Step-By-Step Guide for Selling Diamonds

Everyone knows the eternal values of diamonds and their symbols. Many associates these stones with heritage because it is passed down to other family members as a tradition. So, selling them for cash is a rarity.

As a result, people only have limited options for this exchange, and there are endless pitfalls and complications. For instance, they could easily lose out on a rare Type la diamond for an undeserving price. 

Therefore, it becomes essential to understand the ins and outs of this trade in advance. 

Grading certificates 

The first step in getting cash for diamonds is getting it authenticated. One excellent way to establish trust is acquiring grade certifications from the Gemological Institute of America. These certifications will contain some basic information like weight, cut quality, clarity, and color of a stone. Grading is another way to get accurate estimates for current market conditions. 

Approaching dealers 

Some jewelers take in pieces from individuals if they have the appraisal value and GIA certificates. Since they are also looking to do business, jewelers are likely to offer a price lower than the dump value. 

In such cases, sellers should negotiate to increase their estimates. Anything below a stone’s dump value will not yield profit, so it is essential to use some negotiation skills. Keep bargaining until the end for a listed price of 60%-70%. 

Online buyers 

Another effective way to sell diamonds is through online portals. In general, there are only a handful of buyers willing for online transactions. Hence, individuals must acquire the knowledge needed to deal with these parties. They might also want to make use of well-known forums like Craigslist or eBay to find reliable buyers. 

Consigning 

Selling diamonds without any assistance can prove to be hectic. This is why most sellers collaborate with local jewelers and place their items on a consignment basis. It means that dealers will place stones in their inventory and try to sell them. This consigning technique yields a win-win situation for every party, as both of them get a better return by working together. 

 

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