Where To Sell Diamonds? The Ultimate Guide To Making Money From Diamonds
Selling diamonds isn’t uncommon. Rather, it is more common than we think. People decide to exchange their loose diamonds or diamond jewelry for money due to several reasons.
The most important thing when you want to sell diamonds is making a profit. The main aim of the sale is to get a reasonable amount of money from the exchange. With the right procedures, you can make a lot of money from diamonds.
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Are Diamonds Easy to Sell?
There are a few things you should know when deciding to sell diamonds. The following tips will help you make the most cash when deciding to sell diamonds for cash.
- Carry out proper research on the diamond buyer:
Before you sell diamonds of any kind, be sure to carry out proper research on the buyer. For example, make sure the individual or diamond shop you are selling to has a GIA gemologist present for an appraisal.
GIA simply means Gemological Institute of America. When a diamond has a grading from GIA, it means any activity carried out on or with the diamond is secure as the diamond has legs approval. In addition, if your diamond has a GIA certificate, you stand a chance to get higher returns on the piece.
2. Appraisal value and the cash offer:
The appraisal value of a diamond is different from the cash price offer. Often, people think they will be paid the appraisal value of their diamond when selling. However, understanding the difference between the two terms will save you a lot of trouble.
Simply, an appraisal value is an amount an insurance company would pay you if the diamond needed to be replaced. It’s the same amount you originally bought the loose diamond.
Contrastingly, a cash offer is an amount a buyer is willing to pay for the diamond.
3. Avoid any form of pressure:
When you sell diamonds, especially diamond jewelry like rings, don’t make any decisions under pressure. We understand that you might be emotionally attached to the piece of jewelry. Therefore, selling it will be hard.
Don’t be talked into doing something you might regret. If you feel the process is moving too fast and you aren’t comfortable with it, have a rethink.
Take a few steps back and have a re-think. Even if it takes you days or weeks. You should never be compelled to sell loose diamonds or any other form of jewelry on the spot.
4. Know your diamond:
The best way to get the best price out of your diamond is to know everything about it. You have to know the 4Cs of your diamond.
The type of diamond, what karat, the weight, the cut, the trademark, everything.
Also, the condition of your diamond is very important when selling diamond jewelry, especially loose diamonds. The slightest scratch or uneven edge can drastically reduce the value of the diamond. You have to completely inspect the stone even if it’s just a part of jewelry.
Also, if your diamond has a trademark of a popular designer, be sure that the diamond would be adored and sold for a high price.
5. Legal documents:
A nice way to get high offers on your diamond is to display important documents and paperwork. The documents may be insurance appraisals or original receipts and certificates from standard gemological labs.
These valuable documents let the buyer know how much the diamond is worth in the eyes of the law. Also, it enables diamond buyers to start with a high price when bargaining.
What Is The Best Way to Sell Diamond Jewelry?
The best way to sell diamonds is to sell them online. When you sell diamonds online you have a lot of advantages. A major one is that you are free from certain risks.
You can sell diamonds at online stores. Online stores are great. There are no extra charges as running a website is cheaper than running a physical store. You can buy and sell diamonds for a good price.
In addition, online stores aren’t too particular about quality. All you have to do is bring your diamond and take the money it is worth. You won’t be cheated, there is 100% transparency.
You will only get a percentage of the retail value of your diamond. With that in mind, you stand to get a loss when selling to pawn shops.
Can I Sell My Diamond Without a Certificate?
Very often, especially for really old jewelry, the documents for the diamond may be lost. Despite how important these documents are, you can still sell diamonds without a certificate of any kind.
You may decide to sell your diamond jewelry to a company that you trust. In that case, you can deem it unnecessary to know everything about your jewelry before selling it.
But, in this situation, if you have no plans to get new documents, the diamond buyer will want to see the diamond and thoroughly inspect it before buying. Also, they will buy based on their criteria. This is because there is no legal document to support you.
Furthermore, be ready to be offered a price lower than what you must have been expecting.
How Much Are Tiny Diamonds Worth?
Usually, when reselling diamonds, bigger diamonds have a higher worth. Small diamonds ranging from 0.1-0.2 karats are worth around $300-$700. Sometimes, you can have a small-sized diamond for about $500,000.
It all depends on the characteristics of the diamond. Features that affect the price of a diamond like the 4Cs.
Where To Sell Diamonds In Singapore
Sell Your Jewelry is an online store that buys jewelry of all kinds. If you are looking for where to sell diamonds in Singapore, or where to sell diamond rings in Singapore, Sell Your Jewelry is at your service.
At Sell Your Jewelry, you receive quality service and you can sell diamonds at prices you will never regret. It is one of the best places to sell diamonds online.
In addition to that information, you can get a free consultation from an expert on selling your diamond. All you have to do is fill the form below.