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How to Sell Your Diamond Jewelry

how to sell your diamond jewelry:

  • Get a free appraisal from a good jeweler, a professional diamond buyer, or even a pawnbroker. Tell the appraiser how you want to sell your jewelry so that they can provide you with the most realistic idea of the resale value. Getting free appraisals from two or three different stores will help you get a good idea of how valuable your diamond jewelry actually is.
  • Approach this process without unrealistic expectations about your diamond jewelry. Keep in mind that dealers and jewelers are in this business to make a profit, and if they agree to purchase your jewelry then they, in turn, have to make a profit out of it. Having unrealistic expectations will only lead to disappointment.
  • Familiarize yourself with the relevant information needed to sell diamond jewelry.

the 4C | The basic criteria

  1. Color: Diamond’s value is determined by its color. The most valuable diamonds are those without color, as their reflective qualities are superior compared to colored diamonds.  The closer the diamond is towards the no color range, the higher its demand. Exceptions to this rule are pink and blue diamonds, which are far more valuable.
  2. Cut: Little known fact: the shape of the diamond is different from the cut. Diamonds come in round, square, and oval shapes, among others.  The cut is the angle and the finish of the diamond, which determines the brilliance of the light reflecting the abilities of the stone. Both shape and cut are very important for a valuable diamond.
  3. Clarity: There are two types of flaws a jeweler looks for in a diamond: imperfection and inclusion. Imperfections are scratches on the stone or if the stone is chipped. Inclusions would be an air bubble, other mineral content, or cracks within the diamond.
  4. Carat: This refers to the weight of the diamonds. One carat is equal to 200 milligrams. Don’t confuse karat with carat. Carat measures the weight of diamonds and other stones, whereas karat measures the weight of precious metals like gold and silver.

The best thing you can do is to obtain certification for your diamonds. One of the best certification institutes is the GIA or Gemological Institute of America. They won’t be able to help you with a monetary estimate, but they can provide detailed information about the four Cs of your diamonds. With this certification on hand, you will be an educated seller, deterring sellers from quoting you a low price.

MORE TIPS:

  • Clean your diamonds and jewelry professionally before you take them to a buyer.  Smudges and dirt can distract a potential buyer or make it difficult to determine the exact value.
  • Know your options for where to sell diamond jewelry. You have many different options. You can take it to a dealer or a jeweler, or you can also sell it online on e-commerce sites such as eBay, or even opt for consignment shops. If you want fast cash, then a jeweler or a dealer is your best option. If you plan to sell diamond jewelry online, there are greater risks and it may take time for you to learn how best to sell your products on the different platforms available. This choice is much simpler if you already have experience selling online.
  • Familiarize yourself with the second entity of your diamond jewelry, the metal that your diamond is bound in. You will need to know the type of metal, its weight, and its carat or purity before you sell it. You will also need to know if the piece is antique, or the design is particularly rare. If you know that your diamonds are high-quality diamonds devoid of any imperfections or inclusions then they are more valuable out of their settings, as it allows the potential buyer to examine the diamonds freely and you will get a better price. When your diamond has flaws or inclusions which the setting is hiding and the diamond looks better in the setting than it would otherwise,  leave them in place, which may fetch you a better bargain.

NYC Bullion buys a variety of products such as metals that range from the ever-popular gold and silver to diamonds and scrap metal. Our purchasing team is readily available to assist you with selling your precious metals. Please don’t hesitate to contact us for more details and for getting a quote.

Sell Jewelry on Consignment – What are the Benefits?

What Exactly is Consignment?

If you’re looking for a convenient way to sell your jewelry, try stores that offer consignment. Different kinds of stores offer consignment services (sell jewelry on consignment). This convenient service allows you to buy or sell jewelry. If you have a vintage piece of jewelry, or if you are an artist who plans to sell jewelry, consignment stores make a great option. Consignment is when you entrust a store that deals with jewelry and other precious metal products to showcase your jewelry for selling. Customers can take a look as they browse, and if they wish to buy your jewelry, the jewelry store will sell it on your behalf.

How Does Consignment Work?

When you sell your jewelry on consignment, you will be making a deal with the store allowing them to keep a share of the money from the sale. After deducting the previously discussed percentage, the store transfers the balance to you. Some shops or galleries may have a time limit and agree to display your jewelry only for a specific amount of time. If they cannot sell it by that time, they will return your jewelry to you. You should read the contract carefully before signing it, as the process works differently in different stores. Some jewelers agree to pay you upfront while others will pay after making the sale. Hence it is always better to ask if you have any doubts before drawing up a contract.

Things to Take Care Of:

Clarifying any doubts you may have before going ahead with a jewelry consignment agreement is the best way to start. Some questions that you may need to ask the jeweler are:

  • What is the method of exposure provided; will the store advertise it or will it only be displayed?
  • It is important to ask the jeweler or the gallery if they plan to change location anytime soon. If they do, what will happen to your consignment and jewelry? There is a risk of losing your jewelry if a store undergoes a move.
  • What is the percentage that they will keep from the sale of your jewelry?  What happens if they are not able to make the sale?
  • Don’t be afraid to check in with the store every now and them on the status of your jewelry.

Consignment Percentage:

The consignment rate can vary from one store to another. The most typical consignment percentage is 60/40: 60% of the money from the sale goes to the owner of the jewelry, and 40% goes to the jeweler or gallery. Other consignment percentages that different jewelry consignment stores offer can vary from 80/20 to 50/50.

Sell Jewelry on Consignment” Benefits

  • If you sign an agreement with a reputed jeweler or gallery, your jewelry will get good exposure from the clients who walk in and will benefit from the jeweler, who can interest them intake a closer look at your jewelry.
  • You can request better display options with the store to provide maximum exposure.
  • The profit margins are better, as professionals are handling the sale of your jewelry.
  • For artists, this is one way of getting into the resale jewelry wholesale business and can be a potential for regular income.
  • Once you establish a good rapport with the jeweler or gallery, you can consistently showcase your jewelry, which is especially useful for jewelry artists.
  • You save time by opting for consignment, as it can take up a lot of your time to sell it yourself.

If you are planning to sell any of your old jewelry, or are an artist and want to sell your jewelry through a reputed store, NYC Bullion can help. We can help you find the right buyer in a short period of time. You can either ship your jewelry to us, drop your queries at sell@nycbullion.com or call us at (212)-354-5557 to find out more about our consignment services.