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?
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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.
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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.
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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.
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The downside is that you might get less money than you would if you sold the diamonds to a retailer or at an auction.
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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.
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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.
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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.
If you go to a jewelry store and try to sell your diamond jewelry for cash, chances are that you won’t be able to get more than 50-60% of its original retail value.
Jewelry stores don’t really have the incentive to buy your diamond jewelry at its retail price.
In fact, you’d be lucky to get half of what you bought your items for. In most cases, the price you will be offered will be around 25-40% of the retail price of your jewelry, depending on where you bought the stone from.
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Why the low price?
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Why do jewelers offer such low prices for diamonds that are sold for a lot more?
The fact that your jewelry is used is only part of the reason. The truth is that jewelry stores don’t really have the incentive to buy your diamond jewelry at its retail price because they buy diamonds in bulk at much lower rates.
Does all that mean that jewelers make outrageous profits on diamonds?
Not really.
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Profit is only a small part of the retail price, and it is not worth it for jewelers to pay that much for second-hand jewelry.
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Some Jewelers Don’t Buy Diamonds for Cash
Some jewelers will not buy your diamonds at all.
In addition, some stores don’t want to deal with the hassle of establishing the quality of the diamonds offered to them as the process involves additional time and money.
Although selling your diamonds for cash may not be worth it for you, a non-cash deal may prove to give you a better value for your stone.
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A lot of jewelers won’t buy diamonds for cash but 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. The reason is that the new item you will get will usually cost more, and instead of paying you cash, the jeweler will receive some cash from you to cover the difference in value between the two items.
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.
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The flight was incredible, with not one sign of humans for hundreds of miles in each direction, just a flat, treeless landscape pimpled with countless small lakes.
Finally… we arrived! Despite our collective thirty-plus years of being in the diamond industry, nothing could prepare us for how complex and impressive a diamond mining operation is.). He genuinely educated us about diamond recovery. Gave us a tour of the whole operation.
It was clear that preserving the environment. The land is studied for months to establish animal migration patterns before mining to ensure there is no conflict. Eventually, when the mine is permanently closed, the companies will go to great lengths to restore the land to its natural habitat, with an estimated $30,000,000 set aside annually for land reclamation. Minimizing the operational footprint are of utmost importance to the diamond mines. We spotted a grizzly bear roaming free, a mama wolf with four cubs and foxes-to name a few. Land reclamation initiatives are ongoing, and inactive areas are restored to their pre-mining state. Evidence of the commitment to the environment. Understanding their respect for the land was one of my favorite learnings during this trip. They ensure that absolutely nothing is allowed to disturb any animal’s natural activity, stopping the operation if needed. Its inhabitants was abundantly clear.
It was a superb way to end a magical and long day, especially as the sun doesn’t set. Their facility employs locals from the area and indigenous people, teaching them the art of diamond cutting while keeping the benefits local.
A whirlwind of 48 hours has left an everlasting impression on everyone who had the honor of visiting this incredible part of our world and the privilege of meeting so many amazing people.
There are certain times of the year when the prices of diamonds and engagement rings are the lowest. You can enjoy massive discounts during special events when you want to buy the piece of jewelry you would like to give as a gift to your loved one.
Diamonds are considered one of the best gifts to show love and gratitude to mothers.
While buying the jewelry you have to be very particular about various issues especially cost factor which is a sensitive affair. How much you can afford him to pay for your mother’s day gifts. Budget has to be planned properly when you go to buy your jewelry especially diamonds. Make the retailer aware of your cost.