How to Sell Diamonds for Cash

Written by elizabeth hannigan
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How to Sell Diamonds for Cash
You need to figure out what to do with all of these diamonds. (diamonds image by Czintos Ã--dön from Fotolia.com)

Perhaps you have a collection of bridal jewellery from your broken engagements sitting around your house collecting dust. Maybe a wealthy, distant aunt passed away with no heirs and you inherited a vault full of precious gems you neither need nor want. Either way, you are faced with a pleasant problem. You need to rid yourself of your surplus diamonds. Fortunately, there are a number of ways to go about disposing of your superfluous rocks that are fast and simple.

Skill level:
Easy

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Instructions

  1. 1

    Do not expect to get back what you paid for your diamonds, unless you bought them a very long time ago. The retail markup on diamonds is about 300 per cent.

  2. 2

    Get your diamonds appraised, and find out their Rapaport values. The Rapaport Diamond Report is the international trade price list for polished diamonds that jewellers around the world refer to when judging a stone's value. These are the wholesale values of your diamonds. Get the appraisal done by an expert who you are not trying to sell your diamonds to. This way, the appraiser has no interest in misleading you regarding the diamonds' value.

  3. 3

    Learn as much as you possibly can about diamonds in general. Arm yourself with knowledge about diamonds so that you are in a position to bargain with the person you are trying to sell your diamonds to.

  4. 4

    Try to sell the diamonds to family members and friends first, especially if the diamonds are heirlooms. The people you know may give you a reasonable price for the diamonds and appreciate you keeping something with sentimental value in the family.

  5. 5

    Sell the diamonds at an auction if they are famous or have celebrated histories.

  6. 6

    Try to sell your diamonds on eBay or Craigslist. You may be able to sell your diamond jewellery to other individuals who are trying to save money and not pay retail. This is an especially good idea if you are selling an engagement ring, or if the diamonds are not high quality. If you are selling on eBay, make arrangements to have the payment put into escrow while the buyer examines the rock.

  7. 7

    Sell the diamond to a local jeweller or a cash for diamonds business. If you sell your diamonds to a professional jeweller, expect to receive 60 to 80 per cent of the wholesale value. Do not accept less than this. Expect to have to haggle over the price a little bit, and to hear that the diamond is poorly cut or not clear. You have your appraisal to help you make a decision about whether or not to sell, and do not be afraid of rejecting initial offers.

Tips and warnings

  • Do not sell your diamonds to a pawn shop. A pawn shop will offer you approximately 10 per cent of the diamonds' wholesale worth.

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