When you have a diamond that you have no use for, it only makes sense to sell it. You can go into any jewelry store in the country and see how much diamond jewelry costs. However, because your diamond will likely be re-sold, you can’ expect to get the full retail for your stone.
You can get close, though, if you know a few things about your diamond and where to take it. Unfortunately, there are a lot of places that will take advantage of you. They make money based on the assumption that you know nothing about the diamond you’re trying to get rid of. Whether it’s an antique ring that you inherited, diamond earrings that you need to sell to make your mortgage payment or anything else, a few pieces of knowledge can go a long way in getting top dollar for your diamond.
Know the 4 C’s of Diamonds
You’ve likely heard about the 4 C’s in the past. These aren’t just for buying diamonds – you need to know them when you sell your diamonds, too. The 4 C’s are:
The more you know about these characteristics, the more you can get for your diamond. If you’ve got great color, a large carat, strong clarity and a highly sought after cut, then you can demand more money for your diamond. If you know what the 4 C’s are before you go into a jewelry store, you can ensure no one is going to take advantage of you. When you go to sell your diamond, you want to ask the jeweler what they will give you for the diamond. If they quote you without telling you what the color, carat, clarity and cut are, be wary. These should be discussed with you. Occasionally, a buyer will try to convince you your diamond is of lesser quality than it is. A GIA certificate will nip this in the bud immediately. A GIA certificate is the “gold standard” of the diamond industry, and will ensure that you’re paid the most for your diamond.
Selling Your Diamond to the Right Place
Reputation is everything when you’re looking for a place to sell your diamond. If you go to a pawn shop, you are likely going to get less for your diamond. The reason is because they are incapable of giving you premium dollar. They aren’t professional jewelers, they’re professional salesmen. You need to take your diamond into a jewelry store. Shop your diamond around. Going into the first jewelry store to get a quote doesn’t mean you have to sell your diamond here. Collect a few offers. Choose a jewelry store that understands quality. Those that sell luxury jewelry will provide you with higher prices. A company with a long history is the way to go. When you want to sell your diamond, take the time to find a reputable jeweler.
Amin E for Raymond Lee Jewelers, premiere fine jewelry and luxury watch boutique and buyer.