You may have old diamond jewelry or loose diamonds that you’re considering selling, but may not be sure how to go about it. You may even be on the fence about whether or not you should sell your diamonds now. Keep reading to learn when and how to get the most money from your jewelry.
The Resale Value of Diamonds Is Higher Now – Here’s Why
The bottom line is that diamond resale value is higher today. Industry experts who track the price of diamonds have revealed two factors that have had a significant effect on today’s diamond prices:
- Russia’s gemstone production has been throttled due to sanctions against the country, which produces about 30% of the world’s diamonds1
- India’s jewelry industry, which is responsible for finishing about 90% of the world’s diamonds, is still struggling to recover from the effects of the pandemic2
In addition to the above, the demand for diamonds is up. This is because:
- Profits from real estate and the stock market mean that affluent people have extra money
- Stimulus checks paid to lower-income people mean they also have extra money
- The end of recent shutdowns is resulting in more young people getting married
- The economy is booming with recent Covid-related restriction lifts, and people are spending the money they’ve saved
Together, influencing factors and demand has caused the price of diamonds to spike.3 All that said, there is simply no better time than now to sell your diamonds. And you can accomplish this in just 3 steps:
Step 1. Learn about diamond valuation so you know how much your diamond could be worth
Step 2. Get your diamond jewelry professionally appraised
Step 3. Do your homework on diamond buyers with research and careful evaluation
Step 1: Educate Yourself About Diamond Valuation
The value given to any diamond is the result of a comprehensive valuation process. The most important part of this process is the 4 C’s, which are carat, clarity, cut and color.
You can have your diamond graded and certified in these 4 categories by the Gemological Institute of America (GIA). If you have the invoice from the diamond’s original purchase, you may also be able to find more valuation information there. Finally, you can consult with a local jeweler that you trust on the valuation of your diamond.
Once you have more information about the gradings of your stone, go online and find a diamond seller and search for diamonds with comparable gradings to yours.
Diamond Resale Values, April 2020-April 2022*
| April 2020 | -13% |
| April 2021 | +16% |
| April 2022 | +28% |
*Rapaport – RapNet Diamond Index (RAPI) for top 25 quality, 1-carat round diamonds graded D-H Color, IF-VS2 Clarity
Step 2: Get Your Diamond Jewelry Professionally Appraised
A professional appraisal will yield a document that contains information about your diamond and its setting. This information includes key characteristics like the 4 C’s, plus the stone’s measurements, as well as an estimate of the diamond’s worth in dollars.
You should always get a professional appraisal of any diamond or diamond jewelry before you even consider selling it.
Step 3: Do Your Homework on Diamond Buyers
After you’ve learned more about the diamond valuation process and have obtained a dollar value estimate of what it’s worth, the next step is to find the right buyer. But this can be a difficult process, because many companies say they can get you the best price for your diamonds. But can they, really?
The reality is that, unless they have years of experience in diamond selling and precious metals assay, and can have your diamond appraised by certified GIA appraisers, you’re likely to not get the absolute highest price for your diamonds.
Top 3 Questions About Selling Diamonds
- How much is my diamond jewelry worth?
- What’s the best way to sell a diamond?
- Where should I go to get the most money for my diamonds?
Diamond Resale Value: How Much Is My Diamond Jewelry Worth?
In order to answer this question, your fine jewelry must first be accurately graded. And the only way to accomplish this is via certified professionals. GIA appraisers have the education and experience to accurately grade and value diamonds, and also have access to and use sophisticated laboratory technology to do so.
The amount you get for your diamond will depend on several factors, including market demand, stone cut, clarity and size, and even the integrity and honesty of the buyer.
It’s also important to remember that the amount you get for reselling your diamond will be far below the retail price you paid originally.
When you get the grading report, you can then make sure you have a complete understanding of how it was valued before you decide to sell.
More About the 4 C’s
As mentioned earlier, the worth of the diamond in an engagement ring or other piece of jewelry will depend largely on its color, clarity, carat and cut.
Diamond color is graded on a scale that ranges from brown to colorless, with the latter being the rarest and therefore worth the most. The clarity of a diamond, also measured by a scale, refers to the number of flaws (or inclusions) it contains. The more flaws, the less the value.
Carat or carat weight is the physical weight of a stone; measured in metric carats, one carat is equal to ⅕ of a gram. The cut refers to the work done by the cutter; the higher the precision required to make a certain cut, the more skill the cutter must possess, and the more sparkle a diamond will have. However, cut also refers to a diamond’s shape; popular shapes include the princess cut and pear cut.
What’s the Best Way to Sell a Diamond Ring?
The best way to sell a diamond is to make sure you choose the right buyer. You can know you’ve found the right company to buy your diamond when they:
- Have extensive experience in the purchase of diamonds and jewelry
- Can offer appraisals by GIA-certified professionals
- Consider the stone plus the other materials in the setting
- Have an excellent reputation
- Can ensure a simple, secure and efficient transaction
Where Should I Go to Get the Most Money for My Diamonds?
There are a few options when you are ready to sell your diamonds; you can visit a local pawn shop, head to a jewelry store, or sell online. But only one of these options will get you the most money for your diamonds.
Both pawn shops and jewelry stores have a lot of overhead; because of this, they’ll pay you a lot less for your diamonds than what they’re worth. But when you choose an online buyer, these expenses are non-existent.
Diamonds USA – The Top Choice to Sell Diamonds Since 1982
Diamonds USA, an online diamond buying company, continues to be the top choice for those selling their diamonds and diamond jewelry. Not only have we been in the business for almost 40 years, but our clients include Fortune 500 companies and individuals.
Our clients also continue to choose us for our assay experience. Because we can assay platinum, silver and gold pieces of jewelry, we can offer prices that would typically only be reserved for private companies.
We only work with GIA-certified appraisers, because this organization holds their appraisers to strict standards. Each and every piece of diamond jewelry sent to us goes through a comprehensive appraisal process by our highly skilled team.
A Simple, Safe and Easy Way to Sell Your Diamonds
Diamonds USA offers you an easy and safe way to sell your diamonds. Simply request an appraisal kit below, and we’ll send you a fully insured SAFEPAK mailer. Then, place your jewelry inside, seal, and mail. You will receive your check or PayPal deposit within 24 hours from the time we receive your jewelry!
If you’re ready to sell your diamonds, just request a free appraisal to get started.
Sources
- https://time.com/6172665/russia-diamonds-sanctions-belgium/
- https://www.aljazeera.com/economy/2022/4/11/can-india-keep-the-shine-on-russias-diamond-industry
- https://www.bloomberg.com/news/articles/2022-05-11/diamond-prices-surged-since-russian-sanctions-de-beers-can-t-help
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