If you have a piece of diamond jewelry you’re looking to sell, you’ll find no shortage of people willing to take it off your hands. They probably don’t have your best interests at heart, though. Selling your diamond jewelry and getting a good price can be a tricky process, but it doesn’t have to be. That’s why we’ve put together these 10 tips for getting the most for your diamond, including some info about how Diamond Lighthouse can make things even easier.
1. Don’t rush
If you’re in too much of a hurry to sell the diamond, you may not get the best price. Diamond buyers will be able to tell you’re in a hurry and will offer you a lower price, thinking you’ll jump at the first offer they throw at you. Even if you need cash fast, there’s no reason to take a lowball offer. If you sell your diamond through Diamond Lighthouse, we can often find a buyer in as little as one business day that will pay you more than any pawn shop or secondhand jeweler. Even a single day can make the difference between you getting $100 and $1,000 for your diamond jewelry.
2. Be an educated seller.
Diamonds are some of the most valuable stones on Earth and the more you know about yours, the more power you have when dealing with a buyer. You should know not only how much your diamond is worth, but also the current market conditions for diamonds like yours and how popular your diamond’s cut and shape are right now. The more information you have, the easier it is to determine what kind of price you can expect. And the harder it is for a potential buyer to lowball you. It might sound hard, but Diamond Lighthouse can make the process easy. With our team of expert gemologists, we can tell you exactly how much the diamond is worth, explain the factors that went into determining its value, and give you an estimate of what price you would be able to expect if you decided to sell your jewelry through us.
3. Consider getting a GIA certification
This is a great way to get educated about the value of your diamond. The Gemological Institute of America is the most trusted valuation body in the diamond industry. They won’t give you a monetary value for your diamond, but they will tell you everything else. With a GIA certification, you’ll know the exact cut, color, clarity and carat weight of your diamond, along with any flaws it may have. That will make it much harder for potential buyers to kick the tires (so to speak) and try to make dubious claims about the quality of your diamond.
4. Have it cleaned before trying to sell
Whether you end up selling your diamond through eBay or taking it to a local pawn shop or consignment store, it’s important that your jewelry look its best. Smudges can dull the brilliance of the stone and cause buyers to make lower offers because they can’t determine the quality of a dirty diamond. You can clean it yourself with baking soda, water and a soft-bristle toothbrush, or you can have it professionally cleaned to make it sparkle like new. It’s easy, inexpensive and can add a lot to the price you’ll get.
5. Thoroughly examine all the options available to you
There are lots of different ways to sell your diamond jewelry, and some will bring you more money than others. Before you decide how to sell your jewelry, make sure you’ve explored all the options available to you. Sure, there are the standard pawn shops and secondhand jewelry stores, but as we’ve covered, you’re probably not going to get much money at those places. You might consider selling through a consignment shop, where they stock your jewelry in their store and give you a cut of the sale when someone buys it. You could also, if you’re careful, sell your diamond jewelry online through websites like eBay or Craigslist. There’s more risk involved, but you might get more money than you could by going through a pawn or consignment shop. You should also make sure to check out Diamond Lighthouse. Since we don’t buy your diamond jewelry, our only goal is to make sure you get the best value for it. When you sell your diamond with us, we take it to our exclusive network of diamond buyers and dealers and bring you back the best offers. We only sell it once you hear an offer you’re satisfied with and agree to a sale. Since we don’t make money until we sell your diamond, it’s in our best interest to get you as much money as possible. It’s important to shop around and make sure you’re getting the best value for your diamond jewelry. Just make sure Diamond Lighthouse is on your list.
6. Realize that most pawn shops and secondhand jewelers are trying to make a profit off you.
If you take your diamond ring, necklace, bracelet or other jewelry to a pawn shop or secondhand jeweler, be aware that they make their money by buying things from people for significantly less than they’re worth, and selling them for a lot more. It’s in their best interest to try and offer you the lowest price they think you’ll accept. You might be able to haggle with them and get a higher price, especially if you know beforehand how much your diamond jewelry is worth and how much similar pieces are selling for, but you won’t get the best value for your jewelry from a pawn shop. This goes especially because pawn shops and secondhand jewelers don’t have the tools or expertise needed to properly value a diamond. Because they can’t say for sure how much a diamond is worth, or even how much they’ll be able to sell it for, they’ll be especially conservative with the amounts they offer.
7. If you sell on eBay, check out how other sellers are listing similar pieces.
eBay may be able to get you more money than a pawn shop, secondhand jeweler or consignment store, but only if you sell it right. There are a lot of people selling diamonds and other jewelry on eBay, and you need to make sure your listing stands out and makes your diamond jewelry look at least as good as all the others. Look at the words other sellers use to attract attention. Be specific in both the title and the product description. The more people you get looking at your listing, the more bids you’ll get and the price will keep climbing. You also need a good picture. Remember, buyers on eBay can’t take a close look in person before they decide to buy. That’s why a good picture is so important. You need a clear, high resolution image to show off every detail and good lighting to make sure your jewelry looks its best.
Of course there’s a lot more risk involved in selling your diamond jewelry this way. While eBay does have measures in place to make sure the seller gets the money and the buyer gets the item, they aren’t perfect. Selling valuables this way can leave you open to scams, and though eBay does its best to keep scammers off their site, selling diamond jewelry on eBay still carries some risk. Also, most people shopping on eBay, especially for jewelry, are there because they’re looking for a bargain. While you may be able to get more than a pawn shop would pay, you still won’t get anywhere close to the true value of your jewelry.
8. Do NOT go to any shop claiming “We Buy Gold” or similar businesses advertised on TV.
This is probably worst thing you can do if you want to get the best value for your diamond jewelry short of tossing it down a storm drain. These kinds of businesses don’t have the expertise necessary to value your diamond, and most will try to tell you the diamond is worthless. They’ll pay you the daily market value for the gold and send you on your way. Your jewelry is worth so much more than that. The truth is that on average, 95 percent of your jewelry’s value is in the diamond. That’s a lot of money you’re throwing away when you just take the market price of the gold. When you sell your diamond jewelry, it’s important to only deal with reputable buyers who can tell the value of a diamond. If a buyer tries to tell you the gold or platinum is worth more than the diamond, get out of there.
9. Make sure your asking price is reasonable
Going in with unrealistic expectations is sure to leave you disappointed. That’s why it’s important to educate yourself about the market. Research similar diamonds, along with the current market rate of the material your diamond is set in. See what similar pieces are selling for and recognize that most secondhand jewelers will offer you a fraction of that price. This is where Diamond Lighthouse really comes in handy. Since our goal is to make sure you get the most money for your jewelry, we make sure you know everything there is to know about your diamond. Our expert gemologists will tell you exactly how much it’s worth, and our sales associates will be completely open with you about whether we think we’ve found the best offer for your jewelry, or if we think we can hold out for more. It’s important to keep your asking price reasonable, but with Diamond Lighthouse, a reasonable asking price will be a lot higher.
10. Be willing to remove the diamond from its setting
You might think your jewelry is worth more as a full set, but that isn’t always the case. If it’s a high-quality diamond without any visible flaws, scratches or inclusions, it will be more valuable out of its setting since potential buyers can examine its quality for themselves. Likewise, if the setting is hiding any flaws or otherwise making the diamond look better than it actually is, you’ll fetch a higher price by leaving it in place. At Diamond Lighthouse, we’ll only remove the ring from the setting if it’s absolutely necessary. We do our best to valuate and sell your diamond without ever removing it from the setting and only take it out if doing so will make you more money. Our expert gemologists are trained by the GIA, and if they have to remove your diamond from its setting, they’ll take every precaution necessary to make sure it’s undamaged. Diamond Lighthouse also has a comprehensive insurance policy that covers the full value of your diamonds at every point in the process. If your diamond is damaged by us removing it from the setting, we’ll make sure you get the full value for your diamond. Remember, we’ll only remove the diamond if it will make you more money. That’s why it’s important that you’re willing to have it removed if it will increase the diamonds value, whether you decide to sell it through us or not.
Getting the most for your diamond jewelry might sound difficult, but if you take your time, educate yourself about the market and know what you’re doing it’s really simple. And if you sell your jewelry through Diamond Lighthouse, we’ll make it even easier by using our expertise and over 25 years of experience in the diamond industry to get you the best prices from some of the industry’s top diamond buyers. That’s something you won’t find anywhere else. Visit our website or call us at (212) 776-0003.