Sunday, October 13, 2013

How to Sell A Diamond

There are many reasons why you may want 
to sell a diamond that you own. Perhaps 
you’ve gotten divorced, or you are strapped 
for cash. The reasons why don’t really matter 
– getting the best possible price is what 
counts! The way to obtain the best price 
for the diamond is to not be in a rush. Slow 
down, and carefully consider all of your 
options – there are many.

First, have the diamond appraised. In fact, 
have it appraised by two or three jewelers to 
get an accurate idea of the diamonds value. 
Tell the appraiser that you want the Rapaport 
Value. This is the wholesale value of the 
diamond, and it basically tells you the highest 
price that you can sell your diamond for. If your 
diamond has no certificate, you should 
consider getting a certificate from GIA. This 
may help you get a better price for the 
diamond as well.

First, try to sell the diamond yourself, to 
people you know. Friends and family 
members may be interested. If you don’t have 
any luck with friends or family members, you 
should turn to outside sources. Absolutely 
avoid pawn shops! A pawn shop will only offer 
you about 10% of what the diamond is worth! 
Also avoid offers of selling the ring on 
consignment. There are many things that 
can go wrong, and there is no shortage of 
diamond scams – even in well known 
jewelry stores.

If the diamond is important, you should 
strongly consider auctioning it off through 
one of the famous auction houses, such as 
Christie’s or Sotheby’s. If it isn’t what is 
considered an ‘important’ diamond or a 
high-end diamond, you should try to sell it 
to an individual using classified ads, or even 
eBay. However, selling to an individual that 
you do not know could put you in danger – 
especially if the diamond is worth a lot of 

Your final option should be a jewelry store. It 
is vital that you not let your diamond out of 
your sight while in the jewelry store – you 
might find that the diamond you walked in 
with is not the same diamond that you walk 
out with! The jeweler will try to tell you that 
your diamond is of poor quality or low 
weight. Inevitably, there will be some 
problem with the diamond. This is where 
your appraisal and/or certificate will come 
in handy. 

If the jeweler is fair, they will offer you 
between 60% and 80% of the value of the 
Rapaport Value. Do not accept anything less 
than this. Again, do not let the diamond out of
your sight until you have been paid for it.