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How to Sell Your Own Diamond

How to sell your own diamond can be a tricky business.

One of the important points is that you fully know and understand what sort of diamond you have. Also that you have an appraisal certificate from a reputable diamond appraiser to back up your claim as to the quality of the diamond.

You have a number of options to selling your own diamond.

Selling to a dealer is the first option. This is usually the most disappointing as, although you are likely to make a quick sale, you are unlikely to get anywhere near the value of the stone and certainly no where near the retail value. You will be lucky to get 40% of the value in fact as the dealer then has to on sell the diamond, sometimes to another dealer who then sells it again and all want their cut.

Selling by yourself such as on eBay is another option. This can be tricky as it is sold sight unseen and the only way a buy can judge your diamond is by the photos you post (which must be of excellent quality by the way) and the information you provide. This means a buyer may be unsatisfied with the diamond when they receive it and themselves get it appraised. So selling by oneself is fraught with potential problems.

An alternative is to get a reputable jeweler to sell on consignment for you. This can take a while and you will expect to pay around 10 to 20 percent consignment fee to the dealer.

If you diamond is particularly valuable you may want to consider selling through an auction house such as Sotheby's for example. They will charge a negotiated fee usually between 10 and 20% but will certainly give it their best shot.

Which ever way you decide to go, you will most certainly need a GIA Lab report on the diamond. This is a report that shows the dimensions as well as the color and clarity of the stone. After you get the Lab Report you then need to get an appraisal done by an independent qualified appraiser.

If you are selling by yourself, sell to someone you meet, not through the mail or whom you are not going to meet. (in fact the buyer should be applying this rule also). If you make the sale there should be a 'Bill of Sale' that clearly outlines what is being sold and for how much and under what circumstances the diamond is liable to be returned.

Another option is to get a third party to organize the sale and transfer of funds. This is most likely if the buyer is too far away to inspect personally. This could be an escrow agent or just a person whom both parties trust.

On last thing. It is vitally important that all the tiny details are correct. The lab report, the Appraisal (On a very large diamond I may even be prudent to get two separate independent qualified appraisals) and the diamond is kept safe, perhaps in a bank where it can be inspected without being removed.

Keeping in mind the above guidelines it will become a bit simpler knowing how to sell your own diamond.


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