It may be easy to find a buyer for your diamonds. However, not all will offer to purchase your diamond at the price it deserves. In fact, even the store where you had brought your diamond from may not buy your diamonds back for the exact same price. If this is the case, how do you find the best diamond buyer who will offer to buy your diamond for the best price?
Here are a few tips that can help you get the best deal for the diamond you are selling:
- Know the value of your diamond. Usually, you will be provided with basic information about your diamond when you buy it from the jewelry store. The store where you bought your diamond from should be able to provide some details about your diamond. However, this still may not contain all the necessary information that you might need to resell your diamond. You can always ask for a third party independent appraiser to evaluate the value of your diamond. Or you can take your diamond to a diamond lab and have them issue a certificate that contains the information for you to use on your diamond price quote.
- Understand the appraisal process of your diamond buyer. Usually, there is a huge difference between the price originally paid when you bought the diamond and the offer price you get when you resell it. There is a markup that a jewelry store puts on your item which is considered as their profit. You will try to sell your diamond as much as you can, but the price that is given for your diamond insurance appraisal is typically an inflated value, and you can’t expect anyone to pay you that amount.
- Get the true value of your diamond. Getting a third party opinion for the value of your diamond is absolutely recommended. When you take your diamond to an appraiser, do not just ask for the usual appraisal, otherwise you will be given the inflated value. Ask for the retail value, cash value, or the liquidation value of your diamond. This will give you an estimate of what you can actually get from a diamond buyer.
Diamond buyers have different appraisal procedures. But generally, these procedures are based on a diamond’s 4Cs, which are: carat, clarity, color, and cut. These four factors tell the weight of the diamond, what color it is, if there is anything that can be seen on it, and how well it is cut. These are usually the basis for getting the price quote of a diamond.
Diamond trading is a business and diamond buyers will see to it that they can get the most profit out of every deal they have. You must also do the same and do a little bit of research to understand the real value of your diamond. Compare amongst your prospective buyers which one can give you the best price for your diamond. Visit us today in person at our Midtown Toronto location near Yonge and Eglinton, or contact us online to learn more.