Tips to Sell Diamonds and Make Money
Right now, the market for second-hand jewelry is expanding, and many people are interested in learning how to sell diamonds for extra money.
This month is a wonderful time to sell your jewelry, as we mentioned last. We’re here to help you receive the maximum money for your diamond, whether you need a little additional cash, want to clear out outdated jewelry, or need to completely let go of any last remnant of a prior love.
The top five locations to sell your diamond and how to make sure you’re getting the best price for your stone will be covered in today’s post.
How many diamonds are sold most effectively?
Whether the diamonds are loose or mounted in a ring, there are several locations and ways to sell them. No matter where you choose to sell, remember that you’ll unlikely get an offer close to the item’s full retail worth.
Remember these strategies and suggestions to get the most price when selling your diamonds, no matter where or how you do it.
One of the simplest and quickest ways to earn money is to sell your diamond to a pawnshop, albeit there are more profitable options. Unfortunately, lowball offers are common in pawnshops.
You’ll probably receive the least money for your diamond here compared to other places. This is so that you can buy your thing back from the pawnshop for a bit more money than you originally sold to them, like getting a loan against your jewelry.
The eBay platform is a wise choice if you are familiar with every aspect of the stone. To know the precise color, clarity, carat weight, and cut, you should have the certification or, at the very least, have it appraised.
Although a picture is worth a thousand words, photographing a diamond is difficult. To get the greatest shot, experiment with the lighting.
Be truthful in your listing, and mention if the diamond has been used. Be ready to pay listing fees, selling fees, and ultimately PayPal costs while using eBay. Additionally, there is a chance the ring will be returned, so wait to count your money until you hear back favorably.
Posts on Craigslist are free. Although it’s a choice that keeps more money in your pocket, some sellers are hesitant to use the platform due to the possibility of scammers, bargain-basement buyers, and safety concerns.
However, some people achieve fantastic results. Craigslist is a great place to sell furniture, but we don’t advise selling incredibly pricey stuff. Ensure you have protection when showing an expensive item to strangers if you decide to sell it. With Craigslist, you cannot remain anonymous.
A local jeweler or auction company accepting consignments
Consignment or auction companies are always a smart choice if there is no urgency. The diamond ring will be displayed in a case and sold when right.
With this approach, vendors might be able to decide the asking price for the engagement ring they want to sell, resulting in a higher profit. Additionally, because there is little to do besides drop the ring off, the consignment fee is typically a much lower set fee.
A consignment sale operates as follows:
- The seller makes an agreement to keep the item with the consignment business for a specific period of time in a contract.
- The seller receives the wedding band back if the item doesn’t sell during that time.
- The seller can then go back to this list and decide whether to try again at a different price or switch to a different selling strategy.
Selling to a jeweler is not the same as selling to a buyer of diamonds. First off, a buyer of diamonds has a different overhead cost than a jeweler. Usually, diamond buyers might give a higher price for the diamond.
Look up online reviews and testimonies from the diamond purchasers you are considering. Moreover, confirm that they belong to the Better Business Bureau.
The diamond buyer won’t give you replacement value, but they’ll still give you a lot more money than you’d get from a pawn shop, eBay, or Craigslist. Faster sell times compared to selling consignment are an additional advantage.
Be honest about your hopes for the price you hope to receive for your diamond. Most diamond buyers are open to bargaining in order to accommodate your needs. Since most buyers also sell diamonds, we want to earn your business and build a relationship.