Where to Sell my Diamond?

Where to Sell my Diamond?

You are looking at your diamond. You just can’t imagine that after taking good care of it for long, you have to part ways with it. It may have sentimental values and you are emotionally attached to it, but you have to let go of your emotions and consider more important reasons why you need to sell it; thus, you desperately search for people or establishments that will buy it. The answer to your query “Where to sell my diamond?” depends on your requirements:

Do you need a higher amount of cash?

If you want a higher amount of money, you may consider approaching private individuals first. They are those who are interested in owning diamonds and not in gaining profit because they are not thinking about reselling them. If you are friends with them, the more chances of you getting the right price for your gem. Either they are generous enough or they simply sympathize with your situation. You may also ask your co-workers, neighbors and others in case none of your friends are willing to buy.

Some loan providers likewise offer higher rates for jewels. They follow industry standard or fair market pricing. Check them over the Internet. Make a shortlist of the companies you find reputable. Submit your information, such as the type of jewelry you are selling, your name and email address, your expected offer and others. In a few hours (if you are lucky) or days, you will receive quote from them. Just choose the one that you find acceptable.

Lenders like them also give you the opportunity to choose between selling and making it as collateral for a cash loan. If you opt for the latter, you can have your precious stone back after you have repaid it.

Auctions, regardless if you consider online or not, are not a good option if you are in need of greater amount. The price will depend on the bids of the buyers. No matter how low the last and the highest bid is, you will have to settle with it.

But before you transact with one of them, you may want to do background check first to avoid being scammed. Read reviews about those companies; you may find both negative and positive feedbacks about them—you may also check if they have BBB ratings.

Continue to ask: “Where to sell my diamond?”

Most diamond dealers are not interested in retail buying; but there are those who still purchase, depending on circumstances like if the item you are trying to sell is a high-grade diamond. However, not most of them are willing to match the value of your gem. More often than not, you will receive lower offer because they are looking after gaining higher Return of Investment (ROI), so you have to manage your expectations and set a realistic price for your diamond.

How soon do you want the money in your hands?

In case you need the money the soonest possible time, you may have to go to a pawnbroker. It can give you the cash you want right away but you will have to sign an agreement that you will repay the amount on a specific date. Should you fail, it will take ownership of the diamond. One case in point: You may not get the amount that you expect but you can have it back if you wish. Pawnbrokers often offer lower rates. They also need to profit. But if there is no point in keeping the diamond, you may opt to sell it to them as well, pawnshop offers a quick and safe way of buying your diamond without the hassle.

Private individuals are, again, good “targets”. Sell your piece to your friends and their friends. Use the power of social media like Facebook, Twitter and Instagram and post about it. Do not forget to publish the image of the gem so you will catch the attention of prospective buyers. Do not post your asking price because you may drive them away even before you are able to talk to them. Again, be mindful about the amount that you want in exchange of your precious stone, don’t expect that you will get the same amount of money when you first bought it.

It may take time before you will be able to receive cash in case you try to sell your item with banks. They have standard procedures to follow; hence, you cannot ask them to expedite the process even if you beg them. The same goes with the lenders—unless you are resourceful enough to find good-hearted loan providers who understand the situation of needy individuals that they only let you wait for a few days.

You already have your options, there are several places where you can bring your diamond and sell them. Now, the decision is in your hands.