August 6, 2012

How To Put A Price On Resale Diamond Jewelry

People who buy diamonds quote widely differing prices on used jewelry. An unwary seller may become the victim of a savvy buyer by taking a price that is far too low. However, many sellers need to lower their expectations when it comes to the resale market for jewelry. By following some simple guidelines, you can take a lot of the stress out of selling jewelry, and most likely get a fair price for your rings, necklaces, earrings, bracelets and brooches.

Pre-sale Preparations

1. Find a reputable professional appraiser, and pay to have your jewelry appraised. The price you will hear from this professional is the price of the piece if you were buying it retail today. This figure gives you a starting place.

2. Photograph your pieces. A reasonable-quality digital camera does just fine. You can use these pictures to send images to potential buyers. They will give you a price range that helps you price your jewelry.

3. Rate your jewelry. Use a “fair, good, excellent” rating system and rate your items on intrinsic value (How many carats?), rarity (Are your pieces one of a kind or fairly unusual?), desirability (Are your pieces in demand today, or are they part of a trend?) and condition. These four criteria can help you arrive at a reasonable price for your jewelry.

Selling to a Reseller

4. Decide if you want quick cash, and if you do, look for a buyer who sells diamonds to the public. You should expect a price lower than the appraised value, because this buyer needs to turn around and sell the jewelry to the public. However, if you deal with a reputable firm such as Diamond District Buyers you will receive a fair price for your diamonds.

Diamond District Buyers is located in NYC and has a fine reputation of dealing with customers and treating them fairly. They have been in the business of buying and selling Diamonds for over 20 years and have a full staff of certified gemologists. If you are unable to visit their office in person, you can request an online appraisal form here. Or give them a call at 646-736-7321.

Sleep on it

Once you find an attractive offer, wait 24 hours to decide if you really want to sell at that price. A professional diamond buyer should not try to pressure you into an on-the-spot cash transaction.

Be sure to read the fine print on any sales contract.

Filed under Diamonds