Diamonds do not have a universal price per gram, like gold, as no two diamonds are identical. Each is appraised based on its unique qualities and thus has a different resale value. So, to get the best resale value while selling your diamond, avoid these common mistakes:
1. Not Knowing The Worth
Having an estimated resale value is essential before selling your diamond. By doing so, you won’t be disappointed by the price quoted, and also, you’ll recognize if the buyer is trying to cheat you. The following factors affect a diamond’s worth:
- Quality: You can determine the diamond’s value based on its carat, colour, clarity, and cut.
- Market Trend: The market trend also influences the price of a diamond. For example, the round-cut diamond has a better resale value than any other cut.
- Professional Valuation: You can take appraisals from various diamond buyers online. It is usually free of cost.
- Where you’re selling it: Some buyers give better appraisals if your diamond is certified. So check for special buyers if you have a certified diamond.
2. Selling It To A Stranger
People can get deceived into scams and frauds while selling a diamond online. Therefore, it’s imperative to conduct thorough research and sell your diamond to a reputed diamond buyer. The following steps can help you steer clear of scammers:
- Expertise– A buyer with years of experience will evaluate the diamond better than a buyer who has just months of experience.
- Customer Reviews – Read customer reviews on their website or any third-party sources to know other buyers’ experiences.
- Contact– Contact customer care to initiate communication and check their credibility. Look for a physical address on their contact page which you can verify.
3. Working With Sellers Instead Of Buyers
As evident as it may look, there is a significant difference between diamond buyers and sellers. A buyer’s goal is to make a purchase, whereas a seller’s goal is to profit. Accredited buyers are more likely to have extensive knowledge of the diamond and can provide you with a genuine appraisal.
Also, their business depends on your selling experience, so they will try their best to provide an easy and lucrative selling experience. On the other hand, sellers may be more interested in maximizing their profits and may negotiate for a lower price. So, when you sell your diamond, make sure to choose buyers over sellers.
4. Not Opting For Insured Shipping
It is important to select a buyer that offers insured shipping. Not doing so can be a huge mistake as you may end up losing your diamond. The best way to avoid this issue is to ask them about their shipping practices. Many buyers have partnered with shipping giants like FedEx to provide free insured shipping. If your diamond is lost or damaged during the transit, you will be compensated for the loss.
5. Accepting An Offer Without Any Questions
Even while selling your diamond to a reliable buyer, ask as many questions as possible. This will eliminate all your fears and doubts, and you’ll stay informed of the process. Ask the following questions to ensure that you’ve selected a credible buyer:
- What makes you the best in the market?
- How did you evaluate my diamond?
- Ask for their shipping, return, and insurance policies.
With such questions, you can check their credibility and knowledge. Any good diamond buyer will welcome them and answer them honestly.
6. Accepting The Initial Offer
It’s easy to get lured into accepting an offer that exceeds your expectations. However, making a deal right away is not a good idea. Instead, look into different options before selling. It will help you in selling your diamond for a better deal.
Conclusion
Diamonds are expensive, and selling on an impulse may bring you low returns. So, be careful to avoid all of the mistakes listed above and get the best price for your precious stone.