Diamond Selling Process – A Glance
Diamonds are forever. To etch the fleeting memories of our lives, we often buy things that remind us of the happy times. A diamond is probably the best of all the options, from rings to pendants, diamond pieces of jewelry are always in demand for all occasions. But, at one point in our life, we might contemplate the usage of all the accumulated jewelry right from the high school graduation days to the first salary shopping spree.
So what do we do know with all our diamond stuff?
Well. There’s always a solution; let’s take you to the world of second-hand diamond trading.
Know Your Diamond’s Value:
Unlike gold, which has a fixed resale value because of pre-set market standards, the trade of second-hand diamonds can be slightly tough. As a seller, you must get your diamond examined first and then fix a reasonable price for the same. For this, you’ll require an appraiser – a professional consultant who examines the piece of jewelry and then suggests the relative price range for it. While most diamond appraiser charges sizeable fees; there are a few diamond buyers such as Luriya who provide you with a free diamond appraisal. Also don’t miss out on informing the appraiser of the reason behind you selling the diamond; it’ll add clarity to the price quotation process. There are multiple appraiser communities which will connect you to their local area expert in no time. Moreover, you can receive a quote online too.
Know it All:
In the second step, where you’ve found your appraiser, ask them to help you understand every intricate detail about your gem. This will not only add to your knowledge but also enhance your quotation paraphernalia when dealing with your potential buyers. There are four important factors associated with the buying and selling of diamonds, namely:
- Color: There are wide varieties of diamonds available in the market. The general perception is, the more clear the crystal is, the higher value it holds. However, this is not the case; apart from colorless diamonds, there are blue and pink colored gems that are way more expensive than the colorless gems.
- Cut: We’re sure you must have noticed the multiple facets of your diamond, which add the shine to your jewelry as internal refraction takes place—the more, the merrier. The cut talks about the quality of these facets ad the exact shape of the diamond post the finishing touch.
- Clarity: As the name suggests, clarity refers to the state of flawlessness and clarity inside the gemstone. Even after years of compression under rocks and tolerating the highest of the pressure, diamonds retain their clarity. As per the ratings of the Gemological Institute of America, the ratings vary from Flawless to Included.
- Carat: At last but not least comes to the weight of the diamond, which is the carat. Being a gemstone, it’s on the slightly heavier side. The weight varies expansively in the range of colored diamonds. The resalable value of your diamond will be decided based on its weight too.
The crystal which you want to sell might be embedded in a jewelry set or is standalone. Different jewelry sets have different values, and therefore the price range also differs. Moreover, the metal in which the diamond is attached can be of high value, so this will all together influence the value of the set.
Once all the quality check is done, you can request your appraiser to document it formally. Stating all the gemstone aspects and then elaborately discussing the pointers behind the quoted price is the ideal way to present a document. But why is this part important? The formal quote statement helps you as a seller to establish facts while you are selling your piece. A formal statement from a source of authority establishes credibility.
If because of any reason you are not comfortable with the appraiser idea, here is another option. In this scenario, you can skip the exercise mentioned above altogether and instead take the help of a local jeweler. To have a broad spectrum of ideas, you can choose to get it assessed at 3-4 places and then make a comparative study of all the results.
Finalize a price:
Post all the assessment and study, now is the time to finalize a rate for your piece. The rate should be finalized, keeping two things into consideration: the quote by the appraiser and contemporary market scenario. You should always keep in mind that your customer is buying a refurbished diamond because he/she is looking for a discount on the actual price of the gemstone. The appeal of the piece and the current trend quotient should also be a point of contemplation.
Look for similar pieces:
If you are still finding it complex, you can also browse the internet and look for similar pieces, price, and other features. However, there’s an important point that should be kept in mind in that before making a comparative study, ensure that the pieces have the same carat and cut as of your diamond.
Now, in the end, your task is to categorize the buyer range. Broadly your buyers can be segregated into two categories, namely:
- Jewelry dealer: This option is generally suggested when you’re in a jiffy to sell your piece. A jewelry dealer will not assess the precise rate but will also facilitate the process quickly. To check the authenticity of your dealer, you can look up for their Business Bureau ratings. The dealer is likely to focus on his profit, so; he might give you a stringent deal, but again when in a hurry, this is the best.
- Gemstone Broker: Like the real estate broker, the gemstone brokers function similarly; they take your product, find the best deal in the market for the particular price, and then they deduct their commission profit percentage from the same. The key is bigger the deal; bigger will be their commission percentage. However, this is a good deal as the broker strikes their best to achieve a great price so that their commission percentage can also increase.
So, that is it. apart from all of this, you can also consider selling it directly to your prospective customer post all the research. Better market research will always give you good value for your gem.