The resell jewelry market is booming right now, and many individuals are wondering how to sell diamonds for extra cash.
Like we said last month, now’s a great time to sell your jewelry. Whether you need a few extra dollars, want to declutter old jewelry, or need to finally shed any last memory of a past relationship, we’re here to help you get the most money for your diamond.
Today’s post will cover the top five best places to sell your diamond, and how to ensure you’re getting the best value for your gemstone.
Spoiler alert! You’ll get the most value from a premier wholesale loose diamond buyer and seller, like us here at Jonathan’s! Make an appointment and come see us if you’re in the Houston area!
What is the best way to sell diamonds?
There are several places and ways you can sell diamonds, whether they are loose or set in a ring. Keep in mind that no matter where you decide to sell, it’s highly unlikely you’ll receive an offer near full retail value.
No matter where or how you sell your diamonds, keep these tricks and tips in mind for the most value.
Pawnshop
Selling your diamond to a pawnshop is one of the easiest and fastest ways to make money, but not the most lucrative. Unfortunately pawnshops are notorious for lowball offers.
You’ll probably get the least amount of money for your diamond here compared to other locations.
This is because most pawnshops purchase with the intent that you might buy back your item for a percentage more than what you sold it to them for. Almost like a loan on your jewelry.
eBay
The eBay platform is a good option if you know all the details about the stone. You should have the certification or at least have it appraised so you know the exact color, clarity, carat weight and cut.
Remember that pictures are worth a thousand words, but taking a picture of a diamond is not easy. Play with the lighting to get the best shot.
Be sure to disclose if the diamond is used and be honest in your listing. With eBay, be prepared to pay listing fees, selling fees and then PayPal fees. Also, there is always a possibility the ring could be sent back, so don’t count your money until you get positive feedback.
Check out our eBay store for listing examples.
Craigslist
Craigslist posts are free. It’s an option that keeps more money in your wallet, but the risk for scammers, cheap buyers, and safety issues make some sellers hesitate to use the platform.
However, some individuals have great results. Furniture definitely does well on Craigslist, but we don’t recommend selling super expensive items. If you do opt to sell a pricier item, make sure you have protection while showing said item to complete strangers. There is no anonymity with Craigslist.
Consignment with a local jeweler or auction house
Consignment or auction houses are always a good option if there is little hurry to sell. The diamond ring will sit in a case and will sell when it sells.
With this method, sellers may be able to set the price for the engagement ring they want to sell, therefore making more money. Also, the consignment fee is generally a much smaller set fee, because there’s not much to do other than drop the ring off.
Here’s how a consignment sale works:
- The seller signs a contract saying they agree to keep the item with the consignment shop for a certain length of time.
- If the item doesn’t sell during that time, the seller gets the engagement ring back.
- Then the seller revisits this list and can choose to retry at another price or move on to another method of selling.
Sell to a Diamond Buyer
Selling to a diamond buyer is different that selling to a jeweler. Firstly, a diamond buyer does not have the same kind of overhead that a jeweler has. Diamond buyers are typically able to offer a higher price for the diamond.
Check internet reviews and website testimonials of the diamond buyers you’re considering. In addition, be sure that they are members of the Better Business Bureau.
The diamond buyer will not offer you replacement value, but they will offer significantly more than a pawn shop, eBay and Craigslist. Another benefit is quicker sell times than compared to selling consignment.
Be upfront with your expectations regarding the amount you hope to sell your diamond for. Most diamond buyers are willing to negotiate to meet your needs. We want to earn your business and develop a relationship, because most diamond buyers also they sell them as well.
Looking to sell your jewelry in Houston?
Let us help! We are the #1 jewelry, diamond, and watch buyer in Houston and we have decades of experience.
Fill out a contact form and we’ll reach out soon to schedule an appointment in our showroom for a free appraisal.
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