If you need to raise a bulk sum of money quickly then selling diamonds may be one of the easiest ways of doing it. However, you need to know about diamond buyers and how they work so you can get the best price possible otherwise selling the diamonds may be something you’ll regret in the future.
Unlike other commodities it can be difficult to know the true value of a diamond. For this reason most people choose to get an appraisal from several different and independent jewelers of a diamond before selling so they know how much they can expect to get. The thing is, appraisals are generated mostly for insurance purposes and don’t reflect the actual amount you can expect to fetch for your stone. One problem you may have is if your diamond doesn’t have a certificate and in this case you may not be able to sell it for the full price. You can always apply to get one though and this might be a good idea if you find you aren’t receiving acceptable offers. Not all jewelers purchase diamonds, as a matter of fact most do not.
Although ideally you’d like to find a professional diamond buyer this may not always be necessary. Someone you know and trust may be able to give you a fast sale of your diamond so make sure you ask friends and family whether they’d like to buy. Always ensure you know the true value of the diamond before doing this though.
When it comes to diamonds or any valuable material it generally isn’t a good idea to sell it at a pawn shop. While this can seem like an easy way to sell a diamond in reality you won’t receive anywhere near the full value because the pawn shop won’t be able to sell it on for full price.
If you have a high quality diamond then it’s probably best to sell it at an auction where there will be many people who understand its true value. For a less expensive diamond you could consider selling it direct to a jewelry shop or even through a classified ad in your local newspaper but as you look into doing this you’ll notice there are a ton of other people looking to sell their diamonds as well.
Unfortunately because there are so many people trying to sell their diamonds the market price tends to be quite low. This is particularly the case with lower quality / smaller stones. If you diamond has a clairty of SI1 or lower or a color below G-H you’ll have a hard time finding anyone who purchases diamonds to give you much of a price for it. The stones you can expect to recover a decent amount form are stones .75 carat and higher with good color and clarity. With regards, to appraisals, as mentioned they don’t mean a great deal when it comes to the real price you can expect to get for your stones, as a rough guide I would say you should expect to get anywhere from 9 to 12.5 % of the appraisal value. Most buyers and brokers use Rapaport as a price guide line, this is an industry publication that gives the approximate high cash asking price in New York for the wholesale diamond industry.
Whether you’re looking for diamond ring buyers or buyers for rough diamonds the first place you should look is the internet. Not all gold buyers necessarily purchase diamonds, as a rule if a company is buying precious metals they aren’t necessarily experts in gemstones. Searching for diamond buyers in your area will give you a list of potential buyers and also a list of people who have the expertise to give you an accurate appraisal. Even if you need money quickly you should never rush into selling a diamond because you need to make sure you’re receiving a fair price.