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Who Buys Diamonds?April 6, 2018 - Diamond Articles
Who buys diamonds?
Popular diamond buyers include:
Pawnshops: This is a local option that allows you to sell your jewelry quickly and easily. Pawnshops will also pay you on the spot for your diamonds in cash. While pawnshops may seem like tempting option, keep in mind that they do not typically employ gemologists who can accurately value your diamonds. Since pawnshop employees lack the skill sets of GIA trained gemologists, they make cautious offers, which means you won’t be paid for your diamond’s actual worth.
Auction Houses: These are a traditional selling option for high value items. Auction houses have a team of diamond experts who can accurately evaluate and price your jewelry. The downside is that it may take a significant amount of time for your diamonds to sell because you will need to wait for an auction to be held and for the right buyer to be in attendance. Furthermore, the auction house will take a percentage of your earnings if your diamonds do sell. Auction houses are best suited for people with rare or extremely high-end items and are not in a rush to sell.
Private Buyers: Thanks to the internet there are many websites that allow you to easily connect with private diamond buyers. With platforms such as Craigslist and eBay you can create an ad for your diamonds and set your own price. However, without industry knowledge of the second-hand diamond market, accurately pricing your diamond is difficult. You also cannot be certain of when or if your diamond will sell. Some private buyers do not feel comfortable buying from someone without any selling history or experience with selling high-value items. You will need to ensure that you are always cautious of potential scammers and never to disclose any personal or banking information. Once again, this is best for those that are not looking for a quick sale.
Expert Diamond Buyers: Expert diamond buyers, such as WP Diamonds, can provide you with a fast, honest and fair price for your diamonds. WP Diamonds has a team of GIA trained gemologists who are able to precisely evaluate and price your diamonds. Our service is completely safe, free and fast, allowing you to get paid in as little as 24 hours after completing our simple online form. Best of all, there are no hidden fees or commissions that will deduct from your offer, so the final price you hear is exactly how much you will get paid. We pride ourselves on our first class customer service, professionalism and competitive prices. This has earned us an A+ rating from the BBB and positive reviews from hundreds of customers.
How much is my diamond worth?
Once you have determined who buys diamonds and how to sell your diamond, you will likely be looking to find out how much your diamond is worth. Before you meet with a diamond buyer, it is important to understand the quality of your diamonds. Diamonds come in a wide array of shapes, colors and sizes with unique internal and external qualities. These traits will determine whether your diamonds are worth hundreds of dollars or hundreds of thousands of dollars.
The basics of diamond grading are the 4C’s:
Carat Weight: Denotes how heavy the diamond is in unit of measurement called carats. WP Diamonds buys both diamonds set in jewelry and loose diamonds that weigh at least 0.50 ct. For GIA certified fancy natural colored diamonds, we purchase stones weighing as little as 0.20ct.
Clarity Grade: This refers to the amount of internal/external flaws on the diamond, known as inclusions and blemishes. While a diamond may look flawless to the naked eye, imperfections can be seen under a loop. The less flaws the diamond has, the greater it is worth.
Color Grade: This indicates how much color is present in the diamond. For white diamonds, the less color it has, the more valuable it is. Conversely, fancy colored diamonds are worth more when they display greater color.
Cut Grade: This refers to the cut quality and proportions of the diamond. This only applies to round diamonds however, fancy cut stones (such as hearts and ovals) do not have cut grades.
While the 4 C’s form the basis for ascertaining the quality of a diamond, diamond grading and pricing is complex and extends beyond the 4 C’s. Additional factors that affect a diamond’s worth include:
Symmetry: This denotes how well aligned the facets of a diamond are, including the diamond’s crown, culet, girdle and table.
Shape: Diamonds are cut into different shapes with round cut and princess cut as the today’s most popular shapes. All other cuts, like pears and emeralds, are known as fancy shapes.
Polish: This indicates how smooth the diamond’s facets are. When diamonds get cut, microscopic defects may be created.
Fluorescence: This refers to how blue a diamond glows under ultraviolet light. Diamonds with greater fluorescence are considered to be less valuable as this can make the diamond appear milky.
Treatments: Diamonds can receive treatments to artificially improve their appearance. Treated diamonds are less coveted than natural diamonds.
Where to find this information?
- If your diamonds have been certified by a reputable diamond laboratory, such as the GIA, you will have a diamond certificate detailing all of these characteristics.
- If your diamond has not been certified, these may be detailed on a jewelers or insurance appraisal.
- If you have no paperwork on your diamond, we recommend taking your diamond to a local jeweler to request a free verbal appraisal (approximate carat weight, color grade and clarity grade at a minimum).
Best way to sell diamonds
When you are selling high-value items such as diamonds, you want to work with a diamond buyer you can trust. Established in 2012, WP Diamonds is a leading online buyer of diamonds working with hundreds of customers every day throughout the world. We offer a quick, easy and safe way to sell diamonds for the best prices. Sell online or via appointment in as little as 24 hours to our team of diamond experts.
How to sell diamonds with WP Diamonds
- Complete our simple online form to receive a price quote.
- Mail your diamonds to us through our free, insured and overnight mailing service. OR schedule an appointment at one of our secure offices.
- Receive a firm offer.
- Accept your offer and receive payment in as little as 24 hours by check, wire or cash (in-person appointments only). Or have your diamonds mailed back to you the next day through our free, insured and overnight shipping service.