Trying to sell old diamonds can be a tricky prospect, but it sure beats hanging on to something that went out of fashion years or even decades ago. Unless it also happens to be an heirloom, or carries other emotional value, you are probably better off parting with it and making some money into the bargain. There are several obstacles you may need to overcome before finally getting your hands on what it is actually worth, or hopefully more. Below are some of the things you need to remember when you set out on this venture.
Selling at Jewelry Stores
Stepping into a diamond jewelry store similar to the one you originally bought from, you would need to remember a few things. First off, brick-and-mortar store jewelers usually buy diamonds on consignment, which means they pay nothing at first to the wholesaler, and make payments later. What this means for you is that you would probably get a considerably lower price on the same item, even if it were in pristine condition.
If the store actually does buy your diamond, they would keep that at a low price, using this as an opportunity to deepen their relationship with their supplier. Most common wedding rings sold this way fetch a much lower price than what owners initially spent on them.
Unless the diamond you take in is both rare and precious, there is no reason why they would buy it at the market rate. If they could get a similar item from their wholesaler at a cheaper rate, they have every reason to go that way instead it.
Pawnshops
Pawnshops do take old diamonds, but everyone knows they only give you well below market price, which means you would be dealing in a loss.
Direct Consumers
Approaching a possible buyer directly is indeed a wise tack. You can try selling online on one of the many popular platforms offering that option, but beware the main pitfalls. No customer would be ready to pay the same as market rate. On top of that, many would insist on getting the kind of packaging and warranties comparable to those that come with a new item.
The best possibility of finding a good deal rests in finding a way to sell for about nine-tenths of the buying price. Despite the loss there, this is still the best way to recover whatever you possibly can. If your diamond is relatively new, you could get eight in ten of the original buying price, by selling soon after buying.
Relevant Perks of a Diamond Purchased Online
- Better Value for Money: If you purchased a diamond online, you would have received it at a far better rate than those offered at physical stores. This is a bonus because then you would be able to recover more of your money when selling, and minimize loss.
- Return Windows and Upgrade Policies: One of the huge benefits of buying a diamond online is that you can make full use of their attractive policies. For instance, you sometimes get a full refund option. This type of offer is valid for about a month or even longer, and you can return your jewelry even if you bought from among the most popular diamond engagement rings. Furthermore, some stores also have a lifetime upgrade policy. Because of that, preferring buying online is a good way to go. In the end, if you want to sell the diamond on the open market, your losses would not be as severe
- A Diamond’s Market Price: In the diamond industry, there are no real market prices to fall back on. There are call prices, which are what stores would pay their dealers after a specific item request from the client. Then there is the business price, which is the final price the store agrees to after negotiating with the customer. Out of all the “market prices”, the lowest one is the “cash price”. This is the price the store is willing to pay immediately to get the diamond, without a formal request being made by the customer. This price is the lowest, because it needs a sudden outlay of capital in return for the hope of a future sale.
In conclusion, it is obvious that when you try to sell your diamond, whether to get rid of an unpopular cut or a nasty inclusion, you should be ready to incur some loss. Even then, you get to walk away with usable money, which is better than having to care for an outdated ring, necklace, earring or bracelet.
Is It Possible To Sell The Setting?
You can also sell the setting of your diamond. However, note that your diamond setting would be melted down to scrap. This means you would receive something equivalent to scrap gold price. This is because everyone wants to have a new design and therefore your ring would be melted to be reshaped.