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Article #88: How to Sell Your Diamond Ring

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






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