So, you have a diamond ring to sell.
How do you get rid of it?
How can I prevent someone from taking advantage of me?
These are complex questions with lots of good answers. I answer them every day at work and I hope to help answer them in this blog as I write more entries to this blog.
In this issue, I want to give you a brief introduction to finding the right buyer for your diamond and some things to look out for in the marketplace.
- If you personally know a jeweler, ask them if they are interested in buying your ring.
- If they are, let them give you a bid and then ask them who else you might go to so that you have at least one other offer.
- Get more than one offer for your diamond.
- There is nothing wrong with a pawn shop, but you should understand that they usually offer less than you might get elsewhere.
- Many jewelers don't buy merchandise from the public. They might not have a lot of free cash hanging around or they might feel it would insult you if they offered you too low a price.
- Look for a company that buys jewelry as their primary business or as a significant portion of their business plan. They should have the cash since that is their primary business. If someone makes you a low ball bid, they may really want your item, but don't have enough cash to run their business and buy diamonds from the public.
- Try your best to meet the buyer by going to their office or store. I would hesitate sending your jewelry off to someone by mail.
- Ask your friends if they know anyone who wants to buy your item.
- Don't have a pre-conceived price in mind for your jewelry. Just because an appraisal is given to you for twice what you paid, you may not get 25% of the appraisal price.
- Take your time and don't let anyone rush you into a decision.
This the first of several posts and I will cover may topics in the days and months to come. Most topics will be very specific, so look for the title of the topic and it will give you an idea of what's inside the blog.
