Cash for Diamonds?
So you have a diamond to sell and are wondering “What is this diamond worth?” You know that diamonds are very rare and very expensive, but not sure about the valueof your diamond. What is my diamond worth and how do I get the most cash for it? Perhaps you have an appraisal for this diamond, diamond ring or other piece of diamond jewelry, but what does all that fine print mean?
The Reality of Appraisals
The standard jewelry appraisal that accompanies most diamond jewelry is for retail replacement for insurance purposes. This means that in the event of loss, theft, or damage you can provide your insurance company with a detailed description of the insured item. Typically most insurance companies will have an approved group of jewelry stores and will “shop” these stores for the best price. The insurance company then cuts a check payable to both you and the jewelry store for the price the store quoted. This price is typically less than the appraised amount. Depending on how your policy is written, you may have the right to either name the jeweler that you wish to deal with, or to get a check payable directly to you. Getting a check payable directly to you may take a bit of strong persuasion, buy most insurance companies will want to keep you as a client and settle with you.
What is the market price for my diamond if I wish to sell?
Although diamonds, diamond rings and diamond jewelry do retain their value, it is unrealistic to think that you will get cash offers that are equal to the original purchase price or the appraisal amount. Jewelers make profit, it’s just that simple. The diamond dealer whom they got the diamond from also made a profit. Depending on the type of ring, there could have been a substantial amount of labor involved in the manufacturing process. This means that most of the time the ring is only worth the melt value of the metal as a bride-to-be will want her own unique design rather than a ring from another marriage. Exceptions to this rule would include “signed” pieces such as Tiffany & Co., Graff, Cartier, and Van Cleef & Arpels. Signed pieces command a premium over the melt value of the metal as do genuine antique estate pieces.
The shape, size and quality of your stone are all important factors when you choose to sell a diamond. The diamond market fluctuates just like the stock market, and various fancy shapes go in and out of popularity which affects the price. Additionally, the accuracy of the grading of your diamond also plays an important factor. This author highly recommends that you only purchase diamonds which are GIA certified.
The bottom line is that you will receive offers that range as low as 20% of the appraised amount to as much as 50% of the appraised amount … depending on the appraisal. As there are no laws, rules or regulations concerning appraising the price of a piece of jewelry, it is typically left up to the jeweler as to the amount of the appraisal.
How do I get the most cash for this diamond?
Perhaps this is an estate diamond you inherited or perhaps it’s from a marriage that did not work out the way you intended. Regardless, either of these situations can be emotionally draining and we hope that the following information will help you through this process. We covered the typical options available to you in Article #4 “How to choose a Professional Diamond Buyer when you Wish to Sell Diamonds”, so we will not repeat those options. However, if you choose to sell to a dealer online, we highly recommend that you choose one that has a spotless reputation with the Online Better Business Bureau. For values over $25,000.00 you should deal only with somebody who agrees to meet you in your bank, your lawyer’s office or other mutually secure location, and one that pays you with an immediate wire transfer into you bank account. A bank wire transfer absolutely cannot be rescinded or counterfeited in any way.
Hamilton York Estate Buyers has a spotless A+ rating with the Better Business Bureau and offers immediate payment, ultimate security and complete confidentiality when you wish to Sell A Diamond When we receive your information, we will provide you with a price quote and cash offer for your diamond.