Selling a diamond ring in a big city like Miami has its benefits. You are afforded a multitude of options which wouldn’t be available in a smaller city or rural area. Below, we have included some information on where and how you can sell your diamond ring in Miami, FL.
Miami, like other large US cities including New York, Chicago and Los Angeles, has a jewelry district located in the downtown area. This area is unique because it contains a dense population of businesses involved in all aspects of the diamond and jewelry industry, affording you the unique opportunity to choose from a selection of qualified buyers. The high density of buying competition also helps to keep their offers for your diamond ring competitive. The Miami Jewelry District is located between Flagler and 1st Street and consists of two to three blocks of office buildings and storefronts.
Wherever there is a jewelry district, diamond dealers are sure to be plentiful. There are numerous levels of diamond dealers, from the traveling individual dealer to large, corporate diamond wholesalers. When searching for a place to sell your diamond ring, you should consider the fact that most traditional diamond buyers, including jewelry stores, gold buyers and pawn shops, immediately sell any valuable diamonds which they purchase to diamond dealers or wholesalers with whom they have a relationship. By selling your diamond ring directly to a diamond wholesaler, you are cutting out the middle men and going straight to the endpoint. As a member of the public you should make sure that any diamond buying entity which you meet with is an established business with a clean reputation and numerous professional associations. Diamond dealers can be both individuals and large business owners. When selling your diamond ring, you will want to make sure to meet with the latter because they have greater incentive to maintain an exemplary reputation. We recommend selling any diamonds over 0.50cts to an established diamond wholesaler.
Pawn shops, gold buyers and jewelry stores can be found throughout the Miami jewelry district. Pawn shops and gold buyers should always be avoided when looking for a buyer for your diamond ring. In the case of jewelry stores, they may be an option if your ring is lower value or has a small, uncertified diamond (.50cts or smaller). Most of these businesses serve as middle men in the diamond buying profession. Almost always, when they buy a valuable diamond ring from a member of the public, they flip it to a diamond dealer or wholesaler, often contacting them before completing the actual purchase in order to negotiate a selling price. Another issue with these types of buyers is the probability that their employees lack diamond grading experience. When searching for a place to sell your diamond ring, you will want to be sure that the buyer is able to confidently grade your diamond. Being off by one clarity or color grade can mean a difference in thousands of dollars. An inexperienced buyer will be reluctant to offer premium value because they lack confidence in their diamond grading ability.
Remember, in a big city like Miami, you have plenty of options when searching for a place to sell your diamond ring. Never feel obligated to accept an offer, and always take the time to make sure you are getting the best value possible.