Tips For Selling Loose Diamonds To Get The Best Offer

Deciding to sell a loose diamond can be a significant, emotional decision. You don't want to jump to a definitive decision about the fate of your diamond before doing your research first.

Here is our advice on selling loose diamonds so that you can maximize your return:

Look up the buyer first before going to see them

Before you go to see anyone about selling your loose diamond, make sure to look into them. One thing you can look for is to make sure that they have GIA certified gemologists available for an appraisal. That way, you can ensure that there will be someone that specializes in the field who can accurately inspect the diamond for all four C's (cut, clarity, color, carat). Your diamond buyer should also be very informed about the market and should be able to answer any questions you have related to diamond buying and selling.

Cash offers and appraisal values are often not the same

When you are looking at the appraisal value of your diamond, chances are it will be much higher than a cash offer. This is because an appraisal value is the price that an insurance company would value your diamond if it were to be replaced for whatever reason. Think of it as the price of a brand new car when you first buy it.

A cash offer, however, is the price that a buyer is willing to pay for a diamond it its current condition. Diamonds, like used cars, will sell for less than the original price (or the appraisal value), which is why these two are often very different numbers. Do not expect to be paid the appraisal value when you go to sell a used loose diamond.

Don't be pressured to make a quick decision

It's important that you look into and trust the buyer of your diamond. Selling a loose diamond is an emotional experience sometimes, and you don't want the buyer to take advantage of your situation. Make sure you are not feeling pressured or being talked into something that you don't feel comfortable with. If you aren't sure about it, take a few days and let yourself have time to think about the decision to sell your diamond. You should never be required to sell the diamond on the spot right there and then.

Understand your diamond and its value

One of the best ways to ensure that you are getting a good price for your diamond is to actually understand the product that you are trying to sell. What about your loose diamond makes it valuable?

When someone is looking to buy loose diamonds, the condition of the diamond is very important. Even the smallest nicks and chips can decrease the value of the stone. The size of the diamond also plays a big role in its valuation. Larger diamonds are more expensive than smaller ones, even if the carat weights end up equaling the same amount. Larger diamonds are harder to find, so the price of these stones is significantly more than a bunch of smaller diamonds.

There are also some diamond shapes that are out of style, such as the miner's cut, and some of these older styles are harder to sell today. But, there is some added value if the diamond has a trademark from a famous designer, such as Tiffany or Cartier.

Bring supporting documents and paperwork

One of the best ways to maximize the offer you receive on your loose diamond is to bring any insurance appraisals or original receipts and certificates from gemological labs (e.g., the GIA and the AGTA). With these documents, the diamond buyer has a clearer picture about what others have valued the diamond at before, which can help raise the price that they offer. Doing this can also help keep the sale of your loose diamond more objective and less subjective.

Take your emotions out of the sale

We understand that selling diamonds can be a deeply personal decision on your part. No one but you and your family will really understand the backstory behind the diamond or the sentimental value that it has for you. Unfortunately, the diamond buyer will not be able to offer you more money for that sentimental value. Selling your loose diamond for the best price possible will mean that you need to focus on keeping your emotions out of the sale. Otherwise, it'll be almost impossible to get an offer that you are satisfied with. Focus on the stone that you have, rather than the story behind it.