Stumble it!

Whatever reason you may have for selling your diamond, you would definitely want to get the best price possible for it. The most ideal way of getting the highest price for your diamond is to take your time. Do not rush into anything. Consider your various options and only then go ahead.

First, you need to get your diamond appraised. Getting it appraised by more than one jeweler will give you a more accurate idea of the value of the diamond. Request the appraiser for the Rapaport Value, which is the diamond’s wholesale value. This will give you an indication of the highest price that your diamond can be sold for. Get a GIA certificate for your diamond, that‘s if you do not have one already. This may enable you to get a higher price for your diamond.

You could first try selling the diamond to people known to you. Someone from among your family members and friends could just be interested. If they are not, then you could other external sources. Do not try and sell your diamond at a pawn shop. You will only get about 10% of the diamond value. You should also resist if any jeweler offers to sell your diamond on consignment as there is a chance of things going wrong. Also there are fare too many scams happening everywhere.

If the diamond you own is an important one, you could choose to get it auctioned through any one of the established auction houses such as Sotheby’s or Christie’s. However, if it not really considered ‘important’ or high-end, you will have to try selling it to any individual who’d like to own one. You could either advertise on the classified ads or perhaps even eBay. Be careful when you are selling your diamond to a stranger though. You may put yourself in danger when dealing with strangers, so take necessary precautions.

Taking your diamond to a jewelry store should be a last option and while you are in the store always keep your eye on the diamond. If the jeweler is dishonest he may try to undervalue your diamond by saying it is of low weight or low quality or may even try to swap it. If you have an appraisal certificate, show it to him.

A jeweler that is fair will make you a better offer that could be about 60% to 80% of the Rapaport Value. It’s ok to accept that but nothing less. And do not forget to keep your eyes on your diamond at all times.