Monday, December 26, 2011

All About Selling Diamonds

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 Rappaport 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 money.  
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.

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