Research your diamond. The more information you have the better. Some basic characteristics to know are the “4 C’s”; Color, Cut, Clarity and Carat Weight. Even a minimal understanding of these traits will show a potential buyer that you are serious and should serve to keep his offer honest. If you have an Appraisal or Diamond Certificate, review and have them on hand to compare with the buyer’s analysis.
Customers pay high premiums when purchasing diamonds from jewelry stores. Stores typically mark-up the price of their jewelry around 50-60 percent (sometimes even more). When selling a diamond you have to consider the fact that no buyer will offer more than what they would pay their standard suppliers. It is always good to have a number in mind, but an unreasonable asking price can cause potential buyers to lose interest and set you up for disappointment.
Don’t just go to the nearest gold buyer. Use the internet to search for all potential buyers in your area. This includes jewelry stores, gold buyers and in some cases specialty buyers who focus on diamonds. Take a look at their reviews and credentials online in order to ensure that they are reputable. Also, make sure the buyer with whom you will be meeting is a GIA-certified gemologist, not an unqualified employee without diamond-grading experience.
No one wants to be rushed through a sale. You should look at selling your diamond in the same way you would a car. It takes a buyer time to properly determine all of its characteristics. Always call in ahead of time and make an appointment. Any suitable buyer will be happy to provide an appointment, affording him the time necessary for a full analysis.
Never fear negotiation. All buyers want to pay less and all sellers want to receive more. This is especially true in the diamond trade where brokers and buyers negotiate daily. You should always attempt to improve a buyer’s offer. It is often the case that buyers anticipate negotiations and provide an initial offer which is slightly lower than what they would be willing to pay.
Never feel rushed into a sale. As the seller, you should leave the transaction feeling confident in your decision. Respectable diamond buyers will allow you time to contemplate their offer. Take advantage of this time to ensure you are comfortable with the selling price.