It is not a secret that people sell their possessions to make ends meet during times of economic crisis. Since Coronavirus economic crisis is not an exception, we present a short and handy guide on how to sell your diamond jewellery for cash.
How to Estimate the Value of Your Diamond Jewellery?
The value of a diamond jewellery piece is based on the cost of the materials used, the value of labour involved in the production process, its design, age and brand.
In most cases, when selling your diamond jewellery you get a price covering only the cost of the metal and stones. However, for antique pieces, you will be able to get a premium value.
As a general rule, you should not expect to sell your diamond jewellery for the price you bought it at a jewellery store.
How to Estimate the Value of Gold?
The value of gold is based on how much pure gold your jewellery piece contains as it is the most valuable component of the alloy.
The first thing to do is to check the karat number on your piece. Dividing this figure by 24 (the highest possible purity) will give the percentage of pure gold in your diamond jewellery. This scheme works for all gold colours.
Once you know how much pure gold you have, you can estimate what is the value of gold in your diamond jewellery. Find the current market price of gold per ounce and multiply it by the amount you have.
You should keep in mind that dealers will pay you less than your estimate because they will most likely resell the piece and need to make a profit on the sale.
How to Estimate the Value of Your Diamonds?
The value of your diamonds is based on their quality characteristics such as colour, clarity, cut and carat weight.
In case you have a diamond report listing all these characteristics, you can easily look up the prices of similar diamonds on the internet and get an idea of their value.
If you don’t have a report or a certificate, you can have your stones appraised by a professional.
Whatever the estimated value of your diamonds, be ready to negotiate with the buyers. Most likely you will be offered a price that is less for about 20% of what you initially expected.
Where to Sell Your Diamond Jewellery?
The first option is to separate diamonds from the metal and offer them to diamond and gold dealers respectively.
Try to find a buyer who is close to the end consumer. The more middlemen between you and the end buyer, the less money you get because all these people need to make a profit on the sale.
Do not make impulsive decisions. Check out different buyers and compare the prices offered, as they may vary widely.
The second option is to sell your diamond jewellery as a complete item to a jewellery broker or a jewellery store.
It is recommended to choose this option if you think you can get a premium for your diamond jewellery, especially if it is a collector’s piece. However, this method doesn’t work if the buyer is going to break your jewellery to resel the components separately. In this case, it is better to opt for the first option to get a better price.
