5 Tips For Selling Your Diamond Jewelry

Leah Bourne

selldiamonds 5 Tips For Selling Your Diamond JewelrySo you inherited (a not so chic) diamond bracelet from your Grandmother? Your divorced and stuck with a glaring reminder of it in your jewelry box, a diamond engagement ring? Or you are just looking upgrade a diamond and want to get rid of an old one?
There are plenty of reasons you might find yourself in a position that leaves you wanting to sell some of your diamond jewelry. Luckily, now is a great time. Diamond prices are on the rise. The elephant in the diamond industry, De Beers, owned by Anglo American Plc, produced about 27 million carats in 2012, a 14 percent decline from 2011, and supply is expected to remain at that level in 2013. Cut supply means rising prices. But unlike gold, which has a melt value, the price of diamonds is fairly objective, making selling them all the more complicated for novices.
Here, our rundown of what to do when considering parting with your bling.
1. Assess What You Have. Go to a qualified appraiser and really assess what you have before you waste your time and energy trying to sell a piece of diamond jewelry. Seek out an appraiser who doesn’t buy or sell diamonds themselves, so you can get a truly objective opinion (in the same way you would seek out an investment advisor with a fiduciary duty to advise you on investing in the stock market). Another option is to get several free assessments from diamond buyers (or even pawnbrokers) to get a picture of what you are working with.
2. Be Realistic and Price Accordingly. If you are spending money on an appraisal rely on that person to help you price your diamond according to market conditions. Also research prices searching through retail stores and online. If you are really looking to sell you aren’t going to want to price so high that you won’t get bites, but you don’t want to be taken advantage of either.
3. Research. Research. Research. There are two real options when selling a piece of diamond jewelry—selling directly to a customer or selling to a dealer. Selling to someone in the industry usually means that you will be able to make a deal come together relatively quickly, though the price likely won’t be top dollar. If you are doing business with a dealer research their Better Business Bureau rating or look into American Gem Society members. Another option is giving your piece of jewelry to a consignment shop or dealer to sell for you, who will then receive a commission on that sale.
4. Consider the Online Route. People looking to sell diamond jewelry are increasingly turning to sites like eBay to reach the everyday consumer themselves. Another option is I Do Now I Don’t, where sellers send in their diamonds, a gemologist checks ever gemstone, and then buyers can purchase them directly.
5. Think Twice. If you are parting with something with sentimental value make sure to think twice about it. Once its gone, its gone.
It’s diamond month on The Vivant! Share your diamond adventures with us on Twitter using the hashtag #diamondmonth.