Selling Your Diamonds and Getting the Best Value

By: Michael Russell

Why would you ever want to sell your most treasured diamond pieces? Well, perhaps you have just undergone a divorce or a major break-up and that diamond ring just reminds you of the ruined relationship. Or you are desperately strapped for cash and selling that diamond jewelry you so truly love is the only way out. But whatever the reason may be, the only thing that matters now is how to get the best price for your diamond.

How can you get the best deal for your diamond? Well, the answer here is very simple. Don’t be in too much of a hurry to dispose it. Consider all the options available before you let go of your precious gem. For your guidance, here are some suggestions that may be of great help in getting the best value for your diamond.

1. Look for a qualified appraiser. To get an accurate idea of your diamond’s value, have it appraised by at least 2 to 3 credible jewelers. You can easily find a handful of skilled experts in your immediate area by asking for recommendations from the Appraisers’ Association of America, the American Society of Appraisers or the International Society of Appraisers. Or if you are in a hurry and can’t wait for their recommendations (this usually takes a week), look for appraisers listed in the Yellow Pages.

2. Have the diamond appraised. When selling a stone as precious as a diamond, you would want to be armed with all the tools you can get. Of course, you would want to know the stone’s Rapaport value. The Rapaport value reflects the standardized wholesale price for which diamond jewelry stores all over the country are willing to pay for a diamond of a certain quality. This is also the highest value that you can expect to get from your diamond. Keep in mind that this amount would be significantly lower than what the stone would normally fetch in a jewelry store.

3. Ask around to see if any of your family members or friends is interested in buying the piece. The best deals are often made with people you know. If this fails, that would be the time to look for other buyers.

4. Make a round of the jewelry stores in your area. This would be your next best bet. However, be extremely cautious when taking this route. You should not let your diamond piece out of your sight even for a moment. You wouldn’t want it to be switched with one of lesser quality, would you?

Show the jeweler the diamond’s appraisal. If the jeweler offers you a price, which is 60 to 80% of the diamond’s Rapaport value (referred to as the dump value), you have made a good deal. But if he offers you a price well below 60% below the Rapaport value, don’t take it. He’s merely ripping you off!

5. Sell it in an auction house. If you own a diamond, which can be considered as among the top of the line, consider selling it off in one of the more famous auction houses. In the US, these would be Christie’s and Sotheby’s.

Now that you are more equipped with the necessary strategies in getting the best deal for your diamond, you can start looking for your prospective buyers. Just remember these tips and you’ll do just fine!

Article Source: http://www.content.onlypunjab.com

Michael Russell
Your Independent guide to Diamonds
Michael Russell - Our Articles Expert Author