As expert diamond buyers, our clients often ask us a wide range of questions about these precious stones. As such, we have compiled a list of the most common diamond questions, with detailed answers from our ex...
Selling Diamonds vs Consigning DiamondsAugust 7, 2019 - Diamond Articles
Selling diamonds vs consigning diamonds:
- Benefits of selling diamonds
- Disadvantages of selling diamonds
- Benefits of consigning diamonds
- Disadvantages of consigning diamonds
- Is it better to sell or consign diamonds?
- How to sell diamonds
Benefits of selling diamonds
When you work with a company that specializes in buying diamonds outright, there are plenty of benefits:
- Fast, Streamlined Process: Selling to diamond buyers is typically a fast process where you can receive payment within a few hours or days after inquiring about your diamond.
- Hassle-Free: Since diamond buyers will handle the selling process for you, all you need to do is accept or refuse their offer.
- Guaranteed Sale:Rather than having to wait for an interested buyer who happens to come across your diamond in a store, at auction or online; diamond buyers will buy your diamond directly from you.
- Competitive Prices: Established diamond buyers are trained gemologists with access to a large network of diamond industry professionals. These industry connections coupled with a thorough understanding of both diamond grading and second-hand diamond prices, translate into strong cash offers.
- Free Service: There are no costs, fees or commissions deducted from your final offer.
Disadvantages of selling diamonds
The main disadvantage of selling diamonds instead of consigning diamonds is:
- No Haggling: When working with a diamond buyer you have less wiggle room as professional diamond buyers will put their best foot forward and offer their best price outright.
Benefits of consigning diamonds
Certain jewellers will allow customers to consign their diamonds through them. This means that the jeweller will display the diamond alongside their own inventory. Below are the benefits of consignment:
- Hassle-Free: As the business you are consigning with will sell your diamond on your behalf, you can sit back and wait for offers.
- Set Your Price:When you sell your diamond through consignment, you get to pick your desired selling price. Of course a lower price will increase the odds of a sale, and a higher price will lower the odds of a sale.
Disadvantages of consigning diamonds
Unfortunately, consigning diamonds has a number of drawbacks:
- Slow Process: There is no way to know when your diamond will sell, and you could easily end up waiting months or years for an interested buyer.
- Limited Market: If your diamond is displayed at a jewellery store it will only be exposed to a limited market of locals who happen to pass by.
- No Guarantee of Sale: Unlike when selling through a jewellery buyer, there is no guarantee that your diamond will sell. You must wait for a prospective buyer who wants the exact style of your diamond and agrees with your selling price.
- Fees: If your diamond does sell, the jeweller you consigned through will deduct their fees from your earnings. The exact amount deducted depends on the jeweller you work with. Be sure to ascertain exactly how much that will be prior to committing to consignment.
Is it better to sell or consign diamonds?
Simply put, the benefits of selling your diamonds outright far outweigh those of consigning diamonds.
Now that you know the best way to sell your diamond, you need to find the best diamond buying company to work with. Why not skip the search and work directly with the experts? At WP Diamonds we have dedicated ourselves to providing an effortless and enjoyable diamond selling process. Established in 2012, we have grown to an international team with offices in the UK, New York and Hong Kong, working with hundreds of customers on a daily basis around the world. Our team of industry experts and dedicated client managers work to secure the best possible prices for your diamonds and diamond jewellery. Best of all, our process is completely free, and we never take out any fees or commissions from your offer. Don’t just take our word for it, our service has earned us hundreds of outstanding reviews.
How to sell diamonds
Selling with WP Diamonds is so fast and easy that the entire process can take as little as 48 hours. Once you complete our online form with information about your diamonds, you will be contacted by your dedicated client manager who will provide you with a price quote, explain the next steps in our process and answer any questions you may have. We provide two discrete and secure methods for getting your final offer:
Schedule an Appointment: Book a free appointment at one of discrete and secure offices in Birmingham, London, New York or Hong Kong. You will meet with one of our diamond experts who will assess and calculate the value of your diamond in under 30 minutes. We will provide you with our final offer which you can accept by bank transfer. Even if you pass on our offer, your appointment will always be free.
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Click the button below to get a price on your diamond or diamond jewellery today.