Selling diamond jewelry you no longer wear can be a great way to come up with some cash. You may see plenty of ads for companies who buy diamonds and gold but may wonder if you can trust these companies to give you a fair price for your diamonds.
Here are four types of companies that buy diamonds, including which ones are most likely to treat you fairly.
- Pawn Shops – Pawn shops will give you quick cash for almost any type of jewelry and may offer a good option if you really just want a loan using your jewelry for collateral. With a pawn shop, you have a specified period of time before the jewelry can be sold, allowing you to repay the loan and take back your jewelry. Of course, if you go this route, you will pay a fee to the pawnshop as an interest on your loan. The problem with selling your jewelry at a pawn shop is that it is not likely to have the right experts on hand to properly appraise your jewelry. You may not get as much for a diamond piece by going this route.
- Jewelers – Many jewelers buy used diamond jewelry. Particularly if you have vintage pieces, there is a big market for your diamonds. Take your jewelry to an established jeweler who has an onsite appraiser to determine the value of your jewelry first. This is will help you to know if a price you’re offered is fair.
- Online Companies – There are many companies who will buy your diamonds and other jewelry based on a picture you send to them. Many times, these promotions are a scam. Never send your jewelry in the mail without receiving payment upfront. There’s a good chance you’ll never see the payment. There are a few of these companies that are reputable, but most are not.
- “Cash for Gold” Companies – These Cash for Gold companies are primarily interested in buying your gold – not your diamonds. Determining the fair price of gold is fairly simple, as it is based on weight. Grading and appraising diamonds is far more complex. You are unlikely to get a fair price for diamonds when you choose this method.
The Best Companies Who Buy Diamonds
Your best bet for selling your diamond jewelry is to choose a jeweler that employs or has access to someone who is certified by the Gemological Institute of America (GIA). This organization certifies only those people who have the proper training in evaluating and appraising gemstones. While this certification is not necessary when you are selling jewelry like a gold chain, it is critical when selling diamonds or other gemstones. A certified GIA graduate can be counted on to give your diamonds a fair appraisal and grading.
It can make good financial sense to sell jewelry you no longer want. However, remember that diamond pieces are an investment. If you choose to sell them, be certain to call on a professional who can properly ascertain the worth of those pieces before you sell.
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- How Much Do Pawn Shops Pay for Diamond Rings?