You can get some cash for selling diamonds — due to financial need or because you don’t wear them. Here’s what you need to know before approaching a buyer.
Have you thought about selling diamonds to a local diamond buyer? Selling diamonds is one great way to make a bit of cash on the side. It’s a good option when in need or when you don’t wear those diamonds anymore.
You never know when an emergency might come up, and not everyone has a savings account put aside as an emergency fund. When this happens, you can look to your old diamonds as a means of quick cash. Other times, you may outgrow a piece of jewelry or diamond.
You set it aside in your jewelry box for quite some time and eventually, you forget all about it. After some time has passed, you stumble across it and realize that you have no need for those diamonds anymore. If this is the case, why hold onto something with no sentimental value when you could get cash in your hand for it?
Be Ready to Let It Go
The first step is to be sure that you’re ready to let the item go. If it’s a piece of jewelry that you haven’t worn or seen in years, then this might be an easy decision for you to make. However, if you’re in need of quick cash and are only selling to get some extra side money, then you need to be sure that you’re ready to let it go.
It’s always best to come to terms with selling your diamonds before you actually sell them. Sometimes, even the diamonds that we never wear still have some type of sentimental value to them. Maybe they were your great-grandmother’s or other relatives.
Whatever the case may be, you should be 100% sure that you’re ready to sell before approaching a buyer.
Do Your Research
Your next step is to do some research. You don’t want to sell to any diamond buyer. You want to make sure that you’re dealing with a reputable buyer before going through with the process.
You can visit the Better Business Bureau and ensure that the buyer has high ratings and no complaints. You should also take the time to look up reviews online and see what past customers have to say about the company. You also want to ensure that the buyer you sell to isn’t trying to charge you hidden fees for selling your item.
Take your time doing your research on a company to give you peace of mind when selling.
Know Your Diamonds Worth
A professional will be able to tell you if a diamond is real or not by looking at it with a microscope. However, you might save yourself some time if you can determine it’s authenticity before approaching the buyer.
If the diamond was given to you without its paperwork, then there are some tricks you can do at home to know if it’s real or not.
One of the first things that you can do is place the diamond in a glass of water. If the diamond floats, then it’s not real. A real diamond will sink to the bottom of the glass. To learn more about diamonds click here.
Another way to check the diamond’s authenticity is to examine the setting that it’s placed in. Most real diamonds will have a setting that’s of high quality. This goes for earrings, rings, necklaces, and everything else.
If the diamond is placed in a setting that isn’t real gold, then there might be a chance that it’s not real, however, this isn’t always the case. It will give you a good idea, though.
Have the Proper Documentation
Next, if your diamond came with documentation, then you’ll want to gather all of this information before heading out to the diamond buyer. Any paperwork that you can find on the diamond is going to help your sale.
Having all of this important documentation can even help increase your diamond’s appraisal in some cases.
Be sure to bring with you the box that it came in and the paperwork that proves it’s authentic. Bring in the diamond’s certificate if possible, which is issued by the diamond laboratories. All of this paperwork is going to be beneficial for you during the selling process.
For example, diamonds that are created in a laboratory such as the Gemological Institue of America are known as some of the most high-quality stones out there and will receive a higher appraisal.
Have Reasonable Expectations
At the very least, be sure to have a reasonable expectation when selling your diamonds. Diamonds resell for much lower than their original value. You can’t expect to meet with a buyer and be given the same amount or more for your diamond that you originally paid.
So, although you might not get the full price of what the diamond was once worth, it’s still possible to get a price that you’re happy with. Do this by having reasonable expectations, which can be formulated by doing some research online beforehand.
See what other similar diamonds are going for on the market as a resale. Then, understand that buyers will have to offer you less to make a profit themselves. Check online to see what a fair price is and communicate this with the buyer.
Know Everything About Selling Diamonds Before Selling Yours!
Keep these tips in mind before meeting with a buyer, and when you’re ready, contact us for a diamond evaluation.