Where can you sell loose diamonds for profit? This blog post is about this topic. As society places a high value upon these gemstones, for generations the value of diamonds has been constant.
For example, in 2019, the global diamond trade was worth $79 billion. This number does not include the undocumented international diamond sales. Illegal diamonds are also known as blood diamonds and are often smuggled out from conflict areas.
To keep prices stable, merchants have been able limit the supply of diamonds to meet growing demand. Loose diamonds are also highly sought after. You have the opportunity to sell loose diamonds. There are many jewelers, platforms and merchants who will pay a fair price for your diamond.
What are loose diamonds?
Loose diamonds can be rough diamond stones that have never been used to make ornaments. You can purchase diamond rings, necklaces and pendants from jewelers’ shops. However, loose diamonds can be used for ornaments only.
Collectors and jewelers place high value on them as they can make valuable adornments that they can sell at a high price.
Selling loose diamonds is the best time
Are there any best times to sell loose diamonds? This question has an easy answer. The price of loose diamonds fluctuates as a result of supply and demand, just like all other items of value. The international diamond market saw a decline in 2020, at the height COVID. This was as the world turned its attention to the imminent threat posed by the pandemic.
The price of diamonds began to rise as more countries opened their doors to foreign trade. The price of diamonds is still strong in the early 2022. Although we recognize that selling loose diamonds is an individual decision, it’s a smart move to wait until the right moment when prices are rising. You will receive more money for your diamonds if there is a bullish market.
Where can I sell loose diamonds?
Let’s now look at places you can sell your diamonds. You should not consider any one option the best as they all have their pros and cons.
The best way to sell your diamond is to do so at a fair price and in a short time. Here are the top places to sell your precious diamond.
Pawn Shop
A local pawnshop is the best place to sell your diamonds. The pawnshop owner may be willing to purchase your diamond if it is genuine. Pawnshops will buy any type of item, so they can guarantee that they will buy a loose diamond.
Selling to a Pawn Shop is a quick and easy way to sell your item without going through stressful procedures. The downside of pawn shops is the fact that buyers don’t know the true value of diamonds, as they are not likely to be gemstone experts. You may sell yours for a lot less than its true value.
See what other items you can pawn.
Local jeweler
A local jeweler shop is a good place to look for a place to sell your loose diamonds. A local jeweler store is a better option than a pawnshop. Jewelers sell precious metals and precious stones, and will be happy to buy your diamonds at a fair price. They will determine the value of your stone and make an offer. Accepted, you will be able to walk away with your money.
Online platforms that are certified
Many of the items we buy and sell these days can be done online. The same applies to diamonds. Online selling of loose diamonds is possible through a certified platform. These platforms are not like Craigslist. This is because the platform will purchase the diamond from your after verifying its authenticity.
These platforms use their own evaluation system and will ask for documentation. It is very easy to sell to these platforms because that is what they do every day. Keep in mind, however, that you might sell for less than the market value. You can still market your stones on multiple platforms so you can sell to the best one.
READ MORE: 8 places to sell cardboard for cash
Certified GIA gemologists
A certified GIA gemologist can also help you sell your loose diamonds. These professional appraisers can confirm the authenticity and value of diamonds. To transact business online, you can search for one online. They will link you with someone willing to buy it even if they aren’t interested.
Here are some things to consider before you decide to sell your loose diamonds
You need to be able to find out where loose diamonds can be sold. Keep in mind that if you market your loose diamonds to any one of the media listed above, the price you sell will likely be lower than its actual market value. They will also bid lower if they want to make a profit.
But, you should always aim for 70-75% to 80% of the market value. If you’re able to get a price of at least 70%, you’re in good shape. Before you present your diamond for sale, find out its current value so that you can decide how much you should hold on to. Remember that documented diamonds are more valuable than undocumented.
4 Places to Sell Loose Diamonds Online and Locally – Dollarsanity
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