At Denver Diamond Buyer, we are often asked how a seller can be sure that they are getting a fair price when selling a diamond ring, necklace, earrings, or other fine diamond jewelry. Selling your diamond jewelry might seem like a complicated process that requires a lot of insider knowledge, but it is easier than it appears. The main issues that should be considered are as follows:
Selling Diamond Jewelry vs. Gold Jewelry in Denver
The first thing to keep in mind when selling your diamond jewelry in Denver is that its market value is more subjective than gold jewelry not set with diamonds or precious gemstones. A simple gold necklace for example will be valued solely on its weight in gold and the current gold trading price (which anyone can look up online), unless it is an item from a highly sought-after luxury brand like Buccellati or Cartier.
However, if you are selling a diamond ring, bracelet, or earrings, your cash offer will be based on the jewelry’s resale value. So how can you get an idea of your diamond jewelry’s resale value? The first thing to consider is who made your diamond jewelry. The more exclusive and sought-after the designer/brand, the greater the diamond jewelry will be worth (relatively speaking) on the estate jewelry market. A few of the most sought after diamond jewelry brands include Harry Winston, Tiffany & Co., Graff, Cartier, Neil Lane, and Leviev.
How Much Does Size Matter When Selling a Diamond Ring?
An important thing to take note of (especially when selling a diamond ring) is the size of the diamond(s). Remember that a 1+ carat diamond is going to be worth much more than a .98 carat diamond, because a diamond of at least 1 carat is much more rare than a diamond just under 1 carat. Size isn’t everything though. The most valuable diamonds are those with both a high clarity grade (VS-IF) and a high color grade (D-J grade). In other words, you usually cannot expect much of cash return when trying to sell an engagement ring with a diamond that has a high color grade but low clarity grade.
With this information in mind, you can try to assess your jewelry’s resale value by checking on e-Bay for similar diamond jewelry that has been manufactured by the same fine jewelry brand. However, be sure to look only at those items which have already been sold, rather than ones which currently are for sale, as these items may be priced much higher than their true market value.
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Should I Get an Appraisal Before Selling My Diamond Jewelry?
Another way to evaluate the worth of your diamond jewelry is to get a formal written appraisal. When seeking an appraisal before selling diamond jewelry, there are a few things to keep in mind.
A. The cost of a written Denver appraisal usually isn’t worth the money for diamond jewelry and other estate jewelry that is worth less than $2,000.
B. Remember that the cost of the written Denver appraisal (which could cost hundreds of dollars) is going to mean that much less money in your pocket when you sell your diamond ring, necklace, bracelet, or earrings.
C. Be sure to ask the Denver diamond appraiser for a market (resale) appraisal of your fine jewelry. Otherwise, you might receive a retail appraisal that is much higher than the amount you will receive from a diamond jewelry buyer.
Get a Free Denver Appraisal Before Selling a Diamond
Rather than getting a written Denver diamond appraisal, we usually recommend that clients seek a free verbal appraisal from various businesses that purchase estate (i.e. second-hand) fine jewelry. This includes pawn shops, jewelry stores, and dedicated jewelry buyers. Not all Denver businesses provide free verbal appraisals. But many do, and we are always happy to provide free diamond jewelry appraisals to our clients.
How to Sell Diamond Jewelry: Market vs. Retail Price
If you are asking a Denver fine jeweler for a verbal appraisal of the resale value of diamond jewelry that you bought from them, be sure to ask if it is the price they would be willing to buy the item back from you today. Otherwise, your jeweler could cite a higher resale value because they do not wish you to know how high the retail price was marked up.
When selling diamond jewelry in Denver, do keep in mind that the retail price of a diamond ring, diamond necklace, or other diamond jewelry is usually around three times that of the manufacturing cost. Diamond jewelry sold online or at advertised “wholesale” prices is still usually marked up around three times. Therefore, when you sell diamond jewelry, don’t expect to receive anything close to the original retail price or the replacement price listed on a written appraisal form for insurance purposes.
The good news is that you can get a lot more cash for diamond jewelry now than you could in the past. The higher price of gold and diamonds, coupled with the increased demand for luxury goods in Asia, means that dedicated jewelry buyers who have a global resale network, like Denver Diamond Buyer, can get you a much fairer price for your diamond jewelry than ever before.
Is it Safe to Sell Diamond Jewelry Online?
Before selling diamond jewelry to an online jewelry buyer, you want to be sure that they have a strong track record and a secure, smooth, and professional shipping process. For example, you can sell diamond jewelry to Denver Diamond Buyer with complete confidence and with absolutely no risk whatsoever.
We provide every customer with free FedEx Overnight shipping and all diamond jewelry shipped to us is insured to its maximum value by Parcel Pro, a UPS Capital Company which specializes in insuring high value jewelry, diamonds, and gemstones. If you decline our final cash offer for any reason, we will be happy to ship your diamond jewelry back to you at our expense. For more information about selling your diamond jewelry online, please click on the following link: Sell Diamond Jewelry From Home.
Selling a Diamond Ring at Auction
There are different kinds of businesses that can help you sell a diamond ring and other types of diamond jewelry. In addition to traditional auction houses like Sotheby’s and Christies (who specialize in selling diamond estate jewelry valued over $10,000) increasing numbers of businesses are offering online diamond auctions and diamond brokerage services. On the surface, this can appear like the most profitable way to sell your diamond ring.
However, in reality the amount of cash you receive from a diamond auction or brokerage service could be much less than what you deserve. This is a topic which we cover in detail at the following link:Should I Auction My Diamond Ring?
The 4 Steps for Selling Diamond Jewelry for Cash
So, here is a quick summary of the basic steps involved in getting a fair price when selling a diamond ring, diamond earrings, diamond necklace, or diamond bracelet in Denver:
Step 1) Check eBay to see if you can find a sold listing for the same or similar diamond jewelry manufactured by the same jewelry brand. If found, this gives you a ball park figure to work from—though often an eBay price is slightly higher than the average resale market price.
Step 2) Research online the pawn shops, jewelry stores, or dedicated jewelry buyers in the Denver area who purchase previously-owned diamond jewelry, as well as national fine jewelry buyers. Select the top three or four who advertise as offering free diamond jewelry appraisals.
Step 3) Contact each Denver business via phone or email. Describe the diamond jewelry that you wish to sell, and request a free verbal appraisal and cash offer.
Step 4) Select the business who makes you the best cash offer your diamond jewelry.
Get a Free Diamond Jewelry Appraisal Now
You can arrange a free verbal diamond appraisal now by contacting Denver Diamond Buyer to arrange a free consultation. We look forward to earning our reputation for best cash offers with you today.
Would you like more information about us? Click on the following link to learn more reasons why we are the: Best Place to Sell a Diamond Ring in Denver, CO.