The question of how to sell diamonds has many possible answers, but which one is right for you? In this article we look at the different issues you might factor in when thinking about how to sell diamonds, the pros and cons of different selling methods and how to get started.
We’ll seek to provide you with a comprehensive guide on the issue and to help you get the most out of your diamonds.
Before you sell diamonds…
What are the things you need to think about when choosing how to sell diamonds? Here are a just a few things you might weigh up:
- Speed: Is it important to you to sell quickly? If so, check out which methods will offer you not just the fastest sale, but the quickest service including offering a fast quote for your item and getting your cash to you promptly.
- Sale guaranteed? When considering how to sell diamonds, think about whether it is important to you that your item definitely sells within a specific time period. If so, this will narrow down your options.
- Cost: Some methods of selling diamonds will charge you fees, interest or even both. This can massively cut down your profit margins so be sure you know the cost before you make a move. It’s worth nothing that there are methods of sale out there that are totally free – read on in the options section below to find out which.
- Hassle: Selling diamonds shouldn’t be stressful or difficult, but it’s true that different methods have varying levels of hassle attached to them. Some can be done from the comfort of your home while others may entail long drives and days off work, some require endless form filling while others are more dynamic. Whichever method you choose, make sure it’s right for you.
- Cooling Off: When you buy an item, you get a cooling off period in which you can return it, so why not when you sell? In fact, there are places that let you sell your valuables and give you time to change your mind later and get them back. This is a great way to make sure you don’t regret selling your diamonds, so look out for this option.
- Stay Secure: Whichever way you decide to sell diamonds, always ensure it’s safe and secure. For example, find out exactly who you’re selling to, whether they are members of any trade associations or have the backing of trust marks such as TRUSTe. Find out what their payment options are and only go with those that offer you a secure method of transferring your cash. Also, make sure you get a verifiable receipt when you need to leave your item with a dealer.
- The Markets: The price of diamonds fluctuates with the markets. So, when thinking of how to sell diamonds, also spare a thought as to when to sell as it could mean a big difference in value.
How to sell diamonds: Your options
With the possible pros and cons set out above, we can look at some of the methods available when selling diamonds, such as:
- This is a fairly traditional way to sell diamonds and a range of valuables. As a general explanation, people bid for an item and the highest bid wins.
- Once the auctioneer’s gavel drops, the sale is final. On the plus side, this means a guaranteed sale, but there’s no going back if you’re unhappy with the result.
- One way to safeguard your profit is to put a reserve or minimum price on your item below which it will not sell, but this means it might not sell on the day.
- Whilst an auction can be a thrilling environment, it is also not the most predictable method of selling diamonds. For example, while the auctioneer suggests a starting price, the level the bidding reaches depends wholly on the people present on the day. Of course, this can be great if two people love your item and enter into a bidding frenzy.
- It’s worth noting that some auction houses may have a minimum value to allow you to sell with them. There are also fees involved in auctioning items.
- The online world offers some of the most innovative methods of selling diamonds. For instance, 62days.com is fast, simple, secure and completely free.
- With us, you get instant cash for your diamonds plus 62 days to change your mind. In other words, even once you sell, you get 62 days in which you can buy your item back at exactly the same price.
- Unlike other ways to sell diamonds, 62days.com is totally free – it’s free to get a quote, to sell your item, to have it collected and even returned to you if you buy it back. There are no charges, fees or interest of any kind.
- It’s so simple, all you have to do is upload a photo of your diamonds and we’ll give you a quote. You can do it all from home and track it online.
- We make every possible effort to protect you, your diamonds and your cash, including secure payment methods and being members of TRUSTe.
- Antique dealers:
- Is your diamond vintage or an antique? If so, you might be able to sell it through an antiques dealer.
- Antiques dealers can be found around the country and can tell you how much your diamond is worth. Based on this, they may offer to buy it or help you sell it.
- This method of diamond selling will often offer you a higher price for your item but will also probably incur higher fees.
- High street pawnbrokers:
- With pawnbroking, you get cash for your diamonds under a loan agreement – your diamonds act as the security for the loan. The loan runs for a contractual period of 6-12 months.
- If you don’t collect your item within the contractual period, it becomes the property of the pawnbroker and it’s like you’ve sold it for the loan amount.
- However, if you want your item back within this period, you have to pay back the cash plus interest for every month is stayed at the pawnbroker. You can buy back your item at any point during this period, but you’re charged interest for every month it stays there. The interest rate is almost invariably very high.
- Diamond broker:
- Another option when looking at how to sell diamonds is through a diamond broker. These diamond experts buy diamonds and usually sell them wholesale.
- Several diamond brokers offer to buy diamonds or help you find a buyer, but the price you get for your item will depend on your haggling power.
Things to Remember
When it comes to selling diamonds and buying them, it’s good to understand your item. In the case of diamonds, this means known the four Cs:
- Carat or karat (not to be confused with gold carats): This measures the weight of the diamond
- Cut: The shape of a diamond or the way in which it is cut will help determine its level of brilliance.
- Clarity: This describes how pure the diamond is, such as whether it has any visible defects.
- Colour: Diamonds can come in a variety of colours.
How to sell diamonds – the first step
When you’ve decided how to sell diamonds, you’re ready to take your first step. If you’d like a quick, free quote for your diamonds, with no obligation to sell, just upload a photo of them to 62days.com. Or you can describe them to us.