March 20th 2023
How To Sell Your Diamond For The Most Money
By Devin Jones
Are you looking to sell a diamond and not sure where to start? In my previous post, I explored the best places to sell a diamond online. Today, I'm going to walk you through the entire process, covering both local and online options. Here's a simple outline of the topics we'll be covering:
- Research your diamond's value
- Local options for selling a diamond
- Online options for selling a diamond
- Tips for a successful sale
1. Research your diamond's value
Before you start selling your diamond, it's crucial to have a good understanding of its value. You can use tools like StoneAlgo's Diamond Check or our Diamond Price Calculator to estimate your diamond's fair retail price. Knowing the fair retail price of your diamond will give you a benchmark to compare offers from potential buyers.
2. Local options for selling a diamond
When selling a diamond, you have several local options to consider:
Pawn shops can be a quick way to sell your diamond, but they usually offer lower prices than other options. They're best for those who need cash immediately and aren't too concerned about getting the highest price.
Local jewelers may be interested in buying your diamond, especially if it's a popular size, shape, or quality. Visit a few jewelers in your area to get an idea of the range of offers you can expect.
Check out our local jeweler search engine for more info.
Jewelry consignment shops
Consignment shops can help you sell your diamond by displaying it in their store and online. They typically charge a fee or a percentage of the sale price for their services.
3. Online options for selling a diamond
Online platforms can offer a wider audience, potentially leading to higher offers. In my previous post, I analyzed 12 online diamond re-sellers and provided detailed information on their offers, user experiences, and reviews. Here are the top 6 online options to consider:
- Worthy (Dealer Auction)
- WP Diamonds (Direct Offer)
- Gemesti (Direct Offer)
- The Diamond Oak (Direct Offer)
- DNR Diamonds (Direct Offer)
- Manhattan Buyers (Direct Offer)
- Truval (Direct Offer)
Keep in mind that online options may require you to send your diamond for inspection before providing a final quote.
4. Tips for a successful sale
Here are some tips to help you get the best value when selling your diamond:
- Shop around: Don't just accept the first offer you receive. Visit multiple local jewelers and compare their offers to those from online re-sellers.
- Negotiate: Be prepared to negotiate the price, especially with local jewelers or in online marketplaces.
- Be patient: Unless you're in a hurry, take your time to find the right buyer and the best offer.
- Provide documentation: If you have certificates or appraisals for your diamond, provide them to potential buyers to help justify your asking price.
- Be honest: Accurately describe your diamond's features and flaws. Being honest will help build trust with potential buyers and prevent disputes.
Selling a diamond can be a daunting process, but by doing your research and exploring both local and online options, you'll be well on your way to finding the best value for your precious gem. Be sure to read my previous post on selling a diamond online for more detailed information on the best online re-sellers and their offerings. Good luck with your sale!