Owning a jewelry business requires a great deal more than selling beautiful designs to your customers. Besides the day-to-day tasks of running a smooth operation, there are times when you must sell your stock to buy more modern or trendier pieces.
Stock for jewelers often means rare and precious diamonds that cost a significant sum of money, so when it comes to selling it, you want to ensure you get the best price. Only when you do this can you invest your earnings into other pieces to keep your consumers interested in your brand.
In today’s online-driven world, selling loose diamonds is not as complicated as it once was. Nowadays, you have the tools and the options to find the best buyer and get a fair price for your diamonds, but the process also requires research and attention to detail to avoid getting scammed. In this article, you will learn all the top tips to keep in mind to get the best price for your diamonds.
Loose Diamonds vs. Set Stones
A diamond buyer needs to grade and evaluate each of your diamonds before offering you a price, but it is harder to get an estimate if the diamond is still set on a ring or chain. So, to guarantee the best possible price, always remove the diamonds from their setting and present them to the buyer as loose gems.
Get A Third-Party Lab To Evaluate Your Diamonds
Professional diamond buyers are experts in evaluating gems. However, having your diamonds assessed by a third-party laboratory is best to negotiate a reasonable price. The latter should be a certified lab that can grade your diamonds and check to ensure the certificate of each gem is correct. With this information, you will know everything about your diamonds and have the confidence to negotiate for the price you hope when you sell loose diamonds.
Consult With Various Experts
Getting a range of opinions on the value of your diamonds will give you an idea of how well they may fare in the market. Consult with various diamond experts. Ask them how much they think you should get for these loose diamonds so that you will have an expected price range when you sell them.
Online vs. Brick And Mortar Stores
The live interaction between the diamond buyer and yourself may feel more reassuring when selling such precious items. However, many jewelers sell their loose diamonds online because the options are vaster. While there may be one or two diamond buyers in your area, there are hundreds, if not thousands, of diamond buyers online, many of whom are professionals guaranteeing you the best price. Opt for an online buyer if you want a fair price for your stones.
Do Extensive Research
Besides researching the value of your diamonds and market trends, it is also critical to research the diamond buyers you are considering doing business with. The online world has many advantages. One is that you quickly learn what people think about a brand. Social media pages and brand reviews are essential when conducting research.
Go through the diamond buyer’s pages and read what people think of their service and the prices they offer. These brands must have stellar reviews that prove they are trustworthy and can deliver the price you expect for your loose diamonds. If an online diamond buyer has no social media pages or reviews, you would be taking a significant risk in mindlessly selling your diamonds.
Whenever possible, research the people behind the brand. Professional diamond buyers should have GIA-certified gemologists on their team to ascertain the correct value of their loose diamonds and offer a fair price for them. Finally, it is essential to choose diamond buyers who have established themselves as professionals in the business with years of experience.
Look For Other Signs
Reputable diamond buyers strive to give their customers the best prices and make the experience as smooth as possible. So, when dealing with an online diamond buyer, be mindful of certain signs. For example, a professional diamond buyer will use reputable shipping companies to ensure your diamonds do not get lost on the way. They also use established money transfer companies for their payment methods. Before saying yes, research the shipping company, and if you are still trying to decide, it is best to hold off from sending your gems and find someone else you feel is more trustworthy.
Getting a fair price for your loose diamonds is essential for your business. The money you get from the sale will prove helpful for your business to keep up with emerging trends and the demands of your customers. Having a knack for negotiating is always good when selling something. More than that, being informed and knowing the value of your loose diamonds is how you can confidently ask for the price you want.