Wednesday, September 16, 2009

Selling your diamond(s)...

News flash! Lots of people are buying and selling gold these days. The reasons seem simple enough.

From the public's perspective, "it's the economy, stupid".

Why not ditch those trinkets that've been gathering dust in Mama's jewelry box and walk away with some ready lucre?

From the trader's POV, gold is now selling at record levels so it's high time to rustle some more up from "them thar hills".

But, what about diamonds? Aren't they also a highly prized and non-renewable resource, a hard asset, and an increasingly valuable collectible?

What if you don't need your ice anymore? What if you'd just rather cool your heels with some cold cash?

Well, selling your diamond is certainly not as easy as selling mere gold. That's because anyone with a scale, a test kit, and a checkbook can flip gold. It takes a lot more savvy to properly assess diamonds - let alone buy and sell them.

Here's some advice if you find yourself ready to let go of your bling. IMHO most pawnshops and websites lack the proper expertise. That typically translates to the least amount of loot for you.

It's safer, easier, and much more practical to use the professional services of your favorite jeweler. Mind you, there will usually be several options to consider.

They may offer to consign your diamond and sell it for you. They will retain a percentage for making the sale and you will receive the balance. This can take time.

They may also offer in-store credit toward a trade-up or other new merchandise. This is normally for a larger dollar amount.

Last and most likely least, they may flat out offer you immediate cash at a substantially lower rate.

Your final choice will be limited by your flexibility on price as well as your time constraint.

I definitely do not recommend trying to sell directly to John Q. Public, for example through classified ads. There are extremely cogent reasons for jewelers to have top-flight security systems and insurance policies.

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