In the diamond market, it has been observed that the majority of the high-quality diamonds are sold loose and not set in jewelry already. The main reason behind this is that loose diamonds provide complete control and more choices in setting up jewelry. So it is quite evident that loose diamonds are quite a big deal in the diamond market.
So if you have some loose precious gemstones lying in your drawer then this article might be useful to you. Rather than keeping them inside your locker, you can sell them at a profitable margin. Selling them is much easier than you think. Here in this article, we will guide you step by step so that you can get the most profit upon selling.
Which factors can increase the value of the loose diamonds?
It is best advised to get your loose diamonds certified from a gemological laboratory. This institution specializes in examining, grading, and evaluating every legal diamond before it appears on the global market.
The most prestigious and trusted laboratory in the world is known as the Gemological Institute of America or GIA in short. The GIA grading ensures proof that a diamond was bought legally and has a transparent history of ownership. However, if you are grading from any other trusted laboratory, then that is also applicable and valid.
Some other trusted laboratories besides GIA are given below:
- American Gem Society or in short AGS.
- International Gemological Institute or in short IGI.
- Gem Certificate and Assurance Lab or in short GCAL
Without a proper certificate, the buyers or jewelers will feel hesitant since it is hard to recognize if the diamonds you are willing to sell are conflict-free, or the stone mined from a territory that is affected by armed conflicts.
The GIA diamond grading includes determining the diamond’s 4Cc which are Color, Carat, Clarity, and Cut. If the grading of these 4 factors comes in a higher result then the price of the loose diamonds will also increase. Although, some of the factors are more important than others. For example, a diamond having a decent cut with an average color will have more value in the market compared to an averagely cut stone with a transparent color.
In addition, there is another general diamond condition that affects the loose stones or gemstones. These are the presence or absence of major or minor scratches, chips, or other technical imperfections. This condition greatly impacts the price value and the better the fettle, the higher the price is.
Is direct selling of loose diamonds online a good option?
There are several advantages to selling loose diamonds directly online. Due to globalization, everything is connected for which the processing speed has boosted dramatically. Hence, finding a buyer for your loose diamonds sale is quite easy and convenient online.
Without going to the local dealer or pawnshop, there are many online sites that are trustable and have been providing quality service on buying loose diamonds with a profitable margin. All you have to do is fill out the details about your loose diamond and wait for the response. The payment procedure is transparent and flexible with no hidden charge. By this, you can sell your loose diamonds staying at your home comfortably via the internet since it is safe and fast.
Whereas selling your loose diamonds offline has some negative sides. The first thing you need to do is physically carry your precious stones or gemstones to a place where you have never visited before. This can cause a moderate risk of you getting robbed. Another thing is the silver-tongued pawnshop or a local jeweler might trick you by convincing you that your loose diamonds are worth significantly less than their actual price.
Where can you offer a loose diamond sale besides online?
If you are not looking for selling online and want to have a direct and physical appearance with the buyer then there are few other options. The most popular places where you can sell your loose diamonds directly are pawn shops, auction houses, jewelry shops, etc.
It is best advised not to sell your loose diamonds in pawnshops since you won’t get the highest profit upon selling them. They are notorious for offering unfairly low prices for selling loose diamonds. However, the chances of selling them are more there since they will buy instantly and can get your money almost immediately. If you are desperately in need of money then you can look for pawnshops but only if you have no other options.
Auction houses can get you a fair deal and good profit since they have a good network of buyers who are willing to pay a handsome amount of money for your loose diamonds. The only downside is that the whole process is very time-consuming where the duration can last for weeks or months even.
Jewelers might offer better offers than pawnshops but it is still not the actual price that you expected from your precious loose diamonds. Their buying rate is pretty average and it is best advised to sell it to the jewelers who are trusted and offer you an above-average deal.
Additional tips on selling your loose diamonds
- Always remember to research the shop or buyer before you visit. The convenient way is to check which diamond buying entities fall in your area, then do thorough research on their background and reputation.
- Never confuse appraisal value with the cash offer. Appraisal value will be always higher than the actual cash offer since it is mainly used for insurance purposes.
- Always bring all the supporting documents which include a diamond report or any documentation about the history of your loose diamonds to the buyers.
- Take time on selling your precious gemstones. If the diamond buyer is pressuring you to sell fast then it might be a trap. The reputable jewelers always give the seller time to make a proper decision.