So you are asking yourself where can I sell my diamond. You are looking around and reading reviews and trying to figure out what is what and how to get the most for your diamond engagement ring or diamond jewelry. Before you start running around town going to every jeweler with a 5 star rating and multiple reviews you should prepare yourself with knowledge about your diamond.
First, you must learn about your diamond. Does your diamond have a GIA (Gemological Institute of America) grading certificate? If not, you will need to seek the advise of a diamond professional in order to establish a color and clarity grade for your diamond. If you read my previous blogs about diamonds you will find that the 4 C’s of diamond grading (Carat, Color, Clarity, Cut) are very important in establishing the value of your diamond. Regent Jewelers offers free verbal appraisals and we do not expect you to sell to us unless you are comfortable with our offer. Above and beyond the 4 C’s, there are other factors which affect the value of your diamond. These are demand in the market for your type of diamond, current state of the market pricing trends, local demand for your diamond, and ongoing market trends. While some of these are easy to ascertain by reviewing recent wholesale pricing, others take more research as you need to find out quantity of diamonds sold, amount of searches for your type of diamond, and so on.
Once you know the weight, clarity, cut, color of your diamond, you can then begin your more serious research by finding out what local jewelers are charging for equivalent diamonds. This will give you an idea of the retail replacement value of your diamond. When you go to sell your diamond, however, you will be offered a wholesale price as most diamonds can be found easily in the wholesale market and jewelers and diamond dealers will not pay more than what they would if seeking your diamond in a wholesale environment. Thus, you can figure that you will be offered about 30% of retail price if your diamond is in demand at the moment. If your diamond is not in demand or has negative factors affecting it, such as fluorescence, clouds, poor cut or proportions, you will be offered substantially less.
Regent Jewelers, with offices in New York and Hong Kong, has a local, national and international market for your diamond. This means that Regent Jewelers is more likely to offer a better price for your diamond than someone who only has one location, or someone who only wholesales diamonds. These types of diamond buyers are limited in their scope and can only pay the very least as they cannot sell to a variety of clients or markets.
Diamond markets are fickle and react quickly to economic conditions which take other commodity markets longer to react. The wholesale diamond market is a fluid and difficult market to pin down. Diamond prices change on a weekly basis and in the past, when economic down turns have been predicted the diamond market has reacted immediately with drops in prices and gluts of supply.
I hope all this information serves to prepare you to sell your diamond. I also hope that when you ask yourself where can I sell my diamond, you give Regent Jewelers a try and let us help you with properly identifying your diamond and providing a free verbal appraisal. Call today for an appointment.