Tips for Selling a Diamond
There are several ways to get the most out of your diamond or diamond ring. It is first, important to understand the value of your diamond ring or loose diamond. If you are located in Boise or Nampa Idaho, give us a try. We are happy to help.
It all starts with the size, color, and clarity.
In simple terms, the larger and more clear the diamond, the more the diamond is worth. There are several factors that help with the sale of your diamond or diamond ring, especially when the diamond is over 1 carat. If the diamond is graded this is very helpful. If your diamond is lab-made, clarity enhanced or treated, the value is greatly diminished.
There are differences between a true grade and appraisal value. Appraisal values are typically 3-10x the wholesale value, and if it is an international appraisal the grade is likely pretty far off.
Keep in mind only valid grade is by GIA. There are a few others that are helpful, but GIA is the only true grading institution across the diamond buying and selling community and even they can misgrade a diamond.
The next thing to understand is what you paid for the diamond or diamond ring: Some folks think if they paid $10,000 for a ring that they should be able to resale the diamond for 80% of what they paid. The unfortunate fact is, if you paid full retail from a large retailer then you can expect 10-20% of what you paid, depending on how much the diamond or diamond ring was marked up.
Diamonds have a hard wholesale value based on a “RAP SHEET” otherwise known as Rapaport. Then there is a buy and ask price based on supply and demand.
As we are Diamond Buyers and Brokers, we work off the Rapaport sheet to get our clients the most for their diamond. Just last year we had a 2 carat Tiffany Diamond VS1 walk into the store after an appointment was set up. We were able to get the client $18,000 for the ring he bought for $24,000. This sounds like a widespread, but considering we have witness clients pay $25,000 for a diamond only worth $5,000 he did pretty well.
In the end, the best way to get the most out of a large diamond is to choose a reputable broker who can grade, take some photos of the diamond, and work to get offers across the community. If you are not in a hurry, then you can consign your ring and hope to get 80% of the diamond sale price.
Remember, diamond grading is all about the size (carat), cut, color, and sellability (demand). Larger diamonds have high demand, and you may be surprised how much a reputability diamond broker can get you.
If you are in Boise or Nampa Idaho, or near surround areas like Meridian, Kuna, Star, and looking for a reputable diamond broker, we would be happy to help. We can help you sell or purchase a diamond for a small fee.