Diamonds are a girl’s best friend, but sometimes a girl needs some extra money or to unload a special sentiment that has become a serious piece of baggage. You’ve probably heard of the four C’s, but do you know how to determine what your diamond’s resale value will be? Learn how to evaluate diamonds with an untrained eye, and determine the steps you need to take to sell your diamond for the highest profit.
Educate yourself. Diamonds are priced based on the four C’s: carat, color, clarity and cut. Carat refers to the weight of the stone. Diamonds are available in a variety of colors from yellow to pink to blue, though the most common is clear. No diamond is perfect, and its clarity may be affected by internal flaws. Finally, the way the diamond is cut makes a difference in price. Is it really sparkly with lots of depth, or does it look dull? Understanding the four C’s will enable you to have a more intelligent conversation with a professional jeweler.
Gather the paperwork. Do you have a certificate that was issued with the diamond? These grading reports are issued by laboratories and rate the diamond based on the above qualifications. They don’t offer a price estimate, but having a certified diamond will garner a higher resale value.
Have your diamond appraised. Appraisals typically are made for insurance purposes, and this price is higher than your diamond’s actual resale value. Contact a trusted appraiser and explain that you need an appraisal based on resale value.
Shop around. Find diamonds with similar qualities to yours to get a good idea of how a dealer would price it. Don’t be afraid to ask dealers what they would pay for a diamond like yours, and compare this with the appraised value.
Consider how you’d like to sell your diamond. Selling the diamond to an individual, a pawn shop or an Internet auction will result in a range of values.
Be sure to do your research and have your diamond properly appraised to avoid being taken advantage of when you decide to sell it.