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Jewelry

Do You Make These 5 Mistakes When Selling Diamonds?

Dec 4, 2015

mistakes selling diamonds

If you’re thinking about selling your diamond or diamond jewelry, there are a few things you should know. We’ve been buying diamonds since 1922, so we’ve seen the most common mistakes people make.

If you have diamond jewelry, chances are it’s valuable. You don’t want to sell it for less than it’s worth. You should feel confident knowing your diamond buyer gave you an accurate evaluation and a fair offer.

How Do Experts Evaluate Diamonds?

Certified jewelers like us take several factors into account when evaluating diamond jewelry, including the maker and the condition of the piece. When it comes to the diamond itself, they typically use the common “4 Cs” approach:

  • diamondCarats (weight)
  • Cut
  • Color
  • Clarity

In general, a diamond that is heavy, well-cut, and clear is considered superior. If it’s a colored or fancy diamond, the richness of the color is also important.

You want a diamond buyer who understands those factors and knows what to look for. How do you make sure you choose a good diamond buyer and get a fair offer?

In our experience, there are a 5 common mistakes many people make when selling diamonds or diamond jewelry.

1. Working With a Seller Instead of a Buyer

jewelry store

Photo: Jay Phagan on Flickr

When looking for an expert to evaluate diamond jewelry, many people’s first thought is a jewelry store. It’s true, many jewelry stores employ jewelers who are experts in diamond jewelry, but there are a few major downsides to this method.

You are unlikely to get a private appointment at a jewelry store. If a customer comes in, you’ll lose the jeweler’s full attention. That makes it hard for the jeweler to perform a thorough evaluation of the piece.

It sounds obvious, but jewelry sellers specialize in selling jewelry, not buying it. Certified buyers appraise diamonds every day. They know exactly how to evaluate a piece of jewelry and what it’s truly worth in the diamond market.

2. Turning to an Online Buyer

sell diamonds online

While selling online might seem like the most convenient option, it’s actually one of the riskiest.

On consumer-to-consumer sites like Craigslist or Ebay you’re not likely to receive what your jewelry is truly worth. Even if you find an online certified jeweler, there’s still one major problem: the only way any buyer can give you an accurate evaluation is in person. You’d either have to part with your diamond jewelry before receiving payment, or risk selling at an unfair price.

A good rule of thumb is to never let your jewelry out of your site until you’ve received payment at an agreed-upon price.

Turning to an online buyer is tempting because it’s so easy, but if you want to make sure you get a fair evaluation, avoid selling diamonds online. There are safer options out there.

3. Accepting an Offer Without Asking Questions

questions

Photo: Ethan Lofton on Flickr

It’s easy to accept the first offer a buyer gives right off the bat, especially if it’s more than you were expecting. Don’t be afraid to ask for more information before you agree on a price.

A few good questions to ask are:

  • How did you arrive at that valuation?
  • What specific factors did you take into consideration in your evaluation?
  • Can you walk me through your evaluation process?
  • If I take my jewelry to another certified buyer will they give me a similar offer?

A good diamond buyer will welcome your questions and answer them honestly and thoroughly. They’ll want to make sure you understand the evaluation process so you know exactly how they arrived at their offer.

4. Not Researching the Diamond Buyer

You can save yourself a lot of time and worry by doing your research. Before you make an appointment with a diamond buyer, try to answer the following questions about them:

Are they accredited? Check with the Better Business Bureau to make sure a business is accredited and see its rating.

Do they have reviews? Look at the company’s Google+ page to see unfiltered reviews from past customers. You can also try looking for the company on Yelp or even Facebook to see other reviews.

What is their website like? Does it look professional? Is the information clear? Do they tell you what a meeting with them will look like?  

david steve ron samuelsons buyersAre they experts? You should be able to get a sense for a company’s level of expertise by looking at their website, and maybe even making a phone call.

Check to see if they have certified jewelers and gemologists on staff, and see how long they have been in business by looking at their About page.

5. Not Trusting Your Instincts

sweater bracelet

If you start feeling uneasy at any point during your meeting with a buyer, there’s probably a good reason you feel that way. Unfortunately, many people talk themselves into selling at a price they’re not comfortable with, either because they don’t want the hassle of starting the process all over again, or because it would feel awkward to walk away. A good diamond buyer will want you to feel comfortable and completely confident in their offer.

We never pressure anyone to sell — ever. Making sure you have a good experience is our number one priority.

You shouldn’t feel you have to sell someone your diamond just because you’ve taken up some of their time. You deserve a fair offer. There’s nothing wrong with getting a second opinion.

Do You Have a Diamond to Sell?

We’d love to meet with you and answer your questions.

We only offer private appointments at our office — a safe and secure environment where we teach you about the value of your jewelry before making an offer.

Give us a call today to make an appointment to sell your diamond jewelry.

 

Photos: Seth Lemmons on Flickr, Nicolas Perrault III on Wikipedia

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