Buying or Selling Your Diamond Jewelry

When it’s time to refresh your jewelry box, consider the private jeweler experience.

There comes a time in every jewelry lover’s life when a look inside your jewelry box means change is near.

• Perhaps that diamond ring doesn’t mean that much to you anymore and you’re ready to part ways with it.
• You’re getting ready to buy your first house, retire or you need cash for a special event or travel.
• Maybe it’s the season for selling diamonds, like Valentine’s Day, Mother’s Day or the Holidays; experts say November to Christmas is the busiest season for the diamond trade.
• You have your eye on acquiring another piece and you want to finance it.

Whatever your reasons for selling a diamond or a piece of diamond jewelry, your success is determined by putting a good sales plan in motion, one with realistic expectations, a doable timeline and thoughtful consideration for the value of your treasure. Once you have that plan, you’ll realize you have many legitimate avenues from which to choose to sell your jewelry right. Here’s what you should look for.

Find out its true worth.

Diamonds are valued by the accurate appraisal of the carat weight, color, clarity and cut, which measure its quality and authenticity. The trick is finding a buyer who is not only qualified to grade diamonds, they know how to determine a fair value. Most savvy sellers will find a qualified appraiser who can give an unbiased opinion of the stone’s characteristics and condition. Even in this case, diamond grading standards vary. For instance, a grading report from the Gemological Institute of America (GIA) or American Gem Society (AGSL) is considered very credible, versus an appraisal document from a less independent source. As a result, resale prices for diamonds have no one objective measure, unlike gold, which has a quantifiable melt value. Make sure you work with qualified appraiser you trust, too.

Determine a realistic price.

Ask your trusted appraiser how much the stone might be worth in specific markets and circumstances. You can also do your own research, checking prices for comparable diamonds or jewelry online and in retail stores. Regardless of the approach, your mission is to use current market trends to help you understand the potential resale value of your diamond.

Consider the various selling options.

People who want to sell their diamonds or diamond jewelry can either sell to the jewelry industry or to the public. If you want a safe, quick sale, consider a jeweler, diamond dealer or pawnbroker. If you want someone else to sell for you, consider a consignment shop or dealer. Remember that a steep commission may need to be factored in. Selling directly to the public may mean getting a higher price than selling to industry insiders. Your mission here is to get the highest value you possibly can for your pieces.

6 Sales Strategies for Private Sellers

1. Direct Retail – everything from Craigslist, eBay and online websites to classified ads through a newspaper, a trade magazine or community publication. It can also mean selling directly to a friend or relative.
2. Consignment or Auction through a Jeweler – whether the sale is conducted through a jeweler with a showroom or a website, consider the advantages and disadvantages to both scenarios. Consignment usually charges lower and no hidden fees for higher selling prices but the sale can take months or years depending on the merchandise. While consignment can work well with mainstream pieces, auctions can feature unusual pieces more effectively. Consider the time factor of an auction, though – producing a catalog, running the show and collecting the money adds months the transaction. Also, be very clear about your minimum acceptable price, how and when you will be paid, and what happens if a deal doesn’t work out.
3. Sale to a Dealer for Immediate Payment – jewelers, online advertisers, appraisers and pawnshops can act as dealers. This choice is great if you just need the money; you won’t have to worry about finding an end buyer.
4. Trade In/Trade Up – this strategy is put in place during your original purchase. You and the seller agree to give you a credit or refund for a certain amount against your next purchase. Trade in/Trade up is not based on the resale value of your diamond. The deal may have an expiration date or other conditions put on the new purchase.
5. Buy-Back – also struck during your original purchase, buy-back is a standing cash offer for your diamond, should you decide to sell it, usually a percentage of your original cash outlay.
6. Private Jeweler Experience – at Indy Facets, we buy diamonds of all sizes and shapes, especially over 1ct in size. To ensure your privacy, we work in a discreet and secure office equipped with a full scale gemological lab, which allows our gemologist to appraise the true value of your diamonds and jewelry, and offer you the highest prices. If you have pre-loved jewelry lying in a box, let us make you a cash offer. We will purchase diamonds, estate jewelry, gold, old coins and currency, Swiss watches and fine gemstones. No diamond or piece of jewelry is too large to consider. We will also re-purpose your gemstones and jewels to create an entirely re-imagined piece of jewelry for you! To schedule a private appointment, please contact us today!

Indy Facets – Everyone’s Private Jeweler

Indy Facets seamlessly blends the expertise and full service of a traditional jewelry store with the value and convenience of a personal jeweler experience. We give you the face-to-face interaction with an expert that you deserve, in a private setting where you can relax and feel comfortable. Owner/Designer Shaun Goodyear and his team have earned an excellent reputation as Indiana’s private jeweler for engagement rings, custom design, investment grade diamonds, luxury Swiss timepieces, estate jewelry, jewelry repair and the highest level of customer service, available to you from an onsite, state-of-the-art Custom Design Studio and Gemological Laboratory by private appointment only. You are guaranteed a unique, fun and exciting experience without the hype, pressure, judgment or uncertainty associated with other jewelry shopping options. We schedule appointments at your convenience, and are usually available evenings and weekends, too. Call 317-810-1665 for your private appointment or schedule online, indyfacets.com/schedule.