Selling loose diamonds is a lucrative way of making money. However, it can also be a tricky venture, so you must approach it well and have basic knowledge about this precious gem.
Unlike other kinds of investments, diamonds don’t have a fungible value, but they stand up in a liquidity segment. Before selling your loose diamonds, be sure to consider the following strategies:
- Know the Value and Understand More about Diamonds
When buyers look for loose diamonds, they prioritize the condition first. Even the smallest chips and nicks might decrease the value of diamonds. The size of the stone plays an important when it comes to valuation.
Larger stones are expensive than smaller ones, even if their carat weights end up equaling the same. Larger diamonds are also difficult to get, so their costs may significantly be more than a bunch of small stones.
- Determine the Time to Sell
Although diamonds have been holding their intrinsic value for a long time, in 2020, the costs did decline at both the retail and wholesale levels. On one hand, you might decide to hold on to your precious stones and sell them when the price goes up or choose to let go of your loose diamonds before the costs drop.
However, there is an emotional aspect of jewelry pieces, which suggests that letting go of diamonds reminding you of an unhappy relationship will make it a great time to sell your stones. You may invest the cash you get in another precious gem, which has a high return or guarantees a greater ROI.
- Sell Online
To make good cash, be sure to sell loose diamonds online. By selling your diamonds online through Amazon or eBay, you will be able to reach a wide international audience without incurring the costs of opening a land-based store.
Though if you are dealing with bulk items, you will have to furnish the GIA or AGS certifications to guarantee potential buyers that all their purchases meet recognized quality criteria. You should also be aware of the prevailing marketing conditions and what most retailers charge for comparable loose diamonds.
- Look for a Reliable Buyer
Selling loose diamonds is a serious venture, so you must be cautious should you want to sell successfully. A few online jewelers purchase loose diamonds, including fraudsters.
Always look for buyers who are knowledgeable about the loose diamonds market and should be comfortable to answer different questions.
- Be Ready to Present Supporting Papers
Immediately you determine the value of your diamonds, it is important to get documents detailing the value of your diamonds.
By presenting insurance appraisals and original receipts to your buyers, you will be able to help them understand the true value of the products they’re purchasing.
It is challenging to sell diamonds. This is because the process involves emotional decisions, which you must make. You cannot possibly spring into any decision regarding your loose diamonds’ destiny before researching the buyers thoroughly.
For many years now, diamonds have been maintaining their great value in the market globally. Therefore, you can make good money with your loose diamonds as long as you use these strategies to your advantage.