. If you know what you are talking about when you are in front of the diamond dealer, you have a greater chance of getting more money for your diamond.
  3.  Get Appraised. Diamonds love to be admired, so get yours appraised. If you already have an appraisal, be sure you know where it is located to take it with you when you go to sell your diamond. If you don’t have an appraisal, you can either go back to the jeweler who sold you the diamond or go to an independent jeweler. Most appraisals are free. Just remember though, an appraisal is the replacement value NOT the value of what you will get when you sell the diamond!
  4. Are you Certified? If you don’t have a GIA Certification, you won’t be considered certifiable, but if you do have one, then it will raise the value of your diamond. If your diamond has a certification from other sources, such as the EGL then that does NOT raise the value. The only trusted source for certification is the GIA. You can send your diamond off to be certified, but it costs money and it isn’t necessary, and if a jeweler tells you they can certify your diamond without a GIA certificate, be very wary!
  5. Research, Research, Research. Did I mention research? You know the replacement value of your diamond and if you have a GIA certification you know the exact quality of your diamond, so now it is time to decide the best way to get the highest price for your stone. Go to diamond forums and ask who they recommend, talk to friends, speak to jewelers you trust, call the Better Business Bureau and make lists of people to call to speak to before you show your stone to anyone. A good diamond buyer will be able to give you a general idea over the phone of what they are willing to pay based on the 4 C’s and a GIA certificate.
  6. Eenie, Meenie, Minie, Mo to Which Diamond Buyer Should I Go? You’ve done your research, so where are you going to sell your diamond? You can sell it at an auction site, such as eBay. You can sell it to a retailer. You can sell it to a wholesaler or you can sell it to a friend. It almost sounds like a Dr. Seuss book, but the bottom line is you want to sell it to someone or somewhere you trust and feel comfortable with, so take your time with this decision and shop it around.
  7. Pick a Number and Not Just Any Number. Being realistic about what you are going to get for your diamond is important when going to sell. You aren’t going to get the appraised value, and the GIA certificate doesn’t put a dollar amount on your diamond.  Retailers have higher overhead, so they will pay you less, wholesalers will pay you more and take less because they have lower overhead; the bottom line is you will get what the market can bear. This depends on how popular the shape of your stone is at the current time, what your GIA certification looks like (the 4 C’s) and not as much as you think in the end. Set a realistic figure in your mind, and research similar stones before visiting diamond buyers.
  8. You’ve Got Questions, Get Answers. Once you have your list of diamond buyers that you are ready to visit, make a list of questions for them. How do they pay? If you choose a buyer that lives in another city, will they provide and pay for shipping and insurance costs and will they wire the money to your bank account if you accept their offer? How long does it take to get payment if you do send your diamond? Can you call any references or other customers that they have worked with in the past? Remember, this is a big sale for you, you can never be too careful.
  9. Take It or Leave It. You can negotiate and you can also walk away. If you aren’t getting what you want, and you feel you are being realistic, tuck that diamond in your pocket and walk away. You can always visit another diamond buyer or save it to sell for another rainy day. If, on the other hand, you are getting the same answer from every buyer you are talking to, then what you asking may be unrealistic and it is time to either take your gem off the market or change your expectations.
  10. Emotion, Set, Sell. It’s important that you are emotionally ready to sell, because letting go of something that has sentimental value, whether from a divorce or a death, is difficult. Make sure you won’t have seller’s remorse and that you are ready to let go of that past before accepting the offer that is on the table for the diamond.

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