There are a number of valid reasons for wanting to turn your diamonds into cash. You may need access to quick money or want to rid yourself of unpleasant memories. It really does not matter what the reason is; either way, there are a few things to do before you approach a diamond buyer. You should not simply go to the nearest pawn shop and take what they offer. There are far better ways to enhance your diamond and its value. Consider the following:
Clean your diamonds: First impressions count, so take the time to clean your diamond. It is more likely to get the attention of a buyer if it sparkles at its brightest.
Learn about the “4 C’s”: If you are setting out to sell your diamond, you should educate yourself about the “4 C’s” that stand for cut, color, clarity and carat and define the value of a diamond in the eyes of a diamond buyer. The carat of the stone is important because it represents the weight, but it’s far from the only factor in a diamond’s worth. For example, a small diamond with perfect color is worth more than a larger stone with imperfections or inclusions. There are many exhaustive sites on the Internet which will help you get up to speed. If you know a little about the trade, the chances of you getting a higher price are better.
Get a diamond appraisal: It may be to your benefit to have the diamond appraised by an independent gemologist. Many jewelers will provide this service for free, and many people receive an appraisal certificate when the stone is first purchased. Take the appraisal with you when you approach a diamond buyer, but remember that an appraisal only represents the replacement value and not the resale value. Unless you are selling the stone to a private individual who wants to use it for his own purposes, you will not get the appraised value. A diamond buyer must make a profit, and that profit is the spread between replacement value and resale value.
Check the diamond’s certification: If the diamond has a GIA (Gemology Institute of America) certificate, it is more valuable than a diamond which is not certified. There are other diamond certifiers, but they do not carry the same weight as the GIA. You can also send your diamond to the GIA for certification, though there is a fee for this service.
Do your research: Once you have an appraisal and a certificate, you will have an excellent idea of what you can comfortably expect when the stone sells. Jewelers and the Better Business Bureau are good sources for names of potential diamond buyers.
Set a realistic goal: Remember that you will probably not get the appraised value when you sell. If you sell to a retailer, you will get less due to their high overheads, while wholesalers will give you more because of lower overheads. The price you get will be whatever the market can bear at the time, and it’s influenced by such whims as the shape of the stone.
Until a diamond is sold, it remains your property. If you are not offered a price by a diamond buyer that you consider realistic, move on. However, if all the offers you receive are similar, your goals have probably been set too high, and it may be best for you to wait for the market to improve.