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4 Tips for Selling Diamond JewellerySeptember 5, 2018 - Jewelry Articles
As expert diamond and jewellery buyers, we know exactly how to sell your diamond jewellery as painlessly as possible and for the best price. With our 4 tips for selling diamond jewellery, you’ll learn how to determine the quality of your diamond jewellery, how to set price expectations and discover the best diamond jewellery buyers to work with.
Top 4 Tips for Selling Diamond Jewellery:
1. Set realistic expectations
Our top tip for selling diamond jewellery is to have realistic expectations and understand how diamonds are priced on the second-hand market. Diamond jewellery typically resells for 25% to 50% of its original retail price.
This price difference can come as a shock to many first-time sellers. This is explained by the significant mark-ups at the retail level, especially with large, chain jewellery shops. Jewellers mark-up their jewellery so greatly as they have high overheads and slow moving inventory. This allows them to pay their rent, employee wages, electricity bills and so on while also making a profit.
2. Work with a reputable buyer
Next up on our list of 4 tips for selling diamond jewellery is to always work with a reputable buyer. Finding a buyer who you can feel comfortable working with is crucial in the selling process. Here’s what to look for in a diamond buyer:
- Excellent Customer Reviews: By reading a buyer’s reviews from previous customers, you can ascertain the quality of their service.
- Free Process: If a buyer wants you to pay to have your diamond jewellery assessed and priced you should stay away. Services like these will likely deduct from your final offer with hidden fees or could be a scam.
- Online Price Quotes: A trustworthy buyer will first provide a free online quote based on information you provide on your diamonds. This allows you to decide if you are interested in taking the next steps to get a final price.
- Secure: As you are selling a high value item, you want to be sure that you are working with a buyer who prioritises yours and your jewellery’s safely. A secure service should always insure your jewellery if you are mailing it in and have cameras on site. And that any appointments are held at a secure and professional location.
- Both Online and In-Person Appointments: Whether you are selling your diamond jewellery online or in-person, a reputable company should be able to offer both options.
3. Know what you have
One of our most important tips for selling diamond jewellery is to establish the characteristics of your jewellery. This tip is critical because the more information you have about your diamond jewellery, the more accurate an online price quote you can get from potential buyers.
The foundation of evaluating a diamond’s characteristics, and therefore its value, are the 4 C’s. These are the globally used diamond grading criteria created by the Gemological Institute of America, also known as the GIA. The 4 C’s include:
- Carat Weight: This denotes how much the diamond weighs, typically abbreviated to ct. It is important to know the carat weight of your jewellery’s largest diamond and well as the weight of any additional stones.
- Clarity Grade: This indicates the amount of internal and external flaws a diamond may have, known as inclusions and blemishes respectfully. These flaws can look like black spots or cloudy areas in the diamond. Clarity is graded on a scale of FL for flawless to I3 for visibly flawed. The full extent of a diamond’s inclusions and blemishes can be best seen under a loop as opposed to the naked eye.
- Cut Grade: This refers to the cut quality and proportions of a diamond on a scale of Excellent to Poor. When a diamond is well cut, light will be able to best enter a diamond, thereby maximising its ability to sparkle. Keep in mind that cut grade only applies to round cut diamonds, while fancy cuts (such as hearts and ovals) do not have official cut grades.
- Colour Grade: This indicates how much colour a diamond displays. For white diamonds, colour is graded from D to Z, with D as colourless and Z as light yellow. The closer to D grade, the white and therefore more valuable your diamond is. However, if your jewellery has fancy coloured diamonds, such as a blue or pink diamonds, they are graded from Fancy Light to Fancy Vivid, depending on the colour intensity. The more intense the colour, the more valuable it is.
Where to find the 4 C’s of your diamond: If you still have paperwork for your diamond jewellery such as certifications, insurance cards or receipts, you can normally find the 4 C’s of your diamond jewellery here.
With your jewellery’s official paperwork, you are also able to demonstrate the authenticity of your piece, which is especially beneficial with high-end brands such as Tiffany & Co. and Cartier, and can even net you a higher offer. Furthermore, if you have the official box that came with your jewellery, be sure to bring it to potential buyers as this will help you achieve an even greater buying price.
If you do not have this information: Simply take your jewellery to a local jeweller, they will likely be able to give you a rough idea of the 4 C’s of your stone for free of charge. You do not need to pay for a written appraisal.
With all of this information ready, you are prepared to receive a price quote. Click the button below to receive a price quote for your diamond jewellery today.
4. Sell to diamond experts
Our last of the 4 tips for selling diamond jewellery is to always work with diamond experts. Diamond grading is complex and nuanced so it pays to work with a highly qualified gemmologists. Diamond expert buyers will have GIA (Gemological Institute of America) training, years of industry experience and an in-depth understanding of the second-hand diamond jewellery market.
Many local options such as pawn shops, consignment shops or jewellery shops are limited in what they purchase and the prices they can offer. This is because they are limited to their local market. At WP Diamonds, as international diamond buyers with global reach, we buy a wide range of diamond jewellery at competitive prices.
At WP Diamonds, we have a team of GIA trained experts who can give you an honest and competitive offer for your diamond jewellery. As experienced diamond jewellery buyers, we possess the necessary skills and industry connections to ensure that you are getting the best price for your diamond jewellery.
You can feel confident working with us because of our 100% trust guarantee and hundreds of positive customer reviews. When you work with WP Diamonds you can receive payment for your diamond jewellery in as little as 48 hours after completing our simple online form.
Click the button below to get a bespoke price quote for your engagement ring, diamond rings or other diamond jewellery.