So, you have finally decided to sell your diamond ring?
Selling a precious stone takes a lot of courage and emotional and mental preparation. It is a difficult decision to make, especially if you have an emotional attachment towards the jewelry. And it is harder for divorcees. Though it became a symbol of pain, you can’t ignore the glimpses of pleasant memories that also come with it.
Now that you have reached this final decision, you must understand that selling a diamond ring is nowhere easy. It involves a tedious process from determining the value of the stone to searching for a reliable buyer. To help you get started here is one option on how to sell your diamond ring.
Sell Diamond at a Wholesaler
Understand that selling a diamond ring is an option to help your family during financial troubles. A value of a diamond ring can be your ticket to start a new life and support your family. However, know that the stone’s grading is only one factor that could affect its price. The diamond buyer you choose can enhance or decrease the stone’s pricing as well.
One of the three selling diamond selling options is going to a diamond wholesaler. A diamond wholesaler is someone who buys diamonds in bulk and sells it to physical stores or online companies.
Diamond wholesalers procure diamonds from private individuals who want to sell their stone. Usually, this type of buyer uses deep discounts when buying diamonds in bulk. In this manner, the wholesaler can profit when he sells it to a brick-and-mortar store.
Similar to any diamond buyer, a wholesaler accepts diamonds with certificates. They also accept diamonds without certificates, especially larger wholesale offices with resident Gemologists. The office conducts the test to determine the stone’s grading before selling it to another buyer.
Wholesalers follow a pricing report called Rapaport Diamond Report. It is the industry’s method of setting up a pricing guideline and matrix to prevent wholesalers from taking advantage of individual sellers. Unfortunately, Rapaport uses average prices in the industry. Therefore, do not expect that the wholesaler will pay you the exact amount for each stone. What you will earn is only the bulk price of the jewelry.
Is it Worth It?
Many beginners think that selling a diamond to a wholesaler is the best option rather than going to a diamond auction house. Although diamond wholesalers are better compared to the auction houses, there is still a better choice. And that is selling a diamond to a retailer.
A diamond retailer is the brick-and-mortar store of this industry. These are jewelers and companies where diamond wholesalers sell their stones. These retailers also accept individual sellers.
Selling a diamond to a retailer is faster and more efficient compared to a wholesaler. The store will direct you to a buyer and earn money right away. You don’t have to wait long to receive what you earned. The retailer will immediately send you the money once the customer pays for it.
One of the best diamond retailers in the industry is Speedy Diamond. They have been around since 1975. They have experience and expertise in diamond selling. Thus, they are worth trusting.