Do you have an old diamond ring lying around? Do you want to make a little extra cash and get rid of some old things at the same time? Then it’s time to look into selling your diamonds and jewelry. While many diamonds have sentimental value, many of them also have a high price value, which can be key if you’re strapped for cash or just want to make some money.
Selling diamond jewelry can be confusing. Between the size, the carats, the diamond certification, and the prices, it’s easy to get lost in the details. If you’re interested in selling diamonds, there are a few things you should know.
Some Things To Know
Research Your Diamond Jewelry
Before you bring your diamond rings, necklaces, and brooches to a retailer, diamond dealer, or appraiser, you will want to research the diamond you have. Knowing what type of diamond you have, how much it’s worth, its resale value and the carat weight will be extremely helpful as you start to look for buyers.
Going into a negotiation without the proper knowledge can leave you losing out on some money. Or, you may think you have a diamond ring with a high market price, but it’s really worth nothing. This is why it’s important to research your diamond and get your jewelry appraised.
Know the worth of your diamond and you will be surprised at just how influential that knowledge is when it comes to selling a diamond.
Set Your Base Price
Once you know the market value and market prices of your diamonds, you will want to have an idea of what your base selling price will be. If you go to a retailer and their appraised value is much less than your base price, you might have to do some negotiating or try some other pawn shops.
This is also why getting your diamonds appraised can be critical. Having a professional take a look at your diamond will help you set a realistic base price.
Don’t start with the highest price, though. You will want to have a lower price in mind and see what a jewelry buyer is willing to offer. You might be surprised at what potential buyers are willing to offer for your old jewelry.
Bring The Jewelry To Different Buyers
In order to get the best deal when selling your diamond jewelry, you have to go to a variety of jewelry buyers. Bring the loose diamonds or jewelry to a consignment shop or retail stores, local jewelry stores, gold buyers, and other buyers. There are plenty of vendors that buy and sell precious metals, so look around.
When it comes to selling online, you can look for online buyers through websites and social media pages. You may also look at an online pawn shop. You’ll likely find plenty of buyers online that are willing to take a look at your diamond ring or necklace.
Bringing your diamond items to various buyers will help you find the best diamond prices for you. You don’t necessarily want to sell a diamond ring to the first diamond buyer or jewelry store to offer you a deal. There may be better deals waiting for you out there. This is why it’s important to talk to a few different buyers when you sell your diamond jewelry.
Make Sure You’re Ready To Sell
Being ready to sell your diamond ring or necklace often means being ready to give away something with sentimental value.
Before you negotiate and start talking to some retailers or a local jeweller about selling your diamond, you have to be willing to sell. You will have to weigh the retail value with the sentimental value.
If you’re not ready to sell, then don’t. Keep the jewelry or diamond for a few more years and think about it a bit more. But, when you do have a great offer on the table, make sure you are ready to sell.
How Is The Price Determined?
Now that you’re ready to sell, you might be wondering how jewellers and diamond buyers determine the price of a diamond. This idea can be summed up into a simple mnemonic device: the 4 C’s: Colour, Clarity, Carat, and Cut.
Colour
Diamonds are often a range of colours between colourless and brown. A colourless diamond is the rarest while the yellowish and brown coloured diamonds are more common and, therefore, less expensive.
Clarity
Another way the price is determined is through the clarity of the diamond. Internal flaws, called inclusions, and external flaws, called blemishes, can bring down the selling prices of your diamonds. A diamond with no inclusions or blemishes is extremely rare as most have slight inclusions that can be seen under a magnifying device.
Carat
Carat is a unit of weight that is used when pricing a diamond. One carat is equal to 1/5 gram. Larger diamonds will likely be more expensive. The carat weight of your jewelry will have an influence on the diamond resale value.
Cut
The last of the 4 C’s is the cut of the diamond. This refers to the way the diamond is cut and the precision of the diamond cutter. A diamond that is cut with precision and attention to detail will look better and will often bump up the value.
Cut also refers to the shape of the diamond. Diamonds are often cut in round, princess, emerald, asscher, cushion, marquise, radiant, oval, pear, and heart shapes. The shape of the diamond will also play a role in determining its price.
Sell Your Diamond With Green Moola
If you’re looking at selling your jewelry and wondering where to sell diamonds for cash, Green Moola is the place for you.
Located in Brampton, Ontario, we are your go-to place for buying and selling your used goods and jewelry.
We offer a variety of services including buying, selling, trading, and consignment. Our team of experienced buyers can help you find the best value for your diamond pieces, designer jewelry, luxury watches, electronics, other jewelry, and other used goods.
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