20.22
Yamamoto
The word diamond derived its name from an ancient Greek word meaning unbreakable. Diamonds are known to be the hardest naturally-occurring materials, and have been mined and used for thousands of years. They are popular due to widespread use in jewelry, most especially as engagement rings. People sell diamonds either as part of jewelries or as loose industrial pieces. Getting the best deal out of selling these precious stones has to do with knowing your diamonds, following procedures and getting the right buyers.
Knowing your Piece
Before selling a diamond, you have to get it appraised to determine its monetary value. Knowing the value will give you an estimate on how much you can sell it. Furthermore, an appraisal will tell you the four C's of a diamond: carat, clarity, color and cut.
1. Carat
A metric carat is the standard weight unit for gems. The carat affects the price when you sell diamonds because they are more valuable the heavier they are. The carat is measured while the gems are loose and not attached to any piece of jewelry. However, the weight of mounted gems can also be estimated.
2. Clarity
Most diamonds contain imperfections inside or on its surface. Some imperfections can be seen with the naked eye, while others are seen only under a 10 power loupe magnification. The clearer and more perfect a diamond is, the higher its cost.
3. Color
The color also affects the price. When you sell diamonds that are colorless, you can expect a higher cost compared to those with even a slight bit of color. A diamond's color is determined using a special light, with a scale divided into 23 levels, from D to Z. Unlike measuring the carat, determining the color can only be accurately done while the gem is loose.
4. Cut
The cut is an intricate process that contributes to how the diamond relates with light. Polished gems feature beautiful brilliance when the light strikes its surface, enters the gem and reflects to you. Remember that when you sell diamonds, the design, craftsmanship and quality of the cut affect the cost.
5. Documentation
Apart from knowing the value and all other information regarding the pieces, it is recommended to compile all accurate paperwork. Inspect the pieces carefully, take notes of all details and imperfections, and write a history on how you acquired and cared for the diamond. Selling a diamond together with paperwork, certificates or appraisals will likely get a higher price. Remember to take photos of every angle of the piece before selling. This will serve as protection in case a buyer tries to "return" your diamond but has actually replaced it with a fake.
6. The Right Buyers
When you sell diamonds to a jeweler or third party, you will probably get a much lower price compared to a direct buyer. To get the best deal, you will want a direct buyer who is either your relative or friend. Aside from having someone important to you using the diamond and paying you its value, you are also likely to avoid scams and similar risks. However, this does not mean you can skip the appraisal and documentation process; those are important steps before selling.
If you do intend on selling online to dealers, be careful and investigate on whether they are reputable. You can also sell diamonds on auction where you can set the reserve price and try to get the best retail price possible. Remember that the selling price will also depend on current prices.
7. A Last Note
It is important to remember not to let the diamond go without payment from the buyer. For further protection when you sell to someone you do not know personally, create a contractual agreement or return policy in your favor. You never know when crooks will strike.
While diamonds are very beautiful pieces you want to keep, it is possible for you to encounter situations where you will want to sell them. You will want to sell diamonds if they are from ex-husbands or ex-boyfriends you do not want to remember. You will also think of selling them if they are not being used or if they are better off converted into cold hard cash. Whatever the reason, getting the best deal is just a matter of doing the proper procedures.
Knowing your Piece
Before selling a diamond, you have to get it appraised to determine its monetary value. Knowing the value will give you an estimate on how much you can sell it. Furthermore, an appraisal will tell you the four C's of a diamond: carat, clarity, color and cut.
1. Carat
A metric carat is the standard weight unit for gems. The carat affects the price when you sell diamonds because they are more valuable the heavier they are. The carat is measured while the gems are loose and not attached to any piece of jewelry. However, the weight of mounted gems can also be estimated.
2. Clarity
Most diamonds contain imperfections inside or on its surface. Some imperfections can be seen with the naked eye, while others are seen only under a 10 power loupe magnification. The clearer and more perfect a diamond is, the higher its cost.
3. Color
The color also affects the price. When you sell diamonds that are colorless, you can expect a higher cost compared to those with even a slight bit of color. A diamond's color is determined using a special light, with a scale divided into 23 levels, from D to Z. Unlike measuring the carat, determining the color can only be accurately done while the gem is loose.
4. Cut
The cut is an intricate process that contributes to how the diamond relates with light. Polished gems feature beautiful brilliance when the light strikes its surface, enters the gem and reflects to you. Remember that when you sell diamonds, the design, craftsmanship and quality of the cut affect the cost.
5. Documentation
Apart from knowing the value and all other information regarding the pieces, it is recommended to compile all accurate paperwork. Inspect the pieces carefully, take notes of all details and imperfections, and write a history on how you acquired and cared for the diamond. Selling a diamond together with paperwork, certificates or appraisals will likely get a higher price. Remember to take photos of every angle of the piece before selling. This will serve as protection in case a buyer tries to "return" your diamond but has actually replaced it with a fake.
6. The Right Buyers
When you sell diamonds to a jeweler or third party, you will probably get a much lower price compared to a direct buyer. To get the best deal, you will want a direct buyer who is either your relative or friend. Aside from having someone important to you using the diamond and paying you its value, you are also likely to avoid scams and similar risks. However, this does not mean you can skip the appraisal and documentation process; those are important steps before selling.
If you do intend on selling online to dealers, be careful and investigate on whether they are reputable. You can also sell diamonds on auction where you can set the reserve price and try to get the best retail price possible. Remember that the selling price will also depend on current prices.
7. A Last Note
It is important to remember not to let the diamond go without payment from the buyer. For further protection when you sell to someone you do not know personally, create a contractual agreement or return policy in your favor. You never know when crooks will strike.
While diamonds are very beautiful pieces you want to keep, it is possible for you to encounter situations where you will want to sell them. You will want to sell diamonds if they are from ex-husbands or ex-boyfriends you do not want to remember. You will also think of selling them if they are not being used or if they are better off converted into cold hard cash. Whatever the reason, getting the best deal is just a matter of doing the proper procedures.
Posted in: Financial
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