If you have diamond jewelry that isn't bringing you joy, why not turn that jewelry into cash? Selling a diamond that you are no longer wearing is an eco-friendly way to make money to fund the things you truly enjoy. When you are ready to part with diamond jewelry, one of the best ways to do so is to sell your diamond online.
When selling in person at a jewelry store, you avoid shipping the diamond, which can bring peace of mind. However, this method often doesn’t yield the best price. Retail stores have high markups so they need to purchase your diamond cheap to maintain profit margins. Stores also buy most diamond jewelry on consignment, only paying in full once the item has been sold to a customer. This means that buying your diamond will tie up money in inventory, making it less attractive and bringing the buying price even lower.
In order to get the best price for your valuables, you may decide to sell diamond jewelry online. While this may have been a risky venture a few years ago, there are now several reputable companies operating in the second-hand diamond market. Still, even with better technology and big-name brands getting into the business of buying diamond jewelry, doing your homework to make sure you’re opting for the best place to sell diamond jewelry online to avoid getting taken advantage of is important.
So, then the question you may be asking is: “how can I sell my diamond safely online?”
The best online diamond buyers are trustworthy and transparent
Your decision to sell diamond jewelry should be free from pressure and confusion. One of the best sources for checking the legitimacy of companies is the Better Business Bureau (BBB).
Businesses who have BBB Accreditation have proven to be honest, responsive, and transparent. Look for this accreditation in an online diamond buyer and visit their BBB page to see the company rating and reviews before you sell your diamond online.
Affiliation with other trusted partners (such as Blue Nile or the Gemological Institute of America) could also be helpful to ensure you can trust the online diamond buyer you are considering.
Read online reviews from others who have chosen to sell diamonds online
When reading reviews about the best place to sell diamond jewelry online, be wary of the outliers and use the ratings as a gauge and comparison tool. Research shows that people put more stock in negative reviews than positive ones, but the harshest reviews can be the least helpful in evaluating a service.
Know your diamond
There is much more to a diamond than the carat, and knowing the quality of your stone according to the 4C’s and fluorescence can help you get the most from it when choosing to sell your diamond online. Your diamond may have come with a Diamond Grading Report when you bought it. This helps you understand its value because it is quicker and easier to get quotes online with these details.
If you don’t have a report, you can pay for one from a laboratory like GIA, or ship the diamond to an online buyer and they will do an evaluation. If you ship to a buyer to sell your diamond online, look for companies that employ certified gemologists.
Understand the terms of selling diamond jewelry online
Bad experiences happen when expectations don't meet reality, so know what you are getting. If the company is facilitating a sale of your diamond to an individual, what is the commission? If you ship your diamond and want it returned to you, do they hold it until you pay a fee?
The best online diamond buyers are those that make the process simple and straightforward. Hidden fees and shipping charges should be a red flag and a reason to read the fine print further.
Once you sell diamonds online, protect your package
Sending a diamond through the mail is one of the biggest reservations people have when they consider whether or not to sell diamond jewelry online. What if the package gets lost or stolen? Can the buyer just claim they never got it? Making sure your package is fully insured is critical not only in transit, but also up until the sale is final or you have the diamond back in possession.
The question of “How can I sell my diamonds safely?” can be a process filled with worry, especially when it’s done entirely online. Most people have never tried to sell diamond jewelry online and are dealing with an emotional decision as well as financial concerns. However, just as buying products online can be economically beneficial, selling online to companies with less overhead could mean you get more money for your diamond jewelry.
Choosing the best place to sell diamonds online means finding a trustworthy buyer, maintaining control of the process, and only selling when you feel comfortable. Selling your diamond online can be safe and easy if you follow these tips.
Looking for a safe way to sell your diamond jewelry online? Mondiamo can help. All members of our Client Care team are certified gemologists that you can reach via call, text or email. Once you decide to sell, we have a Block Policy Insurance that protects your item during shipping and while in our premises for the high-range of the offer we provide you. If you still have questions or want to learn more about how we help sell your diamond jewelry safely and for the best price possible, contact us or check out our Jewelry Selling Guide.