Have you hesitated to sell a diamond because you assume you won't get a good price? Perhaps the economy isn't strong where you live, or maybe your diamond is an older style that isn't popular anymore.
Whatever the reason, the time you choose to sell your diamond may not be when the local demand is high. If you sell your diamond to a jewelry store, the price they can offer depends on what they can sell it for locally. Instead, it is helpful to find a diamond buyer with a global network so that they can sell your diamond where demand is high, and offer you the best price.
Diamond prices fluctuate with supply and demand, and demand is influenced by economic health and consumer preferences. Cut and color trends seem to change every decade and are different for each geographic region. Even currency strength has an effect. Diamonds are traded in US dollars so when the dollar appreciates, diamonds in international sales may go for a higher price than they would have otherwise.
Factors to consider as you contemplate selling your diamond to international jewelers include:
- The international diamond market is growing
- Women are increasingly buying diamonds for themselves
- Millennials are more eco-conscious than their parents, which makes second-hand diamonds attractive
Here we take a look at a few of the major markets and what is influencing international diamond buyers and purchases today:
International Diamond Sales are Growing in China
In China, disposable income is rapidly increasing and consumer confidence is high. This has led to a growth in diamond purchases.
Millennials and generation Z are driving diamond demand, with 80% of diamond purchases made by those under 40. Popular diamond sizes are smaller in China than in the US, with buyers placing more emphasis on clarity. More than 30% of international diamonds are bought by women for themselves, with the number jumping to 50% in Hong Kong.
Diamonds for International Sale Often Come from India
India's currency volatility hurt the diamond market in the short-term, but it is expected to remain a high demand region for the sale of international diamonds in the long term. Consumer distrust has led many people to purchase only from well-established retail chains.
India polishes and cuts more diamonds than anywhere else, and diamonds from here are in high demand. Diamond buyers for international and domestic markets in India have an eye for quality and jewelry is viewed as an investment.
Buying Diamonds in the US Remains Stable
The US is the largest market for diamond buyers internationally and growth remains steady. Wedding diamond popularity has slipped a bit to around 70% of brides receiving a diamond, but stones of more than one carat are still preferred. US consumers will compromise on features like clarity and fluorescence in order to afford a larger diamond.
Average retail prices for diamond jewelry have gone up, but there is an increasing belief that lab-created diamonds will cause diamond prices to fall. The US is the only region with significant demand for Princess cut diamonds. Thus, if you are looking for international diamond buyers for this type of cut, look to the US.
Look to Japan if You’re an International Diamond Buyer
Japan is one of the top diamond markets for international jewelers and is expected to keep growing as disposable income increases and more women enter the workforce. Though marriages and the female population are both declining, the average young woman in Japan still has a strong desire to own a diamond ring. Secondhand diamonds are common in the Japanese market and many are shipped to international diamond buyers in China and India.
So many factors affect the demand for your diamond that it helps to have a diamond buyer with international connections. With knowledge of regional trends and prices, international online diamond buyers can get you the best price for your diamond no matter when (or where) you decide to sell.
If you have any questions about getting an international diamond evaluation or what price your diamond should get, contact the experts at Mondiamo. We buy diamonds from customers around the world and work closely with reputable logistic partners to make sure your valuables are treated with the highest level of care at every point of the selling process.