Now let’s talk about selling your diamond.
When selling your diamond, there are many things to know. First, don’t wait for the last minute to sell. That usually signifies desperation hour, buyers can sense it, and you will get screwed!
When selling your diamond, the first thing is to get your GIA Diamond Report out of the vault. It is the blueprint of your diamond so there is no guessing from the new buyer on what is the color or clarity, which amounts to a clear understanding of the value of your diamond, and hopefully more $$ to you.
Also, how old is your GIA? Most buyers today want a newer GIA Diamond report. Ask me whether yours is recent enough, and I will write you or call you in person.
There are several ways to sell your diamond for the most money with the least expense. Depending on what size and whether the diamond is New or Old cut, I would check with the auction houses, like Sotheby’s or Christies. Each auction house sells different kind of diamonds. They have their own market. You need to know which house specializes in which type of diamond to maximize your potential sale. Contact me and I can guide you to the right house.
Auction Houses charge a sellers fee (akin to real estate in which the seller has to pay a commission) as well as an insurance fee (in case anything should happen to the diamond in transit) and a photo fee. This can eat into your diamond profits. Write me and I can help you navigate those fees.
If Auction Houses are not for you, the BEST way to sell your diamond is to a private person with whom you can negotiate a sale directly. Otherwise, the expected places would be a Jewelry store, a Diamond dealer, or a Private Jeweler. While these are all good venues, each place will give you a different price. A jewelry store, Diamond Dealer and a Private jeweler can buy diamonds cheaper than you because they are in the wholesale business. They will not give you what you think your diamond is worth (or what you paid for it) in the retail market. They may ultimately sell it for a good price, but “good” is a subjective term. If this process makes you uncomfortable, then find a trustworthy Private Jeweler, who will manage this process for you.
I am going through this now with 2 clients. One bought her diamond ring years ago and the other bought her diamond from a Rodeo Drive/5th Avenue retail store. The second client needs to sell her diamond quickly. She paid $XXX,XXX for her diamond, and wanted that from the sale. I explained that her diamond is trading in the diamond world at one quarter of the price in the wholesale market. She was not happy! I have guided her to the right people, managed her expectations, and now she will be getting the top dollar. The first client is not in a rush, bought the ring years ago, and will be happy to get more than she paid because it has appreciated over time.
If you TRUST the person whom you are dealing with, you should be okay. If you’ve had your diamond for 20 years and there is damage to your stone, it’s not worth as much as it could be in the resale market. Your trusted Private Jeweler can re-cut or re-polish your diamond to improve your stone, which will increase the value and the money in your pocket.
I did this for a client who had his grandmother’s diamond and needed money. The diamond had some chips, so we re-polished the diamond. We lost just a few points (0.01 carats = 1 point) on the diamond, increased the polish grade, and improved the symmetry grade. We submitted it for a new GIA Diamond Report, which cost a few thousand dollars. But by spending a few thousand dollars re-cutting and re-certifying his 5 carat diamond, he got 20 thousand dollars more for the diamond than he would had he left the damaged diamond alone. This is just one example of a trick that a diamond broker can do to get you maximum dollars out of your diamond.
A Private Jeweler is a very good source in many ways!
I will talk about that tomorrow.
This is just a few quick points on selling your diamond!
Have fun today
Gerald
The Diamond Expert 