You’ve heard the saying — “Diamonds are a girl’s best friend.” That is until you want to resell them.
When you drive a new car off the lot, it generally goes down in value. The same is true of diamonds. Once you pay for the diamond jewelry and walk out the door, don’t count on reselling it for the same price — at least not for a long time. A jewelry store would not want to pay full price for your jewelry when they can buy wholesale.
How do you go about selling your diamond jewelry? First know the quality of the diamonds you have. Diamonds are priced based on the four C’s: cut, color, clarity and, of course, carat. Understand all four C’s, then go talk with a jeweler. Take any paperwork you received with the jewelry at the time of purchase.
Have your diamond appraised. Choose your appraiser wisely. Is the person a graduate gemologist (G.G.), meaning they have taken all the courses, exams and can identify and grade gemstones? What is their track record? Find out by checking with your BBB. Keep in mind that appraisals can be for insurance purposes and your diamond will probably not sell for the value of the appraisal.
Talk to various jewelers. What are their prices for diamonds similar to yours? Go to numerous jewelry stores and pawn shops to determine what they will pay you for your diamonds. Consider selling them yourself. Be careful that you don’t receive a fraudulent check; fake checks can be made to look so authentic they can fool a bank employee. You can always be safe and ask for cash.
The bottom line is you probably will not get what you had anticipated for your diamonds. A diamond’s real investment value is the sentimental value. I have a ring that my grandmother wore until she died at the age of 103. That ring wouldn’t sell for much. But, it’s priceless to me!
What experiences have you had?