Whether you want to sell loose diamonds you acquired to make money or you want to sell diamond jewelry you inherited, it’s very important to understand the real value of your diamonds. There are many options for selling diamonds today, from pawn shops to specialized diamond buyers, although not all options will give you the most money possible for your precious gems. Here’s a look at the most important tips you can take away when you’re preparing to sell your diamond jewelry.
Factors That Affect Quality
Did you know there’s more to diamond quality than the 4 C’s (cut, clarity, color and carat)? Here are some factors that may affect quality and value when you’re ready to sell diamonds.
- Florescence is the blue hue a diamond takes on when exposed to sunlight. A high level of florescence can negatively impact your diamond’s value.
- Brilliance and fire greatly impact your diamond’s value and marketability.
- Inclusions at the center of a diamond hurt the value more than inclusions on the side as they can’t be covered by a prong setting and remain more visible.
- Invisible set diamonds are very popular, although they’re hard to resell. Grooves must be cut into each diamond so they fit together like a puzzle. These diamonds can’t be resold as loose diamonds without being re-cut to remove these grooves.
- Square and rectangular cut diamonds tend to chip at the corners when they’re mounted, so a diamond buyer will probably want to see these diamonds outside of their mountings to check for damage.
- Certain diamond sizes demand a premium price due to market trends and demand.
- Fancy shape diamonds go in and out of style and this may impact their value at any given time.
- Even small and low-quality diamonds have value, as diamonds do have many industrial applications.
The Importance of a Gemological Certificate
You should always have your diamond certified before you try to sell it to diamond buyers. There are many gemologist laboratories that certify diamonds, although the price you’ll pay varies by the size of your diamond and the lab. A certificate from the Gemological Institute of America, or GIA, is the industry standard and the only indisputable certificate you can get. Other labs are more lenient in their standards, so a diamond with a G-grade color from GIA may receive an E or F elsewhere. GIA certificates will also include all important information about your diamond to a potential buyer who’s interested in making an offer. GIA is a non-profit organization created to protect the public and offers reliable information and grades for diamonds and other precious gems. With a GIA certificate in hand, you’ll be prepared to get a fair price for your diamond.
Choosing the Right Buyer
Finally, you should always choose the right buyer for your diamonds. Most buyers don’t have the knowledge necessary to pay high prices for diamonds and these buyers will offer you far below market value to ensure they make a profit. A good diamond buyer will be a certified gemologist with experience dealing with diamonds. Any diamond over 1 carat should be sold to a diamond-buying specialist, as grading diamonds takes years to master. If you choose an inexperienced buyer, they will probably offer you far less than your diamond is worth because they fear they have an incorrect grade. A good buyer may also want to remove large diamonds from their mounting before making an offer, as some diamonds have inclusions, defects or chips hidden by the mounting that affect price. This is perfectly acceptable. You’ll also want to gather as much information from the potential buyer as possible, as this makes you more informed about the characteristics of your diamond and its value. Finally, remember gold buyers specialize in buying gold, not diamonds. They pay very low rates for diamonds, far below market value. Always take diamonds to a diamond buyer, not a gold buyer, to get the best price for your stones.
What You Can Do Yourself
Here are some things you can do yourself to inspect your diamond, learn its characteristics and value it before you attempt to sell.
- Buy a loupe online or from a jewelry supply store to check your diamond for inclusions. A loupe with 10x magnification will let you spot any inclusions that will affect the clarity grade of your diamond. This will give you a good impression of the characteristics of your diamond.
- Diamonds are very durable and never show signs of age, although they can get scratches or even burns after years of wear. This will make the diamond appear much lower in quality. Before you sell your diamond, take it in for repair by a diamond polisher to remove these surface burns and scratches and restore its original brilliance and luster.
- Have your diamond certified by mailing it to a certification lab. The price varies, but this certificate will explain the grading of your diamond and give all important information to potential buyers.