The situation happens more frequently that people want to admit. A happy marriage goes on for decades. Then, a husband passes away or the marriage ends, and the wife finds herself with a property, a stack of bills, and a need to get the estate settled as quickly as possible. The statement that diamonds are a girl’s best friends can never be truer in such instances, often helping a spouse left behind solve financial problems that otherwise don’t seem to have a clear solution.
However, selling diamond jewelry in Boca Raton under a stress situation isn’t automatically the best scenario. Without knowing realistically what the diamonds are worth, as well as what they should sell for on a secondary market, people can frequently be convinced into selling their jewelry at the wrong price.
Learn the Market
The first step and probably the easiest part to perform is to understand the diamond market in general. With the Internet as a research tool, just about anyone can get at least a basic feel for whether diamonds are in terms of value, whether they are selling or whether they are falling in price due to too much supply. It can take a little bit for a beginner to see the different market trends, but after a few good articles for education diamond valuation 101 can be had.
For example, after 2011, diamonds significantly went up in price. The main driver was an escalation in consumer spending in two emerging markets, India and China. The middle class in both countries had grown significantly, resulting in a huge demand for diamonds among jewelry and other types of large consumer spending. That in turn caused a ripple effect among wholesalers and diamond prices in general everywhere else.
Understand How Diamond Selling Tools Work
Diamonds are not the easiest asset to sell in Southern Florida. Just because they are work a significant value doesn’t mean that one can down to the local shopping mall and cash them in. There are some ways to sell them, but they are not always the best way. Methods include:
Private sales. Pawn shops. Normal or online auctions. Licensed jewelry dealers. Wholesale buyers. Get an Appraisal
Before working with any of these venues, the smartest approach is to first get diamonds independently appraised using a service that you won’t be selling the diamonds to. This removes any conflicting interest on the part of the appraiser to fudge the appraisal.
Appraisals are valuable because they provide an honest, accurate assessment of a diamond’s value. Just because someone before said a particular stone was worth a fortune doesn’t that’s the case. There have been many a relative or gift-giver who added his or her on anecdote to the value of a jewelry piece without having any clue what was being discussed.
An appraisal also avoids big mistakes when going to market. Less-than-stellar buyers know by shocking a person who needs to sell a diamond in Southern Florida they might be able to get the stone for a low price. However, a private seller armed with an appraisal knows the true value of the stone and can negotiate from a position of strength. This includes knowing for a fact the stone’s condition, color, characteristics, and market worth for that combination.
The above said, appraisals cost money. If a person is tight on funds or doesn’t want to pay an appraisal fee, the next best approach is to get a pseudo-appraisal. This is done by taking the stone to a few shops including a pawn shop and seeing what they offer. The range among the different quotes gives a probable idea of worth. However, keep in mind, without a basis all these shops will be looking to offer as low a price as possible to maximize their potential profit.
Choose a Realistic Price Range
Armed with a viable appraisal and a good idea if the general diamond market is hot or cold or something in between, a private seller can now estimate a rough price range that may be possible when selling diamonds. Being realistic, however, doesn’t mean assuming the best price will be always possible. It means taking the best price given all the conditions involved, including how fast the diamonds need to be sold, the different selling options available as well as their risks, and the offers provided for the stones. A good appraisal will also provide the seller both a value as well as potential pricing options in the local market as well.
Manage the Time Stress
When you need to sell diamonds in Boca Raton under a time stress, that doesn’t work to one’s advantage for the best price. So, instead of trying to fuss with private sales, working with a jewelry dealer or diamond dealer can produce a viable sale faster. Granted, both will want to buy a diamond for a price lower than market value so they can make a profit on resale. However, they won’t often try to lowball a seller. They have a reputation to maintain, they are part of the local community. Getting known for cheating people out of a fair value can move around pretty quick. So a private seller in Boca Raton will generally find a fair value if he or she makes it clear that an appraised value is already known.
Be Ready to Be Business-like
Selling personal diamonds can be a rough experience. Many jewelry pieces have emotional ties and sentiments associated with them. A seller needs to be able to cut off those emotions and be ready to accept a good offer when it’s made. Emotions can get in the way and make it difficult to close a deal. So if a person is not ready to sell a diamond, waiting a bit can help make the process easier. Going to quick can set a person up for regret and guilt for years afterwards. That’s not worth the price a diamond may be sold for against better judgment.
To sell diamonds in Boca Raton as a private seller or anywhere else research, patience and time all work in one’s favor. However, when a diamond or jewelry piece does need to be sold quickly, having an appraisal and working with a Boca Raton licensed jewelry dealer is often the better way to go in the matter.