HOW TO SELL YOUR DIAMONDS

“WHERE?”

“Where can I go to Sell my Diamonds?” is a Very Frequent Question I get.

People always seem to have Extra Diamonds laying around that they don’t Want, or don’t Need.

And when times get Tough, these are the First Items to go.

Whether it be an Old Engagement Ring, or a Diamond Pendant you no longer wear, or even your Diamond Promise Ring you got as a Teenager… You have Diamonds and you want to Sell them!

So Who Buys them?

Where can you Take them? How do you Keep yourself from Getting Ripped Off?

Let’s Dive in…

Jewelry Stores

There are a Number of Avenues available for Selling Diamonds, Gold, Gemstones and Jewelry. The Quickest and Easiest Places are of Course Jewelry Stores (not all Jewelry Stores Buy Jewelry Back). Most Stores, Especially Independent Jewelers, Buy Old Diamonds and Gold (the Gold is usually just given Scrap Metal Prices).

Selling to a Jewelry Store is Quick and Pretty Painless. It takes them a Couple of Minutes to Scope and Weight everything and give a Value Based upon the Quality and the Weight of the items.

Usually Jewelers will offer between 10-20% of what the Retail Selling Price would be (what you Paid for it, not what the Ticket says). So if your Diamond Ring Retails at $4,000 and you Paid $3,000 for it, then you would Expect to get around $300-600 for that Piece… Depending on the Condition of the Item of course.

These Prices may Vary also on the Location and Store across the Country.

And also Note that the Bigger and Better the Quality of Stone you have, the Better your Odds are at Getting More. Good Quality Stones of Large Sizes are in Demand.

If you have a Large High Quality Carat Weight Diamond (Like These Diamonds HERE!) that’s also Certified by GIA or AGS, and it’s Still in Mint Condition (No Chips or Bearded Girdles), then you’ll probably get Much, Much More than the Average Deal.

GIA or AGS Diamond Reports Carries Weight! They’ll Bring you a Decent Rate.

Pawn Shops

Now you could take your Diamonds to a Pawn Shop (many people instantly Frown upon this), but I would Imagine that they would give you about the same amount as a Jewelry Store. They Price things out the same way a Jeweler does.

Most places that Buy Diamonds and Gold use the on Going Rate of the Market, whether it be Rappaport (for Diamonds), or the Gold Exchange to Determine the Price of Gold.

One thing you also have to Keep in Mind is the Fact that what they offer you for your Items will also be Based upon How Much Money they Have on Hand or in their Checking Account. If they don’t have it, they don’t have it. If they can only Spare $200, then you’ll only get a $200 offer no matter how much your Goods are Worth!

When I looked at Selling a Bunch of Old Chains that I had years ago, I actually ended up going to a Coin Dealer. They Paid More Money than anybody around. I was Quite Happy, but I was Only Selling Gold at the time, and that’s all they would Buy anyway.

Antique Shops often Buy Jewelry too. I believe they’ll be Close to what Jewelers will Pay. They all use the Same Formula. On Average it’s probably 10-20% of what it’s Worth. Like it or not, I’m just Keeping it Real Here!

eBay

Many people look to eBay for Selling their Valuables as well. You might be able to pull this off, but I’ll tell you they are Flooded with Diamond Auctions from People like you trying to Sell and Undercut Everyone else.

Your Odds at Selling for any Decent Price is Probably Pretty Scarce. Still, it doesn’t Hurt to Try.

You may get Lucky!

Craig’s List

You can also Check out Craig’s List and put your Pieces on the Local Market. Maybe someone will be looking for a Diamond like yours? It’s Worth a Shot.

Just be Careful about Meeting Strangers and Exchanging Money… You don’t want to get Taken or Robbed!

Newspaper Ad

You could also try the Old Fashioned Way… Put a Classified Ad in the Newspaper. You still look at those don’t you?

All it takes is the Right Person at the Right Time.

The Good Thing about Craig’s List and Classifieds is the fact that you can Sell without having to Ship the item out or Insure it, and you’ll probably get More Money for it.

It could take a long time to Sell it this way though, but if it gives you Closer to Half of what you Paid for it, then it’s Well Worth the Wait.

Online

Check out Selling your Goods Online. Do a Search for Gold Buyers or Diamond Buyers and you’ll probably find Tons and Tons of Places. Many times they’ll be able to give you a Rough Estimate if you can Provide things like Gold Weight (Penny Weight), and the Quality (the 4C’s) of your Stones.

Just keep in mind, these Places will also Require you to Send your Jewelry in for a Closer Inspection.

Most Provide a Mailer with Shipping Instructions to make things go Smoothly and Promptly.

But some Places will only Value your Goods once they see them. And then some will then only Mail you a Check back, what ever that Price may be.

I really don’t Advise doing this for Diamonds or Gems, unless it’s a Big, Trust Worthy Company, and they offer you a way to get your Items back if you Decide Against the Deal.

For Example…

Helzberg has a Gold Buying Program (not for Gemstones or Diamonds), that Works Pretty Good (I did an Entire Review Here). You Send in your Items with the Packet they send you. They Show you a Video of them Opening your Package, Weighing the Items, and giving you a Price.

You can Accept the Deal or Reject the Offer. It’s up to You!

If you Reject the Offer, they’ll Send you your Items back at No Charge to you. (I know, I did this). If you Accept, they’ll Simply Mail you a Check and it’s all Said and Done.

Not all Places Work this Smoothly or Professionally.

But, keep in mind, Helzberg Only Buys Gold!

Finding a Place that will Buy Diamonds like this may be a Bit Trickier. That’s because there really is No Market for Selling Stones (that’s what Jeweler’s do).

Friends and Family

Your Best Bet is to see if you have any Friends or Family Members that are Interested in Buying your Items. Maybe someone you know is Getting Engaged? It could be your Lucky Day!

Ask Around!

Take your Goods to many Different Jewelers, Pawn Shops, Coin Dealers, Antique Shops… See what they say. See what they’ll give you.

If you happen to get more than the Standard 20%, Be Happy!

If you get Closer to 50% of what you Paid for it, Be Excited!

Take the Deal!

If you know of any more ways of Selling Diamonds…

Let me Know and I will Update this Post!

Cheers! :)