If you’re selling diamonds to jewelers in your hometown, there are advantages, like proximity. However, don’t just shop one jeweler. If you want to earn as much as possible for your diamond sale, remember these 5 diamond strategies when shopping your local jewelers.
- Shop as many stores as possible: Start by calling stores and asking if they purchase. You don’t want to spend time driving from one location to the next just to realize they won’t even make an offer.
- Get a quote on the phone: Often stores will tell you that they need to see the diamond before making an offer. While this is a reasonable request to make a final offer, if you know the quality of your diamond, they should be able to give you at least a price range based on that information. If they are not, that should be a red flag.
- Get multiple quotes: Don’t jump on the first offer you receive. Stores will value diamonds differently based on their clientele and current needs. A store specializing in lower end jewelry will not offer you as much for your high-end diamond as a finer store simply because they do not have the means to resell it as quickly. Consider where your diamond was purchased from originally and seek a jeweler who carries similar diamonds.
- The diamond in the rough: A store that is not in need of your particular quality diamond will not offer as much as one who is. This is simply a matter of luck and good timing, but if you can find a jeweler with a hole in their inventory for that particular shape, size, and quality diamond, their offer should be better than most. For others, the price has to make sense for them to purchase something they don’t need. If they need it, anything less than they will have to pay their typical supplier is a good deal for them and you.
- Pay attention to what is said: Stores that purchase from the general public can sense when you are shopping prices. They also know that eventually, you are going to get tired of the process. Their goal is for you to be in their store when you are finally over it. When you get firm offers, be sure to pay attention to what is said and not what you want to hear. An offer range such as $5000-$6000 doesn’t mean $6000, EVER. But they know that is the number you will remember and as a result, come back. Also, saying something like, “its worth around $6000” is not the same as an offer for $6000. Be sure to clarify and get in writing the firm offer that they are willing to pay. They may not like it because they know they may be out bid by the next buyer, but your job is to maximize what you get, not worry about how cheap they can get it for.