Table of Contents
Everybody loves jewelry so when things are good, they often celebrate by buying some more. Engagements, weddings, birthdays, graduation, promotions at the workplace, deliveries, you name it and it is a perfect opportunity for getting yourself a new piece of jewelry. However, when there is a downturn in your fortunes or a relationship has turned bad, it can be a difficult decision to sell them off for hard cash, even though sometimes you may not have any other alternative.
Some useful tips for selling your diamond jewelry when you need the cash
Ensure You Have a Grading Certificate
Diamonds are normally sold accompanied by a grading certificate from a gemological laboratory like Gemological Institute of America, which contains information regarding the precise weight of the stone along with other attributes like cut, color, and clarity. The purpose of the grading certificate is to eliminate the chances of disputes arising regarding the quality of the stone as it is issued by a lab that is independent and trusted by all. According to Nytimes.com, in case, you do not have the certificate, you can try to locate a jeweler who can with appraise it by an in-house G.I.A.-trained evaluator. You can also refer to the Rapaport report that contains the current pricing details and used by the retailers as a reference.
Different Places You Can Approach to Sell Your Diamond Jewelry
Jewelry shops: Most of the local jewelry shops that sell jewelry also buy from individuals. Typically, the first offer will be far below what they call the dump price, which is approximately 40% of its Rapaport value. Ideally, you should aim to get around 60-70% of the Rapaport list price with hard negotiation. Find out if the jewelry shop is agreeable to taking your diamonds on a consignment basis, where they will try to find a diamond buyer for you at the best price and charge you a commission or fee for the service.
Pawnshops: You can also head to some of the more reputed pawnshops in your locality and find out how much they would be willing to offer. The advantage of dealing with pawnshops is they are inclined to close deals quite quickly and sometimes offer better prices as they do not have the typical overhead expenses of jewelry shops.
Online buyers: You can get on to the internet and look around for some of the many online buyers of diamond jewelry that advertise great deals. However, you should be very cautious when dealing with them and not agree to mail in your jewelry for an evaluation because you will find it impossible to track them down if they just stop responding to you. Check up on customer reviews to identify a reputable buyer before considering an online sale.
Selling off your diamond jewelry is always a hard decision; however, if you are out of options for raising emergency cash, you can approach your local jeweler or pawnshop. Since pawnshops or dedicated old jewelry buyers deal in a very large assortment of jewelry, you will find them more accommodating and ready to give you better prices.