Mark Maglin, Gemologist

What is The Best Way to Sell Diamond Jewelry?

Diamond is very precious, no doubt! It is even more precious when your diamond jewelry has sentimental value to you. Say, a wedding ring or your late grandmother’s favorite ring. Selling it off might be more challenging than you thought.No worries, here are a couple of tips to help you with the process of selling a piece of diamond jewelry.

1. Know the present value of your stone.

I know your grandmother told you that her ring cost her a fortune. But here’s what you should know. A thousand dollars in the 80s’ isn’t the same thing as a thousand dollars today. All thanks to an economic recession. So, the value of the ring might have depreciated over the years in terms of price. Before you go to the pawnshop, carry out your own research.

First, find out how genuine the diamond is. Know the accurate details about its quality, weight, and present value. We recommend that you get an appraiser, who probably does not deal in diamonds, to carry out a check for you. This way, you can get a holistic idea of the attributes of your stone as well as its value.

A more hands-on approach is to visit different jewelry stores and pawnshops to get a solid idea of the current value of your stone.

2. Set a reasonable price tag.

If you want to sell your jewelry, the fastest way to disappointment is setting the price too high! Honestly, do not set unrealistic expectations for your price. An excellent way to start your price setting is to ask for your jewelry’s possible market value while you are getting the appraisal. An unbiased appraiser would be able to give you a realistic price that is based on current market trends.

Alternatively, you can use online platform sales to verify a reasonable price. Perform a simple survey on Amazon, eBay, or Etsy for diamonds with similar qualities and check the prices of both new and pre-owned jewels.

3. Pick your buyer well.

If you want to sell your diamond, you have two logical options. You can either sell your jewelry to the public or the  jewlery industry Both options have their pros and cons.

If you want to sell your jewelry fast without much thought about marketing and pricing, sell to someone in the jewelry industry. You can sell to a pawnshop or a jeweler. If you find a diamond broker that you can trust, all the better! However, you should know that they would offer you a low price because they are buying for resell. Sometimes, they might offer lower prices than the original value.

Selling to an interested buyer in the public requires a lot more work. Finding the right buyer is hard work; finding one that you can trust is even more challenging. The advantage here is that you might get to sell it at retail price. You might even get a high-paying deal if you’re lucky!

4. Detach yourself from the sentimental value of the jewelry.

This is self-explanatory. You must be ready to sell! Don’t breakdown into tears when someone carts away with your wedding ring. Leave your emotions out of it!

If you are interested in selling your diamond jewlery  contact Mark today for a free consultation or appraisal