Diamonds as Alternative Investment
Selling diamonds on a large scale can be hard if you don’t have a few contacts in the market. The difficulties increase when the value of the stones is high. On the other hand, if you have just one or two certified diamonds that you’d like to get rid of, things are easier but not necessarily easy, especially if you’re after a good price.
Local jewellery stores and pawn shops are bad to do business with because they offer outrageously low prices. For example, it’s not uncommon for a pawn shop to give you only 15% of your diamond’s real value. Jewellery stores are a bit better, but they still want to make as much money as they can and so will offer you modest prices. The truth is that if you sell diamonds quickly you won’t really get an adequate price. But 15% is just too low. Even when you’re in a hurry you should aim for at least 50% to 60% of the real value.
So, who should you be selling diamonds to then? Surprising as it may seem, your best chance lies with your family – sisters, brothers, cousins – and friends. Why? Well, simply because people who know you are more likely to offer you a decent price. Moreover, it’s far easier to deal with those who you know than with jewellers who care only to make a profit off you.
But before going about selling diamonds you should have them evaluated and priced according to a standard price sheet such as the one published by Rapaport. By doing this you’ll know exactly the current value of your diamonds and will be able to ask the right price for them.
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