Are you considering selling your old diamond ring? Perhaps the idea has taken root in your mind. And perhaps, you’re wondering where to start. While the whole process of selling a diamond might seem to be very confusing, reading a detailed guide such as ours, on how to sell your diamonds, can perhaps just make things a little easier.
So, if you’re wondering how to go about the entire process of selling your diamond jewellery, this is a good place to begin. And while a ‘diamond is forever’, sometimes, you need to let go of that thought to sell your jewellery! Our guide aims to equip you with all the right information so that you can sell your diamonds in the right manner, without getting fleeced. Read on.
First things first
Before you even begin to sell your diamond, you must know what it’s worth, i.e., you must know its value. For this, you will have to obtain its grading report, such as an GIA, HRD and IGI report. Remember – these reports will not tell you how much to sell your diamond for, but will give you all the information you need to know before you sell it. From the diamond’s cut and clarity to its carat, colour and even its fluorescence, this detailed report helps you compare your diamond jewellery with other pieces of jewellery having very similar traits. However, if the report is over ten years old, you might want to obtain a new one, in keeping with the changing standards. Your diamond will have to be sent over to one of the reputed grading labs (GIA,HRD and IGI), where it will be appraised by professionals. What’s also important to keep in mind is that you’re looking at the ‘resale’ value of your diamond, as against its ‘retail’ value.
The right price
This is one of the most important factors when it comes to selling your diamond. Refrain from setting unrealistic prices, unless you want the diamond to stick around in your jewellery box forever! If you set exorbitant, unrealistic rates for selling, chances are you’re going to be disappointed. To set a right price, what you could do is ask the appraiser what your diamond would be worth in a specific market. Because most appraisers are well-versed with the current market trends, they’ll be able to guide you through the whole process of arriving at a good resale price. Or, you could do it yourself. How? By comparing your diamonds with ones that have already been sold on online sites, or in retail stores. However, we’d recommend taking the help of an appraiser when it comes to setting the right sale price.
Look at your options
When you’re preparing to sell a vital piece of jewellery, it’s always good to take in all your options. You could look at selling it to a jeweller whom you both know and trust. Or, you could be opting for a diamond buyback service. Some even turn to private buyers. Each option comes with its own benefits, but you’re the one who will know what’s best for you. But, when you’re choosing to sell your diamond to a jeweller or a buyback service, make sure that they’re transparent and professional. Perhaps you could speak to customers who’ve opted for their services and understand first-hand, if this will work for you, before you go ahead.
If your diamond does not come with a GIA,HRD and IGI certification, it won’t be considered as certifiable. However, having such certification will only raise the value of your diamond. But this is only true for the GIA,HRD and IGI. If your diamond has an different certification for instance, it will not raise its value. Always remember that the one trusted certification body is the GIA,HRD and IGI. If you don’t have this certification, you could send it across to be certified, but that means shelling out a considerable sum of money and is not absolutely necessary. Additionally, if a jeweller or any third party offers to certify your diamond without any GIA,HRD and IGI certificate, you’d best get away from there!
Detach before you sell
While this particular factor may seem trivial, it’s really not. Never, ever sell a piece of diamond jewellery if you aren’t ready to. These pieces often have a certain emotional value attached to them and so, it becomes difficult to come to terms with the idea of parting with them. There are stories aplenty of people who sell off their diamond jewellery in a hurry (for a small prize) and regret it later. So, always make sure that you’re emotionally detached when selling your diamonds. Or else, you won’t be able to make practical decisions.
If you’ve done your research thoroughly, you’re probably already sitting with a list of people you can sell your diamonds to. Before you visit them, make a list of all the questions that you have in mind. For instance, you can ask them about their payment process. Ask them if you can get in touch with any of their previous customers, so that you know how trustworthy they are. Remember – selling your diamond jewellery is an important decision, so never sell without having all the answers in place.
Talk to experts
Instead of asking local jewellers and stores for their opinion on selling your diamond, consult with the experts. Speak to someone who has a certain level of expertise in gemology, since they are the ones who understand pricing and valuation of these stones far better. And if you happen to be looking at selling diamonds in rare colours such as blue or red, taking an expert’s opinion becomes absolutely vital, since evaluating these rare coloured diamonds requires special knowledge.
So, now that you know exactly what to consider before you sell your diamond, go ahead and do it, but always proceed with caution!