When you have a need to sell your diamond, knowing where to sell your diamond and which route to take can be difficult. Where do you start? Who even offers to purchase pre-owned diamonds? Who is going to be honest and who is going to rip you off? Let’s take look at the most common sources available for selling your diamond along with some tips for a successful transaction. For a more in depth look at the process of selling your diamond and how to prepare, you can read our blog, “How To Sell Your Diamond.”
Selling Your Diamond On Craigslist and Ebay
To get the most possible amount of money for your diamond, selling directly to the end user is always going to be your best option. The number of online platforms designed to connect buyers and sellers has grown substantially in the past few years. From local community garage sale sites to more established venues such as Craigslist and Ebay, there are many choices for a seller willing to put in the time and effort it takes to find the right buyer.
Sell Your Diamond At A Local Jewelry Store
If a jewelry store is willing to purchase your diamond, it can often be a good option. I say if because many stores are not interested in purchasing your diamond at all. For it to make good business sense for them, they have to pay you an amount less than they can purchase it for from their normal suppliers. This means less than wholesale. It is difficult to look a client in the eye and offer them 20% of what they paid just 18 or 24 months prior when at the time of the sale, told you what a great deal you were getting. For most stores, the risk of upsetting a client and losing their future business is simply not worth it. On the positive side, if you can find a store willing to purchase, the transaction will be safe and easy.
Sell Your Diamond Online With Diamond Buyers
Whether local or online, professional diamond buyers function the same. The obvious difference being that you can make an appointment to visit your local buyer in person while the online buyer will require you to ship your diamond to them. For a more in-depth look at online diamond buyers see our blog, “How To Sell Your Diamond Online”.
Diamond buyers can be a great source to sell your diamond. This is their business. While stores are spending marketing dollars trying to attract buying clients, their dollars are spent looking for you, the seller. So when they find you, they are more motivated to close the deal. However, from one buyer to the next, their style can be very different. While many diamond buyers are among the most honest and knowledgeable about your diamond and the current market, others are predatory buyers hoping to purchase your diamond for the least amount possible and hit a homerun at your expense.
Sell Your Diamond With A Diamond Broker
Using a reputable diamond broker is almost certainly the best option for anyone with a little time. Just as you hire a real estate agent for their expertise when selling your house, having a partner you can trust that is knowledgeable, is able to enter selling markets unavailable to the general public, and works with your best interest in mind, can help you navigate the process and get you a higher price than you could ever hope to realize on your own. A broker should already have an extensive list and network of qualified buyers. A good broker will create a marketing strategy tailored your particular diamond, aggressively offering your diamond through multiple channels to locate and sell your stone for the highest price in the least amount of time.
Brokers work on commission, much like your realtor does when selling your home. They are the experts to help you through the selling process. The more they sell your item for, the more you make and the more they make. If it doesn’t sell, they make nothing. What better motivation is there to do their job and do it well?