Don’t Get Scammed: Things To Watch Out For When You Sell Diamonds Online

These days, it’s easier than ever before for you to sell diamonds online. There are many stores and websites that are happy to purchase your stone, and new diamond buyers are popping up everywhere.

This is great for sellers, as it helps drives up the price that they can get for their used jewelry with so much competition. However, choosing between all these new diamond buyers can be difficult. It’s hard to know whom you can trust and which buyers are legitimate.

We understand that you may want to explore your options and see what different companies are offering you. To help you make the best decision and ensure your safety, we have compiled some things that we feel are important to research before deciding to sell a company your diamond.

1) Reputation Of The Buyer

When you are selling your diamond online, you want to know that you are doing business with a company that is trustworthy and transparent in their transactions. Nowadays, it can be difficult to trust someone with such a valuable possession, especially when you aren’t meeting them face to face. For this reason, the reputation of the company is a very important factor when deciding where to sell your used diamond.

Make sure you look for certifications or accreditations that the company has earned. You can also take a look at any past customer reviews on third-party websites.

As part of Long’s Jewelers, Farewell Diamond has been in the jewelry business for over 135 years. Our longevity in this market is credited to employing highly trained staff and our belief in adhering to the highest standards of business practices and ethics.  Because of this, we have earned an A+ rating from the Better Business Bureau and have been selected to be a member of the American Gem Society.

2) Will You Get A Fair Value?

Probably the most important thing for a seller is finding the business that will give them the highest value for their diamond. However, this is a difficult task as most companies require you to send the diamond in before giving you an offer.

Not everyone wants to go through the hassle or the risk of sending their diamond to multiple businesses. As a result, companies have started to give you an offer before you send it in if it has a certified lab report from a credible lab like GIA. This may seem like a convenient way to place a value on your diamond, but there are drawbacks to this practice.

Having a GIA lab report is great when selling your diamond. However, accepting an offer that is based on a GIA report without seeing the stone in person will result in a poor valuation. There are factors that can affect the value of a diamond that need to be observed by a trained professional. If you are accepting an offer from someone before they can determine if these factors increase the price of your diamond, you are likely getting underpaid.

Once a diamond is shipped to us, we have a team of GIA graduate gemologists inspect the diamond. They will look the piece over closely and agree upon the grades before determining the value of your diamond. By doing a thorough examination before making an offer, we are able to ensure that we are paying you top dollar for your diamond.

3) How Safe Is This Company

When you have found someone that you trust with your diamond, it is important to see what safety precautions they take to protect your property. Having a diamond get stolen in the mail or come back in a different condition than you sent it in is unacceptable. Many companies will refuse to insure a diamond without a lab certification, or will only insure the diamond up to a small dollar amount. This leaves the seller in a risky situation.

We believe that it is our responsibility as a company to treat your possessions as if they were our own and insure every package that we ship. We ship using FedEx, but choose to use a third party insurance company, G4S. This keeps the value of your package unknown to the carrier and therefore safer.

To ensure that your piece comes back in the same condition, we video record the unboxing of every package. This allows us to demonstrate exactly what condition the piece was in when we received it and we can easily return it in the same condition if need be. We will never remove a diamond from its mounting.

Sell Diamonds Online: Important Take-away’s

Before you send your diamond to anyone, it is important that you know exactly what will happen to it once it leaves your hands. To find easily noticeable red flags in a company, consider the following questions:

  • Who will be appraising the diamond? Do they employ certified gemologists?
  • Is your package going to be insured, and if so, up to what value?
  • Will the diamond be taken out of the mounting?
  • How do I know the diamond that they send back is the same diamond I sent them?

We at Farewell Diamond believe this information is important to the consumer. Without it, there is no basis for you to place your trust in us. We ask that if you have any questions regarding our service you can contact us here