So you’ve decided on selling your diamond but you really want discretion and a fair value. This is a common challenge for diamond rings that are inherited or from a divorce. Here are 6 pieces of advice to maximize the value of your unwanted diamond or diamond ring:
1) If you don’t have someone you trust, shop around for the right buyer first. Most people have no idea what their jewelry is worth when selling it, which makes it difficult for you to judge fair value. If you don’t have an established jeweler whom you trust to be fair, consider speaking to different buyers and even getting multiple offers. If you explore a “mail in” cash for diamond service, make sure they are an established business with a history of good service and happy customers.
2) Understand what drives the value of a piece. With a diamond, the condition of the diamond is very important because chips and nicks could depress the value of the stone. Size plays a major role in value because a single big diamond is worth carat for carat more than lots of smaller diamonds. Styles change and old style shapes like miner’s cuts aren’t as valuable as today’s popular diamond shapes. A famous designer’s signature or mark, such as Cartier or Tiffany, can greatly increase the value of the piece. Of course, the more gold, silver or platinum weight in the piece, the higher the value as well.
3) Sentiment doesn’t pay. Unfortunately, no one but you or your family will appreciate any sentimental value of your diamond. So if you don’t like an offer on a piece of jewelry that means lots to you, considering keeping it in your family. No one will pay you for that sentimental value.
4) Appraisal values are very different than cash offers you will likely receive. Written appraisals are formal documents from a jeweler which are used by insurance companies to value and replace a new item. However, a cash offer is how much someone will pay for your piece in its current condition and it is often much lower than the appraised value. This difference is similar to the dramatic price gap between you buying a new car vs. you selling a used car. Written appraisals are similar to the new car price and represent a high value, while cash offers are more like what you can expect when selling that car to someone a few years later for a lesser price.
5) Paperwork and supporting documents can help you maximize the offer. You don’t need an appraisal to sell a piece of jewelry but the information on the appraisal can help inform the purchaser and potentially raise the offer price. Original receipts are a big plus and certifications from gemological laboratories (such the GIA and AGTA) can take some of the subjectivity out of the discussion. In other words, they help move you from “what is this?” to “what is this worth?”
6) Don’t get pressured to make a quick decision. For most people, saying goodbye to a diamond is a deeply personal decision. If you need a few days to think about it, you should be given that opportunity. Be wary of buyers who try to pressure you to sell immediately. You need to make the right decision and nobody should make you feel uncomfortable during this process.
We hope this advice on selling your diamond is helpful. Good luck! If you’d like to know more about using our Farewell Diamond service, please click here or fill out the short inquiry form on this page to begin the process.