Demand for diamonds is increasing worldwide, with buyers surging in countries such as China and India. In light of this, prices for these gems across areas such as NYC are rising. If you’re currently thinking of selling your diamonds, now is one of the best times to sell. You can easily find buyers willing to pay top prices by following these steps.
Get Independent Appraisals Beforehand
Independent appraisals are crucial to find out the actual value of your diamonds. Without knowing the real value of your gems, you’ll have lots of trouble setting an accurate price when selling. Lots of opportunistic buyers are currently flooding the market, looking to prey upon those under pricing their diamonds. You certainly don’t want to be in a situation where you could’ve sold your diamonds for thousands of dollars more, but didn’t. Luckily, getting an independent diamond appraisal is immensely easy in NYC.
There are lots of services that can appraise your diamonds in less than ten minutes. These services often involve a diamond expert inspecting many different aspects of the stone. A consideration of the current market prices and trends are also taken into account. You’ll end up with an accurate appraisal that takes into account the physical components of the gem as well as the current market. If you want to solidify further your confidence in the true worth of your diamonds, you should seek appraisals from multiple services to ensure you’re taking into account many different opinions. Once you’ve got an evaluation, you’ll be in a much better position to sell your diamonds at the highest price possible.
Understand the Different Markets for Different Diamonds
After getting an appraisal, you should look into the specific market that focuses on your diamonds. There are different markets for different diamonds, such as markets specifically for colored diamonds. You want to sell your gems in the most compatible market as it will link you up with potential buyers that are much more targeted. You’ll notice that there are lots of specialist diamond dealers across NYC. Finding a specialist that primarily deals with the same category of the diamond as yours is a sure-fire way of getting a high price.
As you may already know, diamonds come in varying grades and colors. For each grade, you’ll find compatible diamond dealers. Generally, there is a lot more room for negotiation when it comes to higher grades of diamonds, such as VVS grades and above. Grades such as VVS and FL are scarce in the market, which means there is more competition amongst buyers. Buyers competing against each other are much more likely to offer you higher prices as they don’t want to lose to a competitor. On the flip side, lower grade diamonds such as SI are abundant. Diamond dealers usually have large stocks of these gems, which makes it harder to get top prices.
Make the Decision to Sell Yourself or Through a Dealer
Considering the various offers, you might receive from diamond dealers; you might want to consider selling the gems yourself. All data suggests that buyers on platforms such as eBay are much more likely to pay a higher price for these gems. Individual buyers on these websites, not businesses, are much less informed on diamonds’ current market prices. In turn, if they see something they like, they might knowingly pay above market price. The only problem is finding these buyers in the first place.
Selling directly to a dealer takes away a lot of the legwork involved with selling your diamonds yourself. However, the clear cost is a lower purchase price. It’s clear that if you want the highest price possible, your best bet is to sell to an individual through an online platform. One such online diamond buyer is www.luriya.com. However, securing a buyer in these circumstances may take weeks to months. Success is contingent on factors such as whether you can market your diamonds effectively online. Ultimately, you’ll have to make a reasonable judgment given your circumstances when choosing which route to follow.
Don’t Hesitate to Wait for Better Market Conditions
Taking into account the various prices possible through selling your diamonds via a dealer or by yourself, you should also consider the option of waiting. The market price for diamonds is always in constant fluctuation. In recent times, there have been notable periods where prices for at record low for these gems. If you feel as though the current market prices aren’t reflective of what you think is the true value of your diamonds, you should wait. As the market goes up and down, you should wait patiently for an upward trend in the prices to sell your diamonds. Simply waiting a few months could potentially mean selling your gems for thousands of dollars more. Always take into account the current market dynamics to judge whether or not it’s worth waiting to sell.