Even though diamonds are forever, you may not always want to keep yours forever. Sometimes, you’d rather have the cash. If you are thinking about selling your diamond jewelry, here are 4 essentials to help you with the process.
Readiness applies to the jewelry and to you. For your jewelry to be ready, it should be cleaned up and looking its best. You may be able to do this yourself with the help of a good Google search. But, if your jewelry is antique or fragile in any way, you need to get professional help with cleaning. In addition to getting your jewelry ready, you need to be ready to part with your treasure. Most jewelry has some emotional value, whether it’s a wedding ring from a failed marriage or an heirloom from grandma, and this value can make it hard to part with. Once you sell the piece, it’s gone, so make sure you are ready to say good-bye.
Know What You Have
You need to be solid on what you are trying to sell. Quite often, this means getting a professional appraisal of your piece. What you are looking for with an appraisal is not so much the dollar value of the jewelry, but rather its specifications. What are the cut, color, clarity, and carat weight of your diamond? What is the quality of the gold or silver in the band? If you do not want to spend money on an appraisal, you have a few other options. One option is to rely on the original paperwork about the jewelry, if it’s available. However, diamond standards vary, so not every certification is considered valid. Certificates from the Gemological Institute of America (GIA) or the American Gem Society (AGS) are usually accepted by diamond ring buyers in Atlanta, but other certifications might not be trusted by potential buyers. Another option is to have the piece evaluated for free by 2 or 3 different gold and diamond buyers or pawnbrokers. If you get consistent answers from several of these professionals, you will have a pretty good idea of what you have. Make sure the metal quality and weight of the piece is part of any evaluation, as the value of the gold or silver should be part of your final selling price.
Set a Realistic Price
For diamonds, this can be tricky, as there really is no such thing as “market value” for diamonds. You can discuss pricing strategy with the appraisers you use, as their insight into the dollar value of the diamond will be helpful. Additionally, you can do your own research online. Use the specification of your diamond to compare it to sales of similar diamonds at online sites. You can also calculate the value of the gold or silver in the piece to help you set a price for the entire thing.
Consider Your Selling Options
When selling diamond jewelry, you can sell to the public or to the industry. Your choice depends on how quickly you want the money and your overall tolerance for marketing and negotiation. Selling to the public is pretty straightforward and likely to yield the best price. You can easily list the piece online at a reputable site. Make sure to take good photos of the diamond and be prepared for skepticism, as that’s just part of the process. Be safe and use common sense when conducting this type of transaction. Selling to the industry will yield a lower price, as your buyer will also need to make a profit, but has the benefit of reducing your own personal risk and can be faster. Consignment sales, auctions, and trade-ins are other selling options you may be able to discuss with a jeweler.
If you want to sell a diamond in Atlanta, make sure you follow these essential tips for success.