Do you have a diamond engagement ring left over from a marriage that didn’t last? Maybe you own diamond jewelry you used to wear and enjoy, but now leave in your jewelry box or safe for months or years at a time. Rather than hold on to diamonds you no longer enjoy owning, why not sell them for cash instead? You can use the money to purchase jewelry you’d rather own, spend it on something else you’ll enjoy or make an investment instead.
When you’re ready to sell your old diamond jewelry, start by having it appraised. Keep in mind that the appraiser will give you the highest possible price or valuation for your diamond, but this isn’t necessarily what you should expect to receive through a sale. Remember that unless you sell to an individual, whoever purchases your diamond will need to sell it for a profit – that means more than what they are willing to pay you.
Selling your jewelry to an individual instead of a jeweler who must make a profit may be a lot simpler than you think. If you simply wear your jewelry to work, at family gatherings or at social outings with friends, you may be surprised to find how much attention it draws. When individuals comment on your “new” jewelry, mention you’re thinking of selling it and you may be surprised at the interest expressed.
People that are close to you will probably be much happier to purchase diamond jewelry from you than they would be from a stranger, and who wouldn’t? Your friends, co-workers and family members know you are honest. Let your appraisal serve as a guideline in setting a price both you and the purchaser are comfortable with and feel is fair.
If you aren’t successful selling your jewelry to someone you know, you can always sell to a jewelry store. Of course, you will need to be very careful in dealing with any jeweler – even one you believe you know and trust. Don’t be surprised if you receive an offer somewhere between 60 and 80% of the appraisal you received, which is a realistic offer.
Do not accept an offer below 60% from a jeweler, however, unless you are desperate to sell your diamond jewelry for fast cash, and avoid pawnshops at all costs. Pawnshops regularly pay only about 10% of the true value of jewelry they purchase.
If a jeweler considers selling your diamond jewelry on consignment, tread carefully. It may be a fair offer from a reputable jeweler, but it could just as well be a scam. If the jeweler switches your diamond with a worthless or poor qulaity substitute and then claims it could not be sold, you aren’t likely to know the difference. It is better to be safe than sorry when it comes to dealing with jewelers, and if you are unable to find one you trust, simply hold on to your diamond jewelry until you do.
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