Diamonds are one of the most desirable commodities ever discovered by humanity. They have often served as one of the most prized and valued possessions by families and individuals for generations, and it is easy to understand why. Diamonds are stunningly beautiful, and for many successful marriages, a diamond ring symbolizes the love and bond a couple feels for one another. In other circumstances, diamonds can be heirlooms passed on from generation to generation. There are many circumstances in which holding on to your diamonds is the right thing to do.
In addition to personal value, diamonds serve a number of crucial commercial and industrial purposes. Diamonds are commonly used as abrasive or cutting instruments. As the hardest substance known to mankind, diamonds are particularly useful when cutting through strong materials, such as the ones commonly used in industrial production. Both the steel industry and the energy industry have been dependent on diamonds for many decades. This industrial demand for diamonds every year has kept the value of diamonds high for many years.
In addition to their numerous industrial uses, diamonds are also a critical component in the high-tech industry. Not only are diamonds the hardest material known to exist, they are also able to handle significant amounts of heat and other environmental stressors. This makes them particularly useful in computer microchips and in semiconductors. Diamonds can survive greater amounts of heat for a longer period of time than silicon, which has been the standard microchip and semiconductor material since the dawn of the technology age. Without diamonds, many of the most advanced technological breakthroughs would simply be impractical.
Thanks to a combination of industrial, commercial, technological, and personal uses, diamonds continue to be one commodity that remains in demand, regardless of an otherwise anemic economic. While there is no doubt that diamonds are always needed, the real question is whether you should be holding on to your diamonds.
Reasons to sell your diamonds
There are a number of reasons why selling your diamonds could be the right decision for you. Sometimes where the diamonds came from or certain economic and financial realities make the sale of your diamonds the most prudent decision. For example, every year there are divorced men and women who still hold onto the diamond ring or rings their ex-spouse got them. While these rings are sometimes returned to the original buyer, many times the rings are not wanted back and end up being held on to. Once you have gotten over your breakup the best you can, it is wise to consider selling the diamond ring. At that point, there should be little sentimental value worth holding onto. Your ex is your ex, and keeping reminders of them will not make it easier to move on. In addition, if you are the one who had a ring returned to you by your ex (either by your request or on their insistence), there is typically no good justification for holding on to that ring. Selling it gets rid of a difficult reminder and puts cash in your pocket, a win-win situation for you.
In addition, it is sometimes best to sell old jewelry from generations before that has no real personal value to you. If you have diamonds that are from family you never knew or have any connection to, it might be best to sell the diamonds and get the cash instead. Diamonds sitting in a garage or basement are of no use to anyone, and everyone is better served if the diamonds can get into the hands of someone that wants them while you enjoy the money they were worth!
Things you can do with the money you make from selling your diamonds
There is certainly no shortage of ways to spend the money you make from selling your diamonds. However, some ideas are better than others. While it might feel good to blow all the money on an expensive vacation or fancy clothing, you will probably regret this decision soon after doing so. The following are just a few ideas that can make your diamond profit go farther.
Pay off debts
Although it is not as exciting as a trip to Boca Raton or Hawaii, paying off your debt can significantly improve your financial situation. It is important to remember that debts carry interest, and this interest causes you to pay significantly more than the actual principle of the debt by the time you are finished. In many cases, you will pay several times more than the actual debt, just to service the interest! By paying off some or all of your debt with your diamond money, you will save yourself significantly more than just the principle in the long-term. Even better, you can take the monthly payments you would have been making towards the debt and put that money towards a vacation or investment idea! Paying off debts is widely agreed to be one of the best ways to spend a windfall of cash by many investment and financial professionals.
Invest in the stock market
If you’ve paid off all or most of your debt, investing in the stock market can be a fun and profitable way to spend the money you make from selling your diamonds. The stock market is currently experiencing a strong bull market, and some analysts believe that this is the beginning of a long term boom in the market. Although there are never any guarantees, investing in the stock market now might be the best opportunity to do so in years. Before making any decisions about the stock market, be sure to speak with a professional, as knowing which companies and industries are worth investing in can make the difference between seeing a return or losing all the money you invested!
Start a business
If your debts are paid and the stock market just isn’t for your, you should strongly consider starting your own business. Many Americans have unrealized dreams of being an entrepreneur and running their own business. However, for most, this dream never becomes a reality, often because they simply do not have the startup capital to make it happen. If you have an unrealized business idea, taking the money from selling diamonds might be your best opportunity to make it happen. Best of all, if you are successful in your business, you’ll be able to buy far more diamonds than the ones you sold to get your business started! Talk about a return on investment!
Before making any decisions about selling your diamonds, make sure to become as informed as possible about the diamond market, including the value of your specific diamonds and where to find the most reputable diamond dealers. There are unfortunately a number of unscrupulous diamond dealers out there, so you will be best served by finding one with a strong community presence and significant positive feedback from both buyers and sellers.