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Selling Diamond Jewelry

Although they say diamonds are forever, many people will discover that they might want to get rid of their diamond jewelry for one reason or another. It might be an old engagement ring from a marriage gone bad, or even a diamond bracelet given as a gift from an ex-boyfriend. Either way, selling your diamond jewelry could be a bit trickier than it seems and there are important things to keep in mind while doing so. The following are the basic steps necessary to sell a piece of unwanted jewelry in the most advantageous, efficient and convenient way.

The first step is to get your diamond jewelry properly appraised, which is essential in order to get valid documentation of its authenticity. After all, virtually no potential buyer would agree to buy your diamond jewelry unless it is appropriately appraised and valued. There is a wide range of appraisers to choose from, but it is best advised to check their affiliations in advance. A good indication of the appraiser’s credibility would be to check if they belong to the International Society of Appraisers, the Appraisers Association of America or the American Society of Appraisers, which are the three main establishments in the field.

The appraisal office of your choice would be able to provide you with a formal statement of the diamond’s value and characteristics which include carat, clarity, cut and color. But most importantly, upon request they will also note the estimated monetary value of your diamond, a figure which is also known as the Rapaport value. This value is an indication of the wholesale price your diamond could sell for, not to be confused with the much higher retail price it could sell for in stores. In addition, the wholesale figure indicated on your report is only the maximum amount you could expect to get, because in reality your diamond could sell for much less than wholesale. Although it is somewhat frustrating knowing that the same exact diamond could be sold in a jewelry store for a much higher retail price, it’s only natural. The fact that your jewelry is not sold in a proper jewelry store and you are not a professional vendor means that the person buying from you is merely looking for a good deal.

The second step is to actually look for potential buyers. This is by far the most difficult part when it comes to selling diamond jewelry, and in order to do so you must have plenty of patience and determination. There are numerous methods by which you could find potential buyers, yet some are much more recommended than others. You should keep in mind that prices offered in return for your diamond jewelry could heavily fluctuate from one potential buyer to the next, and thus it is very important to know which methods are more recommended than others. It is recommended to sell your diamond jewelry to an acquaintance, to a jewelry store or even in auction houses. Indeed, every jeweler in the industry will agree that the best person to privately sell your diamond jewelry to would definitely be an acquaintance. It could be your friend, someone from your family or even a co-worker. Your acquaintances will be much more likely to pay the full asking price simply because they trust you and know you do not intend to scam them. Keep in mind that you have a distinct advantage over jewelry stores in this case, because after all you offer wholesale price as opposed to retail price. It is strongly recommended to find out whether an acquaintance of yours could actually be a potential buyer before moving on and considering the next options. Jewelry stores could actually prove to be good potential buyers. However, you must be extra cautions and use your common sense while doing so. For example, when you enter the jewelry store, never let your jewelry out of sight. It is pretty common to hear about diamonds that are switched for poorer quality ones behind the sellers back, so watch out.

It is recommended to show the diamond appraisal certificate as soon as you enter the jewelry store, in order to show them that you mean business and that you are well educated about your diamond. In most cases the jeweler will then offer you dump value in return for your jewelry item. Dump value is a phrase used in the diamond industry to describe the lowest possible value one should sell his diamond for, and it ranges between 60 to 80 percent of the Rapaport value, which is indicated in your appraisal. Although this may seem quite unfair, it is actually very reasonable. However, if the jeweler were to offer you a price lower than the dump value in exchange for your jewelry item, then there’s no deal. There is simply no point in settling for a price lower than dump value knowing that there are other jewelry stores who would be willing to purchase your diamond jewelry for that price. The method of turning to auction houses is only recommended for those who happen to be the owners of a high end piece of diamond jewelry. It is suggested to deal with only the most prestigious and popular auction houses in this case. Christie’s and Sotheby’s auction houses are exclusive favorites, and they both have branches spread worldwide. If you decide to try your luck, you will need you to provide the auction house with the lowest value you are willing to accept in return for your diamond. This will actually be the starting point for the bid. Most jewelers will advise to give the dump value as a reasonable starting point, but it’s really up to you to decide. Keep in mind that the outcome of the bid depends mostly on pure luck, so you must consider if it’s a chance worth taking.

It is advised to refrain from using pawn shops, consignment and classifieds as a mean of selling your diamond jewelry. By selling your diamond jewelry to pawn shops, you could expect to receive absolute peanuts in exchange for your diamond jewelry. Their main objective is to buy cheap from you and then quickly resell it to the next customer. Most pawn shops would offer an extremely low 10% of the Rapaport value in exchange for your diamond jewelry. Leaving your jewelry on consignment is based on the idea of letting a jewelry store sell the diamond jewelry on your behalf. The proceeds are then split between the two parties, as thoroughly agreed beforehand. This method could appeal to many people because it seems to save the hassle of actually looking for a buyer. Furthermore, people would probably think that due to the large flow of customers entering the jewelry store, your item would be likely to sell faster.

However, as luring as these advantages seem to be, you should always avoid leaving your diamond jewelry on consignment with strangers. Just think of how easily they could replace your diamond with a poorer one, or worse yet switch the diamond to a fake or synthetic diamond instead. You wouldn’t even be able to spot the difference. After telling you that they were not able to sell your jewelry, you will actually be left with nothing but grief when you realize you’ve been scammed. Therefore, it is best to avoid this type of method altogether and not take the risk at all. Posting your jewelry in classifieds might seem like a good sale approach on paper, but as a matter of fact it has proved to have only an 11 percent success rate. Therefore, in most cases it’s a complete waste of time and money. Furthermore, posting your personal information out in public could even put you at risk as it could lure potential thieves to your doorstep. Setting up appointments with potential buyers and finding yourself bailed out time and time again could be extremely frustrating and time consuming. That’s why classifieds are not the best method to choose.

Turning your unwanted diamond jewelry into cold cash is not that simple after all. It is advised to be well-informed of the various methods available to do so and know exactly which potential buyers should be avoided. You, as a consumer and seller, must be educated about your diamond and do your homework beforehand. By doing so you could dramatically reduce the chances of getting an unreasonable value in return for your diamond jewelry. If you are patient and have good negotiation skills, selling your diamond could prove to be a wonderful way to turn unwanted diamond jewelry into ready cash.

About the Author

Fred Pollard has a long experience in the diamond industry and he currently advises companies about Diamond Prices. Find out everything you need about diamond jewelry and compare diamond prices through additional articles written by him.

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