Whether it is the need for funds or the need to do away with an inherited antique piece, selling your diamond or any jewelry is a somewhat complicated process that requires the imbibing of several knowledge. There are some critical areas which you should have complete knowledge of in order to ensure that you are getting a fair price and is not being duped. There are certain issues which should be addressed and a few common questions you need answers to and some of them are listed below:
- Know Your Jewelry and your Rock: After you have emotionally decided to sell your jewelry, whether of diamond or any other gemstone, you need to make an accurate assessment of its quality and its real value. The jewelry market is ever fluctuating and needless to say, the demand for certain jewelry and gemstone types also fluctuates. Before anything else, you need to first delve into the authenticity and be aware of its attributes so that you have a fair information about the market value of your jewelry piece. In short, you need to have complete knowledge of your stone in all its precise details.
- Find a trained Appraiser and Set a Price: If you are unable to set a price for your jewelry, find a trained appraiser who will take all the factors into consideration and come up with a fair resale value. A trained appraiser takes into account, factors like quality, availability, current demand, current market trends for that particular jewelry piece and accordingly decide the price. Make sure you get hold of a genuine appraiser who have specialized training in this area. Do not forget to inquire about the experience and the education of the appraiser. Keep in mind that if you go to an appraiser that also sells diamonds, you will probably get a much lower estimate than what you would expect to get, simple common sense.
It is also suggested to simultaneously do your own research and legwork to understand the worth of your jewelry piece.
Ways to sell your diamond or jewelry:
Post the appraisal, you will be confronted with various options to sell your diamond or jewelry. Some of the options are:
- Auction: You can consider selling your piece through a local auction house or even through an online auction site (e.i., eBay). If, however the piece is of superior quality, you can opt for a large auction house.
- Trade in: You may have the option to trade in via the jeweler you purchased the piece from. The seller must agree to give you a certain amount of credit or refund against your next buy. The terms and conditions may vary and they may have expiration dates and certain limitations. At Motek Diamonds we offer a lifetime upgrade guarantee on all your diamond purchases made at Motek Diamonds by IDC.
- Direct Retail: This implies eBay, Craigslist or any other similar sites. It also implies classified ads through newspaper or any other ads forum or a direct sale to a friend. Be aware of your personal security when selling to strangers. When dealing with a friend, it is suggested that both of you have an independent appraisal involved so that the matter can be dealt respectfully.
- Sell it back: You may have the option to sell it back to the jeweler you got the piece from in the first place. In this case, most of the jewelers will offer less than the wholesale price for the piece. Knowing the ins and outs of such a deal is necessary before you venture into one.
- Through other Businesses: You can get in touch with other businesses that deal with the purchase of pre-owned jewelry or diamond for resale.
- On Consignment: Selling the piece through an estate jeweler or on a consignment deal is another great move. Normally you will not get your share until the piece sells and it is normal for the jeweler to keep a certain percentage as commission. Hence, you need to be very clear about the minimum price you are expecting. You also need to ensure that the jeweler has no hidden fees and should also have details on how and when you are going to be paid. You should also be aware of the possible consequences if by chance the deal doesn’t work out. Consignment is successful only if you have the required time and is comfortable with the jeweler you are dealing with.
- Sell to a Dealer: If you are in urgent need of money, you can consider selling your piece to a dealer. Dealers may be online advertisers, neighborhood jeweler, pawn shops or other gold or jewelry buyers. In such cases, immediate payment comes with a trade-off.
Now that you are well equipped with the knowledge on how to sell jewelry or gemstone, you should have no problem in your endeavor to sell yours. Just keep in mind, don’t expect to get the same amount you paid for the jewelry. If you would like to get the best value for your jewelry, contact Motek Diamonds today, they will help you get the best price for the jewelry you are trying to sell.