A loose diamond is the end-product of a diamond after it comes from the mine. It is usually ready for sale and can come in the form of a ring, pendant, or earrings. The loose diamond business is quite lucrative, and the number of dealers continues to increase by the day. The buyers are usually investors who love to hold loose diamonds as assets.
If you have a loose diamond that you want to convert into cash, these are the people that you should go to. How do I sell a loose diamond? Here are some useful tips for you.
1. Do due diligence of the buyer
To get the best offer, you need to work with a professional. The only way to find out is by looking at a buyer closely and ensuring that they have the right certificates for the job. Working with a quack will only lead to getting an amount that is way lower than your gem’s quality.
A certified dealer will be able to look at the cut, color, clarity, and carat to get an accurate value of the gem and compensate you fairly. To further assess the expertise of the dealer, you can ask questions about the diamond market. If he or she can answer all the questions confidently and provide you with more information on the buying and selling of the gem, you can be sure that this person has specialized in the field.
2. Never sell under pressure
If you are under pressure to sell, then the chance is high that you will take any amount that the dealer is willing to give. Even if you are selling a loose diamond from an emotional experience, make sure that the dealer does not see that as they will not miss the chance to take advantage and pay lower than the gem deserves.
Never be in a rush to sell your diamond. Think through your decision, take time to come to terms with the loose diamonds’ value, and then approach the buyer. Remember also that you don’t have to sell immediately; you are allowed to shop around for other buyers to get the best deal.
3. Carry supporting documents
Appraisals and supporting documents can help in bringing the buyer to speed on the value of the gems at the time you bought them. With such value on paper, it will be easier for you to raise the buyer’s price and go with it.
Just like when selling any other product, it is your job as the seller to know your diamonds’ value. Understand that a diamond with no scratches and chips should sell at a better price than one with some dents.
Put into consideration the investment you have made in ensuring that the diamond is in perfect shape up to the date of the sale, and factor that into your selling price. Once you know your product’s worth, the buyer will have a hard time cheating his way into low prices.