Did you know that the modern diamond market dates back to the mid-1800s? It should come as no surprise that the market has thrived since then, as the natural beauty of diamonds simply can’t be denied. However, not everybody understands how much they should sell a diamond for if they wish to sell it.
We’ve put together a brief guide that can help make selling a diamond a streamlined process. Let’s dive in.
What Influences the Value of a Diamond?
When you go to sell a diamond, the first thing that a potential buyer is going to do is assess its value. This process is informed by the “4 Cs” of diamonds, which are color, cut, clarity, and carat weight.
Here’s a quick overview of each:
The most valuable diamonds are perfectly colorless. The less color a diamond has, the higher its value will be. Keep this in mind when moving forward.
A well-cut diamond will have more sparkle and life than a poorly-cut one. This is because light reflects better when a diamond is cut correctly. There is a significant difference in value between a well-cut diamond and a poorly-cut one.
Diamonds with few blemishes or inclusions are the most valuable. They tend to look best in the light, as well. Blemishes could easily cause a diamond to look cloudy.
This is simply how much a diamond weighs. The heavier a diamond is, the more it’s worth. So, this will have a large influence on the overall value.
Consider the above info when you go to sell a diamond, as they will all play a role in how much money you ultimately get for it.
Where Should You Sell a Diamond?
When it comes time to sell a diamond, you have a few different options.
One is to go to a local jeweler. This option can be convenient, as you won’t have to ship your diamond anywhere.
However, you probably won’t get the best price this way, as jewelers typically don’t pay top dollar for diamonds. Another option is to sell your diamond online.
This can be a great way to get more money for your diamond, as online buyers are typically willing to pay more than jewelers. However, you do need to be careful when selling online, as there are many scams out there.
Make sure that you only deal with reputable buyers, and don’t ship your diamond until you’ve been paid.
The last option is to auction off your diamond. This can be a great way to get top dollar for your diamond, as you’ll be able to let the market dictate the price.
However, it’s important to note that auction houses (both online and offline) typically take a cut of the final sale price, so you won’t get to keep 100% of the money.
How Can I Tell if a Diamond Is Genuine?
If you’re selling a diamond, it’s important to make sure that it’s genuine. Otherwise, you may not be able to find a buyer. Or, you may find a buyer who assumes that you are trying to scam them.
This is something that often occurs when people inherit jewelry. They suddenly come into possession of a diamond without having knowledge of its source or history. The only way to tell if a diamond is genuine is to have it appraised by a certified gemologist.
This is someone who has been trained to identify diamonds and assess their quality. You can check out Exchange.Diamonds to learn more about this process.
What if My Diamond Has Imperfections?
One common misconception about diamonds is that they must be perfect in order to be valuable.
However, this simply isn’t true. In fact, many diamonds have small imperfections, and these actually add to their character. So, don’t worry if your diamond has a few blemishes or inclusions.
These won’t affect its value too much.
Are Synthetic Diamonds Worth Anything?
Synthetic diamonds are man-made, and they have become increasingly common in recent years.
Due to advancements in technology, it’s now possible to create diamonds in a lab that are identical to natural ones. However, these diamonds are not as valuable as natural diamonds.
This is due to the fact that they lack the history of natural diamonds. So, if you’re looking to sell a diamond, it’s best to stick with a natural one.
Can Take Out a Loan Against My Diamond?
If you find yourself in need of quick cash, you may be tempted to take out a loan against your diamond. This is a type of loan where you use your diamond as collateral.
The lender will hold onto your diamond until you repay the loan, plus interest. However, it’s important to note that taking out a loan against your diamond can be risky.
If you default on the loan, the lender may sell your diamond to recoup their losses. So, if you’re considering taking out a loan against your diamond, make sure that you can afford the monthly payments. Of course, this only applies if you have a genuine diamond.
You likely will not be able to take out a loan with a synthetic diamond as collateral since its value is much lower than a natural diamond.
Knowing How to Sell a Diamond Doesn’t Have to Be Difficult
No matter where you sell a diamond, make sure that you do your research beforehand. This will help ensure that you get the best possible price for it.
Looking for other useful info that can help you out in the future? Be sure to check out the rest of our blog!