Auction - Jewellery
Best Tips for Selling Your Diamond Jewellery
When Christine Clifford’s marriage ended couple of years ago, she found herself solely to blame for the payments and repair off her million-dollar home. For months she scrambled to take care of the bills, but finally made the difficult decision to offer her jewelry – including two one-carat diamond rings, and a couple diamonds earrings– to prevent foreclosure. “Today, I don’t have ‘nice’ jewelry,” says Clifford, CEO of Divorcing Divas, LLC, “but I have the relief that I kept my property afloat.”
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Christine isn’t really the only cash-strapped American putting away “a diamond is forever” sentiment to offer their jewelry nowadays. Josh Opperman, founder of the web page “I Do… Now I Don’t” which focuses on the sale of “preloved” expensive jewelry, reports that 2011 was your website’s best year for wedding band-listing and purchases.
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Now is often a good time to offer. Thanks in an escalating taste for diamonds one of the middle class in China and India, diamond prices soared this season, increasing by 49% within the first half the year before ending 19% up overall with the year’s end. As an end result, a lot more sticker-shocked jewelers are restocking with diamonds bought in the public, as opposed to buying from wholesalers.
"You're going to a lot more signs in [jewelry store] windows saying 'We buy gold and diamonds,' not merely 'We buy gold,'" says Rob Bates, senior editor on the Jeweler’s Circular Keystone magazine, a top trade publication from the jewelry industry. "I even spoke to at least one jeweler who's going to be only buying diamonds away from the street nowadays."
While the timing could be right, selling your diamond could be a major headache. Unlike gold, that has a quantifiable melt value, resale prices for diamonds haven't any one objective measure, rendering it easy for inexperienced sellers to get confused and overwhelmed.
To help unravel the mysteries of diamond selling, allow me to share four ways to consider before hocking your stone.
"You're going to a lot more signs in [jewelry store] windows saying 'We buy gold and diamonds,' not merely 'We buy gold,'" says Rob Bates, senior editor on the Jeweler’s Circular Keystone magazine, a top trade publication from the jewelry industry. "I even spoke to at least one jeweler who's going to be only buying diamonds away from the street nowadays."
While the timing could be right, selling your diamond could be a major headache. Unlike gold, that has a quantifiable melt value, resale prices for diamonds haven't any one objective measure, rendering it easy for inexperienced sellers to get confused and overwhelmed.
To help unravel the mysteries of diamond selling, allow me to share four ways to consider before hocking your stone.
- Know what you’ve got
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Just because Granny said her old wedding ring was valuable doesn’t ensure it is so. It doesn’t even help it become a diamond. So, prior to deciding to rush to showcase, purchase an accurate picture of the quality and authenticity. A qualified appraiser – preferably the one which doesn’t purchase or sell diamonds – can provide an unbiased opinion with the stone’s characteristics and
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condition, and highlight negative and positive attributes which could affect its value.
But finding cash for a formal assessment isn’t always necessary,says gemologist Neil Beaty, owner of American Gem Registry, an appraisal service in Denver. If you’re short on funds as well as the diamond is probably worth below $2,000, develop the stone evaluated without cost by a professional diamond buyer or possibly a pawnbroker. Visit several shops to acquire a range of opinions; within the end, you’ll use a solid idea on the specifications while stating of your stone.
Alternatively, carry out the legwork yourself. Look at prices of completed eBay sales for necklaces with similar characteristics; look into comparable new diamonds in retailers and online, and take into account a discount to your pre-worn jewel. Above all, bear in mind in most cases, “the one reason anyone will buy diamond is that they’re either making a profit as a result or because it’s an excellent bargain,” says Beaty. “Otherwise, they’d buy it new.”
But finding cash for a formal assessment isn’t always necessary,says gemologist Neil Beaty, owner of American Gem Registry, an appraisal service in Denver. If you’re short on funds as well as the diamond is probably worth below $2,000, develop the stone evaluated without cost by a professional diamond buyer or possibly a pawnbroker. Visit several shops to acquire a range of opinions; within the end, you’ll use a solid idea on the specifications while stating of your stone.
- Set an authentic price
Alternatively, carry out the legwork yourself. Look at prices of completed eBay sales for necklaces with similar characteristics; look into comparable new diamonds in retailers and online, and take into account a discount to your pre-worn jewel. Above all, bear in mind in most cases, “the one reason anyone will buy diamond is that they’re either making a profit as a result or because it’s an excellent bargain,” says Beaty. “Otherwise, they’d buy it new.”
- Investigate your selling options
Resellers of necklaces have two options: sell towards the jewelry industry or to people. Choosing a buyer isn’t always about obtaining the top price, says Beaty, but can be a function of how fast you can settle the sale, just how much you trust the consumer, or maybe your stomach for negotiation and marketing.
The primary selling point of selling to someone inside jewelry marketplace is time. If you want to trade quickly and safely with little fuss over marketing, target a jeweler, diamond dealer or pawnbroker. “The most significant thing would be to choose someone you trust,” says Murray Rose, President of Rose Estate Jewelers in Chicago. Always check their Better Business Bureau rating or search out American Gem Society members, who will be dedicated ethical business practices. The challenge with selling to a industry insider is you’re unlikely to acquire top dollar. Since they intend to make a return from your stone, they haven't any reason to repay anywhere near retail value.
Generally, members of people pay more for diamonds than industry insiders, as they’re seeking to save on retail but can’t access wholesale prices, says Beaty. The hard part the following is finding the right buyer. Online classifieds including Craigslist may bring success, but you’ll develop the hassle of filtering the weirdoes and cons. eBay can be a good platform, notably if you have previous selling experience there.
Another choices “I Do…Now I Don’t”, a member of family newcomer on the online auction scene. Like eBay, the website allows sellers to list necklaces with pictures and descriptions. However, unlike eBay, when a buyer and seller generate a deal, the ring and cash are sent towards the site. “The budgets are held in escrow while a licensed, independent gemologist authenticates and appraises the [diamond],” explains Josh Opperman, the website’s founder. “The buyer’s financial resources are only released in the event the diamond certification process is complete.” The site needs a 15% commission on sales.
Also consider giving your jewelry to some consignment shop or dealer to offer for you. You might fetch a greater price than selling in an industry insider for the reason that diamond are going to be sold to people, however the dealer is going to take a 25-40% commission. If you choose this program, never do not obtain strong dealer references, says Beaty. When leaving your diamond with someone else, you must trust them absolutely.
The primary selling point of selling to someone inside jewelry marketplace is time. If you want to trade quickly and safely with little fuss over marketing, target a jeweler, diamond dealer or pawnbroker. “The most significant thing would be to choose someone you trust,” says Murray Rose, President of Rose Estate Jewelers in Chicago. Always check their Better Business Bureau rating or search out American Gem Society members, who will be dedicated ethical business practices. The challenge with selling to a industry insider is you’re unlikely to acquire top dollar. Since they intend to make a return from your stone, they haven't any reason to repay anywhere near retail value.
Generally, members of people pay more for diamonds than industry insiders, as they’re seeking to save on retail but can’t access wholesale prices, says Beaty. The hard part the following is finding the right buyer. Online classifieds including Craigslist may bring success, but you’ll develop the hassle of filtering the weirdoes and cons. eBay can be a good platform, notably if you have previous selling experience there.
Another choices “I Do…Now I Don’t”, a member of family newcomer on the online auction scene. Like eBay, the website allows sellers to list necklaces with pictures and descriptions. However, unlike eBay, when a buyer and seller generate a deal, the ring and cash are sent towards the site. “The budgets are held in escrow while a licensed, independent gemologist authenticates and appraises the [diamond],” explains Josh Opperman, the website’s founder. “The buyer’s financial resources are only released in the event the diamond certification process is complete.” The site needs a 15% commission on sales.
Also consider giving your jewelry to some consignment shop or dealer to offer for you. You might fetch a greater price than selling in an industry insider for the reason that diamond are going to be sold to people, however the dealer is going to take a 25-40% commission. If you choose this program, never do not obtain strong dealer references, says Beaty. When leaving your diamond with someone else, you must trust them absolutely.
- Be emotionally ready to trade
Because diamonds will often be symbols of passion or love, they are often harder to spend than any piece of jewelry. Nonetheless, “you must leave emotions outside of selling,” says Rose. Sentimental value may boost the price on the diamond as part of your eyes, but a buyer won’t be so moved.
More important, selling when you’re ready could bring long-lasting regrets. Linda Bryant, a freelance writer in Nashville, grew panicked by piling bills and slow business throughout the Great Recession, and hastily sold her grandmother’s platinum and diamond cocktail ring to get a song. Two years later, it’s still an agonizing topic. “It was crazy to offer it for so little,” she says. “I ought to have willed it to my niece.”
On one other hand, if you’re considering selling expensive jewelry whose sentimental value has diminished but you’re still clinging to memories, Christine Clifford offers this section of advice: “Recognize that while that it was a part within your life at once, and quite a few likely represented someone something like that important to you, you must move on. Diamonds are merely material things. Your relief is more important.”
More important, selling when you’re ready could bring long-lasting regrets. Linda Bryant, a freelance writer in Nashville, grew panicked by piling bills and slow business throughout the Great Recession, and hastily sold her grandmother’s platinum and diamond cocktail ring to get a song. Two years later, it’s still an agonizing topic. “It was crazy to offer it for so little,” she says. “I ought to have willed it to my niece.”
On one other hand, if you’re considering selling expensive jewelry whose sentimental value has diminished but you’re still clinging to memories, Christine Clifford offers this section of advice: “Recognize that while that it was a part within your life at once, and quite a few likely represented someone something like that important to you, you must move on. Diamonds are merely material things. Your relief is more important.”
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