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