When selling a diamond there are a lot of factors that will effect the amount you will receive. In this article we will highlight the main things to know before selling your diamond. Let’s get started.
- Appraisals. An appraisal is used for insurance purposes for the replacement value of your diamond. However the average consumer does not know that the price is based off full retail price plus an estimated inflation cost in case your diamond is lost or stolen. The reason for this is that most people will not loose their diamond right away and if the inflation cost was not calculated in then it would require you to get your diamond appraised every couple years to assure you can replace the diamond in the event it is lost or stolen.
- Quality. The 3 c’s, cut, color and clarity. The better quality the diamond the more you will receive. This is a standard in the diamond market. While diamonds per say are not rare higher quality diamonds are. Most diamond mined are industrial grade. These are used for a variety of uses but are not high enough quality to use for jewelry. Only about 20%-30% of diamonds mined worldwide are gem quality diamonds. The rest are used for industrial purposes such as drill bits.
- Size. The larger the diamond the more it is worth. Finding a larger diamond of gem quality is much harder. Diamond mark up percentages increase based on the carat weight. The larger the diamond the larger the percentage of a markup there is on that stone.
When selling your diamond buyers will buy your diamond at a percentage of wholesale. They have to invest the money to buy it from you then sit on it until someone comes who wants it. Buyers have to factor in a price to wear they can turn a profit on their investment. This after all is why they are in business. What you want to do is look for the buyer paying the highest percentage of wholesale. Always shop your diamond around to get the best price. Some buyers are looking for certain cuts and may be willing to pay more for your diamond. The round brilliant cut diamond is the most popular cut and will always be in demand. We hope this article has been informative and gives you the information needed to get the most out of your diamond.