Getting Cash for Your Diamonds

Getting the Most Cash for Your Diamonds

Cash for diamonds is at the tip of everyone’s tongue. There is something about discovering that you have a hidden treasure in your home. Entire shows have been built around the idea of finding priceless treasures in the attic. Think about programs like Antique Roadshow or The American Pickers. In the diamond industry there are hundreds of sites that advertise that they will buy your hidden treasures, your diamonds, which you are no longer wearing.

Getting the Most Cash for Your DiamondsWith the market growing so rapidly, consumers must use caution when dealing with online companies. This is one avenue that can fetch you the largest amount of money for the least amount of work. Use the wrong company and you could find yourself getting the least amount of money.

Setting up a website today is both simple and inexpensive. This makes the cost of entry into an online business easy. Because of this online scammers are common, especially in the lucrative industry of diamonds.

How Do You Evaluate an Online Diamond Buyer?

The first step to protecting yourself is to do a little research. Make sure you understand the value of your stone or stones. What size are they, what is the gem rating and how does that impact the price. For larger stones having a full appraisal by a gemologist is a good investment. For smaller pieces getting estimates from local jewelers or pawnshops is a good start.

Understand the difference between retail and what you will receive for your diamonds. Local dealers may give you a very high appraisal value trying to get you to purchase additional jewelry from them. This is a strategy that is successfully employed in the car industry. When you have a trade in, they recommend you negotiate the two separately. The same strategy goes for selling and buying diamonds.

Once you understand the value and have an understanding of what the offer will be from a seller, then you are ready to seek an online company to work with. Weeding through the hundreds of diamond buyers should start with setting a few parameters that will reduce the number of options.

These parameters should include the appraisal process. Do they use a certified gemologist? A certified gemologist is someone who has studied gems and passed rigorous tests, demonstrating their knowledge of stones and the ability to assess values accurately.

The second parameter is seeking companies that are members of respected industry organizations. These include Rapaport Services, Polygon and International Diamond exchange. As in many industries, these organizations establish self-policing and policies that protect consumers. These companies will operate with better consistency and higher standards than companies that are not members.

Once you have selected a company it is perfectly acceptable to contact them via phone or email. If you cannot reach them or get a response before sending jewelry in, you can be sure, you will be unable to reach them or get a response if there is a problem later. When you contact them, ask questions about the process, valuation of your diamonds and the payment process.

After selecting a company you are comfortable with, you are ready to send in your diamonds. With a little research, you can have a great experience selling your diamonds. You will find yourself with cash for your diamonds, and have sold something you no longer needed or wanted. It should be a win-win for both parties.