Precious metals and jewels are a classic way of holding wealth that translates across cultures and time. Their enduring value and visual appeal led to their adoption as a symbol of love or a display of status. The chances are that you may have diamond jewelry that was inherited from a family member or given to you as a gift. If the monetary value could help you more than the stone, this guide will help you through the resale of diamond jewelry.
What is The Actual Value of Your Diamond?
(Assessing Your Diamond’s Worth)
With high-value assets like diamonds, the first step in any trade involving them is knowing enough jargon to easily work with industry professionals and to better avoid bad deals and scammers. You should begin with these standard terms, frequently referred to as ‘the 4 Cs’, that you will see throughout the process when you sell diamond jewelry.
- Carats
A Rare Carat is a unit of weight measurement equal to 200 milligrams or 1/25th of a teaspoon. To put that in perspective, a typical slice of bread weighs more than 30,000 milligrams.
- Clarity
Appraisers grade the diamond for clarity based on the number of inclusions and blemishes. Inclusions are structural imperfections primarily under the surface of the diamond, while blemishes are near the exterior. The grades include Flawless (FL), Internally Flawless (IF), Very Very Slightly Included (VVSI), Very Slightly Include (VSI), Slightly Included (SI), and Included (I). The grades past IF have number variants with higher numbers meaning a lower clarity. Find out the best info about pride bracelets.
- Color
Typical colorless diamonds are graded on a letter scale from D to Z. A diamond at grade D is colorless, while a diamond at grade Z will have a noticeable brownish-yellow tinge. Diamonds with more color beyond Z are separately graded based on the intensity of their color and the mixture of hues.
- Cut
The cut refers to the shape of the diamond, and these are the most common forms you’ll see when you sell diamond jewelry.
cushion
- Asscher – A nearly square octagon with layered facets.
- Cushion – Similar to the Asscher with longer facets.
- Emerald – A rectangular octagon.
- Marquise – An oval shape that comes to sharper points at the narrow ends.
- Oval – A normal oval shape.
- Pear – An oval shape with one corner coming to a sharper point.
- Princess – A square perimeter with a pyramid-like middle
- Radiant – A many-faceted rectangular cut.
- Round – A traditional cut with a circular perimeter.
Give Your Diamond a Self-Appraisal
Before you have your diamond appraised, take the time to consider your diamond with your newfound knowledge. The price of a diamond is primarily influenced by its rarity, and the price increase can be exponential as its qualities become rarer. Each of the four key terms above relates to the diamond’s rarity.
Start by using the shape guide and comparison pictures to identify the cut of your diamond. You may have already done that when looking over the chart. On top of being one of the 4 Cs itself, it will come in handy later for identifying another one.
To assess your diamond’s color, you might use comparison pictures again for other colorless or colored diamonds. Ambient light, screen brightness, eyesight, and other factors can make it harder to match the color to a grade perfectly, so don’t be surprised if your guess is off the mark.
If you have a loose stone, you can use a small digital scale to take the weight of your diamond. Scales that can measure within 10 milligrams (0.01 grams) of accuracy are relatively inexpensive and multipurpose, and digital kitchen scales that measure to an accuracy of 100 milligrams (0.1 grams) work well enough to get a relative idea of your diamond’s carat value.
Otherwise, you can figure out the weight by measuring the diamond and using a chart made for that cut’s measurements. Half of a millimeter can make a difference, but it’s just as accurate as weighing the diamond on its own – when you correctly measure the diamond and determine the shape.
The hardest factor to determine on your own is clarity. An official assessment is based on the inclusions and blemishes that the appraiser can see under 10x magnification. You can get a 10x magnifying glass for less than the price of a digital scale, but accurately determining the clarity grade is more than just counting the number of defects.
Natural diamonds have a relatively stable value, but the exact monetary amount does vary with factors like inflation and the market’s current supply and demand trends. Unless your diamond is exceptionally rare, you should be able to find similar diamonds that you can use as a price comparison. Find as many similar listings as you can to form a rough appraisal value for your diamond.
Having Your Diamond Appraised
Not every sale requires a lab report, but some buyers will be reluctant or refuse to buy a diamond without one. The most common and trusted diamond inspection service is run by the Gemological Institute of America (GIA). In addition to getting an official grade that helps in the resale of diamond jewelry, you get a digital report of their findings with the exact details of your diamond’s features. You’ll need to remove your diamond from its setting for a full report, so you might have to visit a jeweler first. They can remount your diamond for you once it’s been returned.
Improving Your Diamond’s Value
Anyone interested in the resale of diamond jewelry would like to improve their jewel’s value. It is technically possible, but the ways to improve a diamond are not easy and can come with risks.
Polishing a diamond by hand might wipe off a surface smudge, but removing surface blemishes requires special equipment. It also reduces the size of the diamond with the potential to cause irreparable damage, especially on smaller carat diamonds. There are cases where polishing can be beneficial, but you should thoroughly research the process and discuss the details with people knowledgeable about the resale of diamond jewelry.
For a deeper improvement, you might consider laser drilling to remove interior inclusions through a microscopic hole. This works best for slight inclusions and can result in a noticeable improvement in the diamond’s clarity. Even though the hole is tiny, it is visible on inspection, weakens the structure of the diamond, and is included as part of the diamond’s lab report. Some buyers won’t care if the diamond is laser drilled, as long as it’s a suitable size and appearance, but it may limit your potential field of buyers.
Marketing Your Diamond
Selling your diamond can be done through a wide variety of methods. For local options, you might sell to someone you know, a consignment store, or an auction house. Expanding your search online adds the benefit of selling options with a broader reach, like consignment companies that focus on the resale of diamond jewelry around the world. You can also use methods like posting a listing on several social media sites to snag buyers who aren’t looking as actively.
When you cast a wide net with excellent bait, you may catch a lot of fish. Since most sellers are looking to part with just a few items, all of those extra fish have to be tossed back. This does mean you may get the chance to select a buyer with the qualities that you prefer.
For example, one buyer might be willing to pay your asking price outright through their wealth or financing, while another might offer you more through a payment plan. Trading a valuable asset for future payments involves risks like stopped or delayed payments. Still, it is an option that you might consider for trusted family and friends to avoid financing a loan. Using an auction house introduces some variability in the price and time it takes to sell diamond jewelry. Still, the increased risk does mean a chance of increased reward if buyers compete for your diamond and drive up the price. A professional institution or wealthy buyer might have the money on hand, but others will have to go through the loan financing process.
Completing the Transaction
Once you have weighed your options and selected a selling method, it’s time to seal the deal. As the seller, your primary concerns will be safely getting the diamond to the buyer, protecting yourself from fraud accusations, and receiving the payment from the buyer. Shipping can be insured for an amount suitable for most diamonds, and some buyers may be willing to factor that cost into their payment. The process should be smooth as long as you’re honest about your diamond’s qualities and reliable buyers.
Don’t Go Alone into the Diamond Market.
The aid of a knowledgeable and trustworthy professional trader can make a substantial difference in your final tally when you sell diamond jewelry and other valuables. Using services like the ones provided by Diamond Banc can fast track the resale of diamond jewelry by connecting buyers and sellers, assisting with financing options, and providing an opportunity for immediate liquidation at competitive prices. No matter how you move forward with selling your diamond jewelry, we hope this guide was informative and helped you get the most out of your trade.
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