Diamonds are regarded as symbols of treasured memories either for marriage or family heritage. This is where the famous line “Diamonds are forever” is coined because the history of the acquisition of the gem is oftentimes more valuable than the price itself. However, with the rising cost of living and unpredictable turns in the economy, wouldn’t it be equally practical to consider converting diamonds into cash to actually save you from piling bills and mounting debt? Whether you are facing a huge financial difficulty or just merely disposing unused jewelry, doing research on how to sell diamonds in Boca Raton can spare you from serious disappointment by targeting a realistic market price.
Unlike gold which has a determined market value, diamonds are quite challenging to sell because there are no uniformed standards to follow. The good news is that now is the best time to sell diamonds due to rising interest from middle to upper class society in East Asia. In a data study presented by Forbes, it appears that 2011 recorded a sky-high surge in diamond selling with an overall 19 percent increase in buyers. Due to this high demand, you have the option to either sell it to jewelry industry wholesalers or to the public; meaning diamond enthusiasts and even your friends or trusted individuals.
Why Appraise Your Diamonds Before Selling?
Most newbie diamond sellers are deceived by the sentimental value of their item. Oftentimes, sellers get confused and overwhelmed when they actually engage in a real-time market trade. In reality, even if the diamond is already centuries old or no matter how long the lineage is in your family, it does not necessarily obtain the qualifications for a high selling value. If you have done your preliminary research on how to sell diamonds in Boca Raton, you should know by now that the value of the gem is determined not by its age but by the so-called 4 C’s – color, clarity, cut, and carat weight. Remember that prospect buyers are also looking to make some profit or a bit of a take way from your diamond. Otherwise, it is just practical to buy a brand new one.
How do you make sure that you get a competitive pricing for your diamond without exerting too much effort and resources on surveying the market? Appraisals are an effective way to gauge diamond value based on current market trends. The good news is that this does not have to be expensive. Some people hire professional appraisers for wholesale diamonds. However, if you are selling on a retail basis, appraisals can be as easy as going from one jeweler or pawnshop to another and surveying them on estimate values. Appraising diamonds is an important consideration to set realistic goals in order for you to avoid frustration when you introduce your trade to the market. This is also a way to help you decide if the current market price is worth the value of your diamond and whether you still want to pursue selling it.
Guidelines in Diamond Appraisal
Soliciting the help of an appraiser does not guarantee an objective determination of your diamond’s worth. In the end, you can never be too careful when choosing who you seek help from because you are not only gambling with a precious stone but also a lifetime worth of memories. As a general rule, it is best if you call the assistance of an appraiser who is not involved in any selling activity to ensure that you will be getting a highly-objective opinion and measurement. In an appraisal process, the following factors are important to determine:
Are there any temporary or permanent treatments applied to the stone?
What is the diamond’s level of authenticity? Is it a real diamond, man-made, or a color-altered one?
Are there any damages or scratches?
Is the diamond cut properly?
Does the stone bear a GIA certificate? Is it genuine, accurate, and unaltered?
Before selling your diamond, it is crucial that you obtain a GIA certificate stating that your stone underwent the rightful process of authentication and determination of value. This is where it gets really confusing especially if you are new to the business. Some first-time sellers are tricked by subjecting their gems into appraisal without certification. Remember that not all pawnshops or individual appraisers are legitimate. Experienced buyers are conscious when identifying whether the grading component in your GIA certificate is true and accurate.
If you want to settle for faster transactions, Craigslist and eBay are websites where you can sell your diamonds with a higher rate of successful turnaround. However, you may want to be extra careful about the reputation of the buyers to avoid fraud and scams. Selling with this kind of platform requires an authentic GIA certification. In addition, the process is a bit lengthy when compared to a retail selling transaction with individual diamond buyers. Once a deal is closed, your stone will be forwarded to the host merchant for further verification. There is also a markup price of at least 15 percent so you may want to carefully consider your final paying price before offering a starting bid.
Advantages of Hiring a Diamond Appraiser
Hiring a diamond appraiser to sell diamonds in South Florida is not just a formal procedure or a luxury that you can opt to skip. There are actually legitimate benefits on why you should consider seeking the professional help of an appraiser before engaging in any buy and sell program.
You can determine whether or not your stone is actually genuine. Who knows but you may have been fooled when you bought that precious stone. Avoid the double jeopardy of selling fake stones by getting a diamond appraisal.
Level your market value expectations and sell your stones without hard feelings. It can be quite a burden to let go of something that is really treasured; this is even more so if you are not able to meet your pricing goal. By appraising your diamonds in Boca Raton, you are setting a personal standard as to how far your stone can go in the marketplace.
Learn more about the industry by experience and professional advice. Who says that expertise is only attainable at a high cost and long-term practice? Knowing more while you are young in the business is just a strategic matter. Expand your network and build your trusted line of sellers, buyers, and appraisers.
Get accustomed to the ever-changing market value and fair market value. It sounds daunting but when you get familiar with the language of the business, it is so easy to do a preliminary appraisal without the help of an expert.
Overall, selling diamonds in Boca is an equally rewarding money-making business. Once you get successful in detaching your emotions from the stone, this can be a promising venture of a buy and sell activity for those who are willing to go out of their comfort zones and risk big things for a possible bigger reward. Strive to learn more about the behavior of the marketplace. Establish networks of potential clients, unbiased appraisers, and even co-sellers if you want to turn a one-time transaction into a full blown wholesale diamond selling business. A diamond is the most precious kind of gem but its longevity in the market depends not only on gemological composition but also on the seller’s strategic plan.