How to Sell a Diamond – Where, How, and What You Need to Know

Jewelry lovers can tell you that, more than any other gemstone, diamonds are often the most sentimental value they own. Especially if the diamond is part of one’s bridal jewelry, there is a lot of emotion wrapped up in a piece. But even so, there may come a day when you may wonder "How to sell a diamond?" There are so many reasons for this question. But there are also many types of outlets, and they can all depend on your reasons and how quickly you need to convert the -piece. Simply put, how to sell your diamond depends on the situation. In this article, we’ll go through several scenarios—all of which will help you create a plan for how to sell your diamonds.

Before you ask yourself how to sell a diamond, it’s wise to learn its current value, so you’ll have a starting point. Selling your diamond may take a while, with some work on your end. Most importantly, connect with reliable professionals to buy your diamond for a fair price.

Understanding the Value of Your Diamond

Understand the current market value for selling diamonds. An appraisal conducted by a certified jewelry appraiser with diamond experience is essential. If you have a grading report from a reputable grading lab, that’s great. If not, and your diamond is on the larger size, consider sending it to one of the well-known gem grading laboratories.

An appraisal places a monetary value on your diamond for sale. But a grading report records the quality components of your diamonds like the 4Cs; cut, carat weight, color, and clarity. It does not assign monetary values to your diamond.

Consider getting a personal referral from friends who have had a positive experience with an appraiser or a gemological lab.

How to Sell a Diamond: Different Approaches

You might make appointments with a few types of places before settling on an outlet to sell your diamond.

Jewelry Stores

You might have done business with a local jewelry store before and have established a good relationship with them. That helps. But the store may take your diamond on consignment. That may take a while to sell. If you don’t mind, this could be a safe trustworthy option. They have to make a profit when they sell it—so your proceeds will reflect that.

Pawn Shops

Consider a pawn shop for the flexibility it offers. For instance, you can pawn your diamonds and if at some later point (defined in your contract) you can redeem your diamonds back should you want them returned to you. Many pawn shops are experienced in evaluating diamonds. So they could offer you a cash price. But it will be a final sale if that suits you. They have to hang on to jewelry a lot longer than a jewelry store would. So they will offer you less than a jewelry retailer will in most cases. But quick cash may be the way you choose—so that’s good too.

Online Marketplace

This option is becoming more popular today as online outlets are flourishing. On the plus side, more people will view your diamond for sale, so you might get a better price—or a quicker sale. Platforms like 1stdibs, eBay, Worthy, FaceBook Marketplace, craigslist, and the like are all good places to offer your diamonds for sale. They attract more buyers. If many people show interest in your diamonds for sale, you might end up with a bidding war.

Still, keep things safe. Ask for cash, or a bank transfer service like Venmo, or Zelle. Show your diamond in a safe place, like your bank for instance—or an office where other people are around. Make the sale on your own terms. You could even do the transaction at the police station if they allow it.

Auction Houses

When you are trying to sell your high value diamonds or a rare diamond, an auction house may be your best option. You can make an appointment with one of their jewelry specialists who will give you a professional estimate of the value. There’s usually a ‘reserve’—or a rock bottom price to which you won’t go lower. That’s a good safety valve for you. You want it to be win-win for both the seller and buyer.

If a good auction house is not in your town, that’s not a deal breaker. Many auction houses have secure methods for shipping (insured of course) items to them. They do this routinely, and you can feel confident in doing this with a reputable auction house.

Specialized Diamond Buyers

Conduct an online search for specialty diamond buyers, jewelry buyers, diamond bridal jewelry buyers and that sort of thing. You’re going to be surprised at all the resources available only sell other people’s diamond jewelry, especially bridal jewelry. Circa, M S Rau, and I Do, Now I Don’t are places to start although you’ll discover others.  Make a connection with one of the professional associates, and gain confidence in the transaction—before you sell your diamond.

Preparing Your Diamond for Sale

You only get one chance to make that first impression. So prepare your diamond jewelry for sale BEFORE anyone sees it. Thoroughly inspect your diamond jewelry for loose prongs—or missing stones. Are there any parts that need repair before showing to a potential buyer? Have your item looking as new as possible so someone will want it now. Carefully clean your piece, or you take it to a professional jeweler where they can put your items in an ultrasonic cleaning machine and make it sparkle like new.   

After you’ve cleaned and repaired it as needed, store it in a box or jewelry bag to keep it free from dust or fingerprints while you get it ready for sale.

Now assemble your paperwork—appraisals, purchase receipts, insurance paperwork, and lab reports to accompany your diamonds for sale. These steps are key to a successful transaction.

Getting a Fair Price

There’s only one way to know if you’re getting a fair price for your diamonds for sale. You have to get an estimate of its current value. What are similar diamond items selling for on the secondary market? Finally, what are you willing to take for this diamond? By answering all these questions ahead of time—you will be more composed during a sales transaction—and you’ll have a more accurate sense of its worth--- and be prepared for an offer for your diamond jewelry.

Yes, you can negotiate. Buyers want a ‘good deal,’ so be prepared to accept a bit less than the listed price. Only you know how low to go. It depends on how much cash you need and how quickly you need it. Do your homework so you’ll fix a price reflecting current market trends. By approaching the sale realistically –and adjusting your expectations as necessary, you’ll be satisfied with the outcome.

Where to Sell a Diamond for Cash

Cash is King, the old adage goes. If you need to convert your diamond jewelry right now—be prepared to accept a steeper discount on the price. Some jewelry stores will pay cash on the spot for your jewelry if they think they can sell it.

Of course, many pawn shops will cash you out on the spot, too. There’s no harm in shopping around for the best cash price. Don’t neglect to check with some of the better online sellers who sell just diamonds. They already have a large viewership, and often, they can make you a decent cash offer on the spot, too.

Tips for Safe Selling

More important than getting top-dollar for your diamonds is your need to stay safe. Scams happen and if the deal sounds too good to be true—it probably is. You want cash for your property, and you can meet the customer in your bank—or another public spot where you feel absolutely safe. If the buyer will not meet in person, but wants you to send the item, just don’t.

Don’t meet the customer at their place—or a private spot you don’t know. A restaurant where people know you may be a good choice. You can also meet a potential buyer in a jewelry store—that is done frequently. Just chat with the retailer to get their ok first.

Don’t meet a buyer at your home. Although it seems like a good idea at first, you can get into an uncomfortable situation.  Your jewelry may be in a safe box at your bank. Meet a buyer there, and if the person doesn’t buy the item---you can place it safely back in the box and eliminate the risk of someone following you to your car. Take a relative or a spouse with you when showing you diamond jewelry. The more back up you have, the safer.

FAQs

What’s the best way to sell a diamond?

The best way to sell a diamond depends on how quickly you need the cash. Jewelry stores, pawn shops, or some online sellers may make you a cash offer on the spot. If you’re not in a rush, try consigning with a reputable jeweler or auction house.

Where can I sell my diamond for the most money?

Auction houses may offer you the highest amount since they have active bidders and the widest audience.

Do jewelers buy diamonds?

Jewelers often buy directly from the public. They also buy in volume from estate jewelry wholesalers.

How do I determine the value of my diamond?

The best way to understand the value of your diamonds is with professional appraisals by a qualified jewelry appraiser.

Can you sell a loose diamond?

Yes, pawn shops, retailers and private individuals often want to buy loose diamonds to design their own piece.

What’s the safest way to sell a diamond for cash?

A reputable jeweler in a retail setting or an auction house are both safe options for selling diamonds.

Should I get my diamond appraised before selling it?

It helps to get an appraisal prior to selling your diamond so you can validate the price you are selling it for.

What documents do I need to sell my diamond?

You don’t need any documents to sell your diamonds—especially if it’s to a pawn shop or an auction house—or even a retailer. They have testing equipment to confirm its genuineness, and they’ll also have charts that list its current value on the secondary market.

Can I sell a large diamond directly to a buyer?

As long as you follow safe practices to protect yourself and your property, you can sell your diamond directly to a buyer.

Conclusion

If you’re thinking about selling your diamond jewelry, you’re in good company. Many people are selling their diamonds today. And there are so many types of outlets to help you. It all boils down to how quickly you want to do the transaction or if you can hold off for more money. Think it through before you start the process. Do you need cash now? Can you wait for the diamond jewelry to sell later but for more money?

When considering how to sell a diamond, follow safety guidelines when selling your diamonds by yourself. You can do that successfully. But if you want to remain anonymous, let an auction or a jewelry store sell it for you. This can be a profitable and successful transaction with some preparedness beforehand.