Selling your jewelry can give you a major headache. There’s a myriad of difficult questions such as “Who buys diamond rings near me?” and “Will I get a fair price for my jewelry?” And you may feel frustrated in the process of getting the answers.
Selling diamonds is indeed different from selling your gold jewelry. Though lucrative, it can be quite challenging for an inexperienced seller. It’s easy to get lost in resale prices and selling options, especially if it’s also emotional experience for you.
These guidelines will help unravel the mysteries of selling a diamond and arm you with knowledge on who to turn to and what to expect.
How much is my diamond piece worth?
Determining the true worth of diamond jewelry and finding out its resale value can be tricky. There isn’t just one objective measure but many variables that contribute to a diamond’s value. And there is always a difference between “buying price” and “selling price,” just like with any other asset you might want to sell.
This is why it’s important to understand the famous “4Cs”. It may come in handy knowing attributes like the diamond’s color, carat weight, clarity, and cut, as well as other characteristics that could influence its value.
If you don’t know the quality of the diamond, and it’s a significant stone of over a carat, you may seek a formal assessment of the diamond’s condition and characteristics. If you choose to spend money on a grading report, the American Gem Society (AGSL) and Gemological Institute of America (GIA) are considered credible. But grading reports are costly and not necessary in order to sell.
On the other hand, especially if the diamond in your possession is under a carat, you can just have it evaluated by a trusted appraiser. Find a reliable jewelry store with qualified professionals who are GIA graduates and get their opinion on the stone’s value. It is not necessary to spend money on having an actual written appraisal done, as “appraised value” is not the same as “resale value.” Appraised value is mainly useful for insurance purposes, not for selling.
Who buys diamond rings near me?
Your selling options are one of the first things that come to mind when you’re looking to sell your diamond or diamond jewelry. You can sell it either to someone in the jewelry industry (jewelry store, diamond dealer, or pawnbroker) or to an individual buyer.
The advantage of going to a reputable jewelry store is a safe and fast sale. There you can get an adequate estimate, realistic price offer and immediate payment.
Selling your jewelry directly to an individual may get you a higher price. However, if you decide to go down that road, be prepared to have difficulty in finding the right buyer. It will require extra time and effort, and there is some risk. Experienced thieves have lots of different ways to try and rip off people who are selling valuables online.
Never risk your safety by meeting with someone who claims to be an interested buyer in a remote area. Insist on meeting inside a bank. Never accept personal or cashier’s checks as payment. If you meet at the individual’s bank, you can get cash or a cashier’s check straight from the teller. If you get cash, be alert when leaving the bank! Watch out for anyone lurking around outside or following you when you leave in your car.
What can I expect?
This is the trickiest question to get an answer to, with both the market conditions and emotional side of the selling in play.
The most important rule is not to set your expectations too high. Just because your shimmering piece is a part of your family collection or you think it’s valuable doesn’t make it so. Also, don’t expect the resale value of your pre-owned item to be close to its retail value, just as with a new car versus a pre-owned car.
The market value of diamond jewelry will depend on trends and the level of demand at the time you decide to sell. At certain points of history, some diamond shapes have proven to be more attractive and popular than others. Round brilliant is currently the most sought after shape on the market.
Unless your piece is antique with heritage value or with design elements of high demand, the jeweler may not offer you a higher price than he would pay to his own market contacts for a similar item.
Sell your diamond to San Diego experts at Leo Hamel Fine Jewelry & Engagement Ring Store
If you’ve been wondering who buys diamond rings near me, and you live in San Diego County, Leo Hamel Fine Jewelry & Engagement Ring Store is your go-to place! Our professional gemologists will accurately assess the diamond and tell you how much it might be worth in specific markets and circumstances.
Whether it’s your ring, earrings or a loose stone, bring it in. We buy diamonds in all shapes and carat weights and will help you get the best possible price. You can even trade your precious item towards a new purchase!