| Most advertising campaigns by De Beers feature | | | | them so they can determine the amount they will |
| their famous slogan "A Diamond is Forever." | | | | pay you. All too often, this amount is much less |
| Consequently, women seldom sell a diamond and | | | | than their preliminary estimate so you must either |
| often feel uncomfortable buying diamonds | | | | pay the return shipping, or accept their price. If |
| previously owned by other women. There is a | | | | your main priority is getting money fast, this is a |
| sentimental aspect to diamonds that is very | | | | valid option. If your main priority is getting top |
| different from other tangible assets like boats, | | | | dollar for your diamond, there are better selling |
| houses or automobiles. However, there are | | | | methods available to you. |
| occasions when consumers need to sell their | | | | Auctions like eBay are very popular for selling |
| diamonds and, unlike the used car market, there | | | | jewelry items but there is so much low quality |
| is not a well-developed method for consumers to | | | | jewelry listed, it is hard for potential buyer to find |
| sell their diamonds. | | | | your quality diamond. You are competing with |
| As a consumer, you face some unique challenges | | | | jewelry retailers whose entire business is selling on |
| when trying to get the best price for your | | | | eBay so they are experts at writing the |
| diamond in a safe and comfortable manner. Your | | | | descriptions (often with exaggerated quality), |
| starting point is to know exactly what you are | | | | taking impressive pictures and shipping their items. |
| selling. This is much easier if the diamond has a | | | | Even if a bidder does find your item, the odds of |
| grading report from a major laboratory like the | | | | getting your target price are slim to nil because |
| GIA or AGS. You have more of a challenge if | | | | other retailers are advertising items with similar |
| there is no formal grading report. In this case, you | | | | descriptions for about half the amount you want. |
| need to find an independent appraiser who can | | | | Notice I did not say they are advertising similar |
| evaluate the diamond and determine its quality | | | | quality, just similar descriptions. Do a search for |
| and potential value. | | | | diamond rings with GIA grading reports and you |
| Once you know your diamond's specifications, you | | | | will see the vast majority of diamond rings have |
| can find the current retail asking price by checking | | | | paperwork from sources you have never heard |
| with online retailers to see what similar diamonds | | | | of before. |
| are selling for in today's retail market. It is unlikely | | | | Other effective ways to find a buyer are |
| you will be able to get the going retail price for | | | | classified ads in local newspapers and bulletin |
| your diamond. Selling your diamond at 80% to | | | | boards at church or work. The challenge is |
| 90% of that amount would make it sell quicker. | | | | reaching enough people to find at least one buyer |
| Be realistic about your expectations. The lowest | | | | willing to pay your price. You have to be careful |
| cost online retailers, not the expensive jewelry | | | | when doing this kind of transaction, especially if |
| stores with double the price, set the value of | | | | selling to a stranger. Do the transaction in a safe |
| your diamond. | | | | place and be sure you have a valid form of |
| You now know your target price and simply have | | | | payment. You do not want to hand over your |
| to figure out how to find the right buyer for your | | | | diamond and end up with a phony cashiers check |
| diamond. There are several options available to sell | | | | or bad personal check. |
| your diamond and you need to determine which is | | | | Some jewelry stores and online retailers will sell |
| best for maximizing your money and safety while | | | | your diamond on consignment. Online retailers with |
| minimizing your time and effort. | | | | a local presence have an advantage in that they |
| Your first thought might be to go to the closest | | | | have large numbers of diamond shoppers on their |
| jewelry store or pawnshop and sell them the | | | | website plus walk in traffic that can see your |
| diamond. The key to remember here is that they | | | | diamond in person. They also have lower |
| do not need your diamond. They can get all the | | | | overhead and prices so you can get a bigger |
| diamonds they want on the wholesale market. | | | | share of the selling price. With jewelry stores |
| The only reason they will buy your diamond is if | | | | often marking up prices over 100%, your share is |
| the price is a fraction of the wholesale price. They | | | | likely to be less than half of the selling price. |
| hope you need the money bad enough to take | | | | Just be sure to get a written description of the |
| 25%-50% of what you could be getting for your | | | | item you are giving on consignment and the |
| diamond elsewhere. They might offer you a little | | | | minimum amount you will accept for your |
| more if you "trade up" to something in their | | | | diamond. All too often sellers are not being able to |
| display case. However, this often results in you | | | | get their jewelry items back from a store or only |
| paying more for the new diamond and receiving | | | | receive a fraction of the amount they expected |
| less for your diamond than if you sold it | | | | from the sale. However, if you have patience and |
| elsewhere. | | | | a low priced, trustworthy retailer to broker your |
| Several online brokers specialize in buying | | | | diamond, you have an excellent chance of getting |
| diamonds and estate jewelry from consumers. | | | | an excellent price for your diamond without the |
| They typically have you ship the diamond to | | | | hassle and safety issues of selling it yourself. |