Reselling diamonds is first becoming a thing. Since the 2008 recession and the negative financial effects that emerged, more and more people have been compelled to find alternative ways to foot the ever-present bills. In the pre-recession era, reselling of pre-worn jewellery mainly encompassed selling gold jewelry.
However, things have turned up for diamond owners as the market for reselling diamonds is ballooning by the day. This is, by and large, a function of increased appetite for diamonds by people in China and India. They have created a surplus diamond demand, which cannot be satisfied by the market as it is. Therefore, many brick and mortar jewelry stores that had previously been reluctant to purchase pre-worn diamonds are warming up to the idea of supplementing their consignment of diamonds with diamonds from the public.
In this regard, it is in your best interest to acquaint yourself with all that pertains to selling your diamonds. You will not only have an idea of how to going about it, but you will also be in a position to manage your expectations, which in this case is a necessary thing to do.
Brutal Facts To Come To Terms With
One brutal fact to come to terms with is the that you are bound to lose some money while reselling the diamond. This is very common with jewelry, but it is a fact with diamond reselling. If you purchase a diamond in the morning at, say 1,000 (whichever currency), you cannot sell the diamond back for the same or a higher price in the afternoon, unless that particular diamond is unique and one of a kind, which is rare. In this regard, turning a profit is seemingly difficult if not impossible.
With this fact in mind, you can manage your expectations and reduce the disappointment of the outcome of the endeavor.
How To Sell Your Diamond
The first bit is you need to have come to terms with selling the diamond. Diamonds usually have some sentimental values attached to them since many of them come in the form heirlooms or gifts.
The second bit is about understanding the value of the diamond. since in reality most people are not diamond experts, understanding the value of the diamond might very difficult. The first thing to do is have a credible appraiser appraise the value of the diamond for you. At the same time, you should enquire about the highlights and in particular the demerits of your diamond piece that might affect the price.
If you are cash-strapped, you can opt to go to several diamond buying stores and get their range of opinions. This will give you a rough estimate of the diamond.
The third part of the whole process is to find out your selling options. You need to know what avenues you can sell your diamond through, the merits and demerits of each avenue.
In this regard, there are two major avenues through which you can sell a diamond. The first one is selling it back to the diamond industry, which is essentially selling to the jewelry stores. The second option is selling to the public through the peer-to-peer sites such as Craigslist and eBay.
A major determine of which avenue to use is the time factor. When you need to liquidate this asset within a short span of time, selling to the industry is usually the best option. However, be ready to receive a considerably low rate than the actual value of the diamond.
On the hand, selling to the public will give you higher rates, but you need to have the heart to advertise it, wait and to negotiate the price also. There is a price to pay in whichever avenue you choose to sell through. Choose the one that suits your needs best.