You are looking to sell your diamond but are not sure who would be willing to buy it? This article is meant to help you find the best way to sell your diamond. Let’s see what options you have and how you should choose the one that is most suitable for you.
Finding the Best Option for Selling Your Diamonds
The best way to sell your diamonds depends on your goal: Do you want more money even if you have to wait, or do you need to sell your diamonds quickly even if that means you could get paid less?
Another important consideration is whether you want to get cash for your diamonds or you would be willing to exchange them for another piece of jewelry.
Let’s take a look at the best options to sell your diamonds for cash, and then see what you should do if you simply want to exchange them for jewelry.
Selling Diamonds for Cash
The main options you have to sell your diamonds for cash are through a diamond dealer, retail jeweler, or an auction.
Diamond dealers are the best choice if speed is essential.
These people specialize in buying and selling diamonds, so they will offer you a deal quickly and execute it swiftly if you accept.
The downside is that you might get less money than you would if you sold the diamonds to a retailer or at an auction.
Jewelry retailers could offer you a higher price for your diamonds than dealers would, but that’s not a given.
It is true that by selling to jewelers, you skip the middleman wholesale dealer, but not all retailers actually buy diamonds. And many of those that do might not offer you a price that is much better than the one you would get from a dealer.
Some jewelers might agree to display your diamonds in their store for a fee, and you might be able to get a higher price than with other options. However, it may take a long time before someone buys your stones.
In general, going to jewelry retailers is the best way to sell your diamonds if you are not in a hurry and have the time to ask around and negotiate a better price or to wait for your stones to sell.
An auction is another option to sell diamonds. It can be arranged through an auction house, a jewelry store that offers such services, or a website such as eBay.
Generally, an auction is the best choice if your stone is unique in some way or has some antique value.
How Much Cash Can You Get for Your Diamond?
You are not likely to be able to sell your diamond for as much as the price of a similar stone at the store.
In general, you should expect to get about 20% of a diamond’s retail price, depending on where you sell it. Diamond dealers and jewelers buy diamonds wholesale, and they will not offer you a price that is higher than what they pay their suppliers.
Auction sales have the potential to fetch a higher price, but this is highly dependent on the stone, and especially, on its uniqueness.
Options to Exchange or Trade In Your Diamond
A lot of jewelers that won’t buy diamonds for cash would be willing to accept your stone in exchange for store credit that you can use to buy jewelry at the store.
Even retailers that are willing to pay cash for diamonds will usually give you a better deal if you agree to trade in your stone for a better diamond or another piece of jewelry.
So, if you think you would want to buy jewelry with the money you would receive for your diamond, the best option to get the most value for your stone would be to exchange it at a store that accepts trade-ins.
The exchange option might give you the best value if you go to the store where you bought your diamond, assuming it has an exchange policy. So, this would be the first place to check before you try any other jewelry shops.