Whether you’ve recently inherited a loved one’s jewelry collection or are hoping to generate some extra cash by getting rid of some diamond jewelry you no longer wear or want, you may be wondering about the best way to sell diamonds NYC. Because so much of a diamond’s value depends on its cut, size, and the setting it’s surrounded by, it can be hard to know whether you’re getting the best price available. Read on for four things you’ll want to know before you sell diamonds NYC.
#1: How Diamonds are Valued
The Gemological Institute of America (GIA) sets the standard for diamond values in the U.S. To assist jewelers in valuing a diamond, GIA sets forth what’s often deemed as the “4Cs” of diamond value: Clarity, Color, Carat weight, and Cut. Diamonds that meet the highest standard of clarity and color, that are cut in a way that best flatters their unique shape and shine, and that are a larger carat than typical diamonds will be highly-valued, while diamonds that are smaller, cloudy, and uncut (or cut in an unflattering way) will be less valuable.
#2: What Types of Diamonds Fetch the Best Price
In general, the diamonds that score the highest in the 4Cs will fetch the highest price. But there are some exceptions. A very small, clear, well-cut diamond in an antique or platinum setting may have a higher resale value than a larger diamond in an inexpensive setting.
#3: Your Selling Options
There are four main options when you’re ready to sell diamonds NYC.
First, you can sell your diamond on the private market by making a social media marketplace listing or finding a friend or acquaintance who is interested. This can be a fairly simple transaction and allow you to set your own price—but you do run the risk of not knowing if you’re getting the best price for your diamond.
Next, you can sell to a jewelry store. Most jewelry stores buy wholesale diamonds and are less interested in rings, pendants, and other pre-set diamonds. If they purchase your diamond, they may wind up removing it from its original setting.
Another option is a pawn shop. This isn’t the way to get the highest price for your diamond and is usually the best option only when you’re in need of fast cash.
Finally, you can sell to an NYC diamond buyer or gem broker. This generally allows you to get the highest possible price and can provide greater security than your other options.
#4: Timing Factors to Consider
Diamonds, like other luxury items, aren’t especially recession-proof. This means you’ll have better luck selling your diamond (and getting a great price) when wages are high, unemployment is low, and times are good. During economic turbulence, others may be selling their own diamonds, and buyers have less incentive to provide you with the highest price.