If you’re thinking of selling a diamond, you’ve probably seen a lot of people recommending you get an appraisal or a certification from the GIA. And if you’re like most people, your initial reaction was something along the lines of, “What the heck does that mean?” Are a certification and an appraisal the same thing? Or do I need both? And who or what is the GIA anyway? We’ll explain.
Trying to sell your diamond can be a confusing process with everyone claiming they can get you more money for your old jewelry. What do they mean by “more money?” More money than what? More than you paid for it? No. More than other buyers? Maybe, maybe not. Even if one jeweler will pay you more than another in your area, how do you really know if it’s even close to the true value of your diamond? What even is the true value of your diamond? How is a diamond’s value determined anyway? Most importantly, How Much is MY Diamond Worth?
When you’re trying to buy or sell a diamond, you might hear a few abbreviations being thrown around in regards to diamond certification and evaluation. And if you’re like most people, your reaction will be something along the lines of, “what?” Buyers and jewelers like to talk about GIA, AGS and EGL, but what do those letters stand for? Who are these organizations and what do they do? Fortunately for you, the answer is simple. They are gem-grading institutes that can evaluate and grade a diamond’s quality based on a set of standards. So do you need one? And which one do you get? The answers to both are surprisingly simple.
So you finally emptied out your jewelry box and found that one old bracelet or ring you bought in the early ‘90s and haven’t worn since. Or maybe you inherited an old piece of jewelry from your great aunt Mabel and you just can’t see yourself ever wearing it. In any case, you want to sell unwanted diamonds, and understandably, you want to get as much money as possible for them. You need a diamond valuation. Not an insurance appraisal, an actual valuation from an independent diamond expert.