Selling a high value diamond, ($50,000-$1,000,000) is no simple undertaking. Especially if you are committed to maximizing your return.
Let’s start with a list of all of your selling options.
Ebay/Amazon- It is unlikely that someone who is interested in purchasing a high value diamond would use these platforms. So, while they do offer low commission fees and reliable payment methods, your chances of finding a buyer through these sites is remote.
Jewelry Stores- Not all retailers are created equal. Larger, private institutions may have the ability to offer a competitive rate for your high value diamond. On the contrary, smaller retailers and chains usually purchase high value diamonds through a third party, diluting the value of their offer.
Diamond Wholesalers- Wholesalers are the end market for most high value diamonds. If you live in a big city, it is likely that there are a number of wholesalers in your area. However, wholesalers is a broad term, covering independent dealers and large institutions alike. Before meeting with a wholesaler, you should research their background and associations in order to confirm that they are a well-established company.
Auction- Auctions are a dependable selling resource, especially if your diamond is over 1 million dollars in value. Some auction houses focus on selling high value diamonds at diamond events and shows around the country. This can expose your diamond to a variety of interested buyers. One potential drawback of auction houses is their commission fee which can range from 5%-15%.
Below, we have broken down high value diamonds into price brackets which include their appropriate selling outlets.
50,000-100,000: Ebay / Amazon, Retailers, Wholesalers, Auction
100,000-500,000: Established Retailers, Wholesalers, Auction
500,000-1,000,000: Established Wholesalers, Auction
Security is of extreme importance when selling a high value diamond. Meeting with potential buyers at a secure location such as your bank can help placate your concerns.
One of the most dependable payment methods is a wire transfer. This allows you to confirm with your bank that the funds have been received immediately. If you are going to accept a check, make sure that it is a cashier’s check and that you have thoroughly researched the issuer’s credentials and professional associations.
When selling a high value diamond, you should only meet with buyers whom you have 100% confidence in. Be wary of shipping your diamond and always check references and professional associations. In the case of a high value diamond, any suitable buyers should be willing to provide an appropriate level of safety and assurances during the buying process.