They say diamonds are a girl’s best friend, but they can also be your best option for making a really good investment. Instead of wearing it again or considering jewellery repair, selling your diamonds can keep you financially afloat, which puts into consideration whether you should be a diamond seller instead. But what makes your diamonds more valuable than the next peddler’s?
One of the foremost factors you will need to consider would be the market that you want to reach. For instance, there are a lot of jewellery aficionados out there who look at everything about a classy diamond or collecting vintage jewellery. Some are just casual collectors whose eyes widen at the mention of carats. These markets can be your target buyers—and knowing what they want will allow you to better capitalize on that need.
To keep your reach wide, consider honing the basics of determining diamond jewellery value. Once you have the basics down, compare markets that will either pay a higher price or will connect you with other clients. Your foundational knowledge on this will certainly make you capable of any diamond sale.
Determining Your Diamond’s Worth
Determining your diamond’s worth will help you make a fair sale in any market. Remember, the price has to be competitive enough to make a profit, but fair enough to avoid any complaining buyers.
The basic determining factor of diamond’s worth is in the carat. Simply put, the higher the carat, the higher the price—which goes the same for gold as well. However, any rookie seller can make the mistake of simply basing the worth of a piece on that factor.
There are two other determining factors to the worth of the diamond: the appraised value and the purchase value. The appraised value talks about the diamond’s appraisal, such as the certification, issuance, and replacement value. These are more popular among luxury jewellery stores who want to keep the luxurious branding and their reputation in the market.
The purchase value, on the other hand, refers to mark-ups placed to make a diamond purchase possible. These are the so-called hidden fees, like security, inventory space, jewellery repair fees, and the like. As a seller, you need to account for these values to determine your diamond’s worth.
Knowing Your Diamond’s Value in the Market
Now that you have some ideas about determining the price of your diamonds, it’s time to compare it with what’s in the market. More often than not, your diamond is not as unique as it seems. There will be similarly priced products out there with values that are lower or more competitive than yours. As such, you have to consider looking into the following values that determine this:
Just as there are fluctuating scrap gold prices, the same goes for diamond resale values. The prices change over time depending on the demand for a certain product, which is largely affected by the buying season or economic market factors. Consider the resale value or the shifting price of your product in the market. Then, determine whether or not you want to sell it or hang on to it until there’s a higher price.
Increase in Value
Sadly, the saturation of diamonds in the luxury market makes this occurrence very rare. In fact, diamond prices decrease in value more often than they increase. As such, it’s best to make a quick yet informed sale, unless you are hanging on to a true relic or one-of-a-kind piece.
If you want to sell any diamond, make sure to approach the right buyers and take note of the listed aforementioned tips. Additionally, remember to strike the iron while it's hot, especially if your set price is compelling enough to you.
Looking into making luxury sales by selling gold in London? We are your dedicated diamond and gold buyer in London, UK. Get in touch with us today to see how we can help.