When the time is right to sell your diamond jewelry, consider these 5 tips to help you achieve the maximum price for your precious items.
1. Know what you are selling
A good starting point is to have a basic understanding of what you are selling. If your diamond jewelry was recently purchased, a detailed description should be written on your invoice. For diamonds, there should be an indication of the carat weight (Ct), the colour (D to Z), the cut (Ideal to Poor) and the clarity (IF to I). Metal quality is expressed in karat (10K, 14K, 18K) and the weight in grams (G). Similar information can also be found on either a grading or classification report. Please click on the following link to learn How to Read and Understand Grading Reports.
Regardless of what documents you have on hand (if any), when selling your diamond jewelry at Laferrière & Brixi Diamantaires Inc., a rigorous 10 Step Evaluation Process is done in front of you in the comfort of our highly secured downtown Montreal office. Using the latest gemological instruments, our experienced and trained diamond experts will help uncover any characteristics that might contribute to the resale value of your jewelry.
2. Set realistic expectations
If you recently purchased your diamond jewelry, you cannot expect to receive the same price you paid at a retail store. This is simply because a jewelry buyer needs to make a fair profit when selling it back in the market. The expert diamond and jewelry buyers at Laferriere & Brixi can help you achieve high market value for your diamond ring, bracelet or pendant.
The purchase price will vary if your diamond ring shows some wear & tear or if the diamond needs to be recut or repolished. Brand name jewelry from renowned designers like Van Cleef & Arpels, Cartier or Bvlgari, tend to have higher resale prices than the intrinsic value of the individual stones or gold.
The value of some Estate jewelry or important vintage jewelry collections, might have gone up significantly over time. You can consult the experts at Laferriere & Brixi to have your jewelry re-appraised based on current market conditions.
Finally, the resale value of your diamond jewelry will generally not correspond to the amount stated on your Jewelry Appraisal Report. The purpose of this document is to provide a detailed description of your goods and a high retail replacement value for insurance purpose only. The stated amount does not necessarily reflect prevailing market prices.
3. Understand value drivers
The value of a diamond is based on the evaluation of four main criteria (the 4C’s): cut, colour, clarity, and carat weight. These should be considered as “rarity factors” versus “beauty factors”. For example, the whiter your diamond, the rarer it is to find in nature, the more expensive it will be. The fewer inclusions it has, the rarer it is to find, the pricier it will be, etc.
To properly assess the 4C’s of your diamond, a professional jewelry buyer, will need to un-set your diamond from the mounting. It is only when assessing your diamond loose that a precise evaluation can be done. At Laferriere & Brixi, with your prior approval, we will remove the center stone in front of you to maximize your buyback value.
When your ring is only appraised mounted, the buyer will be taking on more risk and will therefore give out a lower price to protect himself from errors.
Considering all the different diamond shapes along with the 4C’s, it is estimated that there exist over 16,000 possible pricing combinations for diamonds! It is therefore important to rely on the good judgment of a professional diamond buyer to uncover all the characteristics of your diamond that may contribute to its resale value.
4. Find the right jewelry buyer
When searching for the right diamond jewelry buyer, here are a few factors to take into consideration:
Reputation
How long has the company been active in the jewelry industry, what are clients saying about them, are they involved and respected members of their community.
Professional Affiliations
Look for jewelry buyers that have extended and relevant professional affiliations in the diamond and jewelry sector. These companies will be subject to follow professional norms and regulations.
Complete and up-to-date gemological laboratory
It is important that your jewelry buyer uses the right professional gemological equipment to properly assess your diamond (ring, necklace, pendant). Ask about the gemological tools they are using and if they are capable of re-cutting or polishing your diamond if necessary.
Financial capacity and stability
Your jewelry buyer should be able to pay you in full immediately NO matter what the amount. Shy away from conditional offers or installment payments. A written and detailed contract for each transaction should be provided.
Extended network of affiliates
Reputable and established diamond jewelry buyers will have an extended network of affiliates in order maximize market reach and price. Look for buyers with global reach to attain the maximum potential price for your jewelry.
Learn more about the unique qualifications of Laferriere & Brixi Diamantaires Inc. here.
5. Consider alternative options
When looking for potential jewelry buyers, you can consider the following alternatives to help achieve your objectives:
Family & Friends
Ask around the people close to you and that trust you. Some may be interested in buying your jewelry and offer you a good price for them.
Classified Ads
The big advantage is that you will be able to reach a larger pool of potential buyers. The major drawback is your security in having to deal with strangers for high valued items.
Consignment
A local jewelry store might be interested in taking your items on a consignment basis. You get paid an agreed upon price if they sell it. How long it will take and what the final negotiated selling price will be, remain open questions.
Auction Houses
Selling via an auction house has similar advantages and drawbacks as consignment. The final selling price is not certain and the commission fee to the auction house is usually high (15% to 30%).
For over 20 years, Laferriere & Brixi Diamantaires Inc. is Montreal’s Leading Buyer of Estate Jewelry and Larger Size Diamonds. Contact us by calling 844-671-3101 or via email at info@lbdiamantaires.com to schedule an appointment.
Montreal | New York