If you own diamond jewelry and are trying to figure out how to bring in some additional cash, it can be hard to ascertain how to get started selling your items. When all you can find are low offers and unprofessional service, the process of allowing go of old personal possessions may be a stressful or perhaps even emotional journey. However, the process can be made more frustrating when you’re able to find nothing but low offers.
Perhaps you own a diamond necklace that you haven’t worn in years, or maybe you’d rather have some extra pocket money than a constant reminder of a relationship that really is long since ended. Pawn shops are able to assist you in achieving your goal of turning your diamonds into cash, regardless of the reason behind your desire to do so.
What Kind of Response Can You Anticipate When You Put Your Diamond Ring Up for Sale?
Let’s begin with the situation that has the highest probability of occurring. Unfortunately, the vast majority of people still purchase diamond rings from traditional “brick and mortar” jewelry stores.
Let’s also make the assumption the best-case scenario is within the subset of physiological jewelry stores by focusing on the small independent jeweler who is not part of a chain and who only sells GIA-certified diamonds with high diamond worth.
In this scenario, a profit percentage of 25% is likely to be the highest (i.e., the lowest) that you will find anywhere. In other circumstances (such as purchasing from a large jewelry chain, purchasing an expensive luxury item, purchasing EGL-certified diamonds, and so on), you will most likely be confronted with significantly higher profit margins.
Customers with a good reputation are your best bet when buying diamonds.
It is suggested that you approach knowledgeable buyers if you intend to sell diamonds, as well as walk right away with some cash from the transaction. Putting in the effort to do your homework will most certainly be worthwhile. You shouldn’t ever sell your diamonds and other fine jewelry on backdoor sites like Craigslist because you won’t know who you are actually communicating with, and it is easy to get ripped off or taken advantage of. Instead, you should take your jewelry to a buyer and supplier that is known for their reliability so that you can get what is rightfully yours with the desirable diamond worth.
Acquire a certificate of accomplishment in grading.
Obtaining a grading credential from a reputable jewelry lab ought to be your first step before engaging in any kind of conversation with prospective customers who are interested in purchasing jewelry from you. The grading certificate of your diamond is typically where you can find proof that it is indeed worth a significant amount of money, despite the fact that you may believe it to be worthless. Even the least inexperienced purchaser would then likely insist on seeing proof as well as authentication of the diamond’s qualities before making a purchase. To begin the process of grading, you need only do a little bit of research online to locate a reputable gemological laboratory.
Set a realistic price
You can’t enter into the deal with the expectation that this business venture will result in an amount of money that will completely transform your life. To put this into perspective, the importance of an accurate grading evaluation and a knowledgeable buyer cannot be overstated when attempting to have a successful selling experience. Setting your sights too high in terms of the price you expect to receive for your diamond is one of the surest ways to end up disappointed with the transaction. It doesn’t matter how very much you get in return, but surely it’s better than getting nothing at all, right? You should just not enter an exchange told to expect a fortune, even though this will only upset you in the long run. It is important to accomplish everything you can to get as much as you possibly can back, but you shouldn’t go into an exchange told to expect a fortune.
In order for the shop to actually purchase a diamond rather than just using one that it has on loan, it will need to find a way to justify the purchase by paying a very low price for it. In addition, the relationships that exist between buyers and sellers in this industry are considered to be of the utmost significance.
If a jewelry store is going to spend its money to buy jewels from you rather than using the transaction as an opportunity to improve its relationship with a vendor, then the store needs to find a way to justify its choice by ensuring that it receives a good deal on the diamond worth\ it purchases from you.
Pawn shops will typically offer anywhere from 30 to 60 percent of the total value of a diamond in exchange for it. After factoring in the standard retail markup that’s also applied to the vast majority of diamonds, this indicates that you will typically be given an offer for a price that is a small portion of the amount that you paid for your diamond ring back when it was brand new.