Although a diamond may be forever, unfortunately, humans are much more complex. Whether it is an old diamond you inherited from a loved one that has passed on or an engagement that is no longer, sometimes these diamonds can become a forever symbol of something you might want to forget.
But let’s not get too gloomy about it, because it’s not all bad news! You can make some money on these diamonds and make way for new diamonds in your life that symbolize something special and magical. Sometimes in order for a forest to grow new trees, the others need to fall, so let’s discuss some ways that you can sell your diamonds and make room in your life for new and amazing experiences and brilliant beauty.
Here are a couple of things that you should know right off the bat…
- You will not break even on the value of the diamonds
- Pawnshops and local jewelers aren’t the best options
- Try selling it yourself, but be patient
- Abe Mor offers the best prices for used diamonds
Now, let’s dive a little deeper…
The first thing to mention is that if you purchased your ring at a Brick & Mortar location you are much less likely to make any money on it as opposed to purchasing your diamond online. Although this doesn’t help you in selling what you already have, it may help in the future. There are a variety of online diamond retailers, some offering cultured lab-grown diamonds that have the same chemical and physical attributes for a lower sticker price.
Let’s say you have a diamond that was purchased by the jeweler for 100 units of money (just making simple so that we can understand), they will sell it to you for 125 to make a profit. No matter where you go, pawnshop or local jewelry store, you will never get 125 for it. In fact, you will most likely never get even 100, which may be the diamond’s market value, and the reason is actually pretty interesting.
A pawn shop will certainly try and argue you down to the lowest price possible, because they, unlike a jewelry store, do not make as much money from the other goods sold, so they simply don’t have the buying power to pay the market price and sell it for a small marginal increase. So they will argue you down way below, so that they can even afford to purchase it from you, much less resell it. Also, pawn shops are known for cheaper prices, so they will never be able to sell the diamond to anyone at the 125 rate anyway.
When it comes to local jewelers, they also cannot pay you the market price of the diamond because the relationships that are formed between these jewelry stores and their diamond suppliers are their number 1 asset. In order to purchase a second-hand diamond from you, that have to REALLY have a good reason to buy from you. Their supplies might be unhappy that they are taking in other diamonds and ruining a supplier relationship is not worth whatever you are selling.
Your best bet, unfortunately, is selling the diamond directly to another consumer but of course that is difficult and can take a lot of time. Craigslist has its downfalls due to the unprotected nature of the platform and the dangers of discussing something so valuable over a forum of people you don’t know and can’t trust.
In conclusion, what you need to understand is that you will most likely not make your money back on that diamond or the setting, so you have to be okay with taking the loss and being patient to find the best deal for yourself, even if it is slightly below market value.