Since a diamond necklace is often an expensive item that has many diamonds and is heavy with gold, there are some unique considerations to take when trying to find the best way to sell it.
This blog article will review this question and will answer it and will expand on related questions as well.
Key Highlights
- The main points you will need to consider when preparing to sell your diamond necklace and the best ways to do so, or more exactly the best way for you as each path has advantages and disadvantages.
- Best way to Sell your diamond pendant – people often confuse the term diamond pendant with the term diamond necklace. We will touch on their differences as well when selling either.
- Are there options of selling a diamond necklace for cash? What is the meaning of cash in this sense and what is the best way to make the transaction.
When we are dealing with the question of what is the best way for you to sell a diamond necklace, as the private individual you are, we need to consider it from different perspectives like time, hassle, reasons, need for money and so on. If you take a few minutes to reflect on these points it will help you understand the right path for you.
How much money will you get?
The most money for a diamond necklace will be achieved if you can sell it to another private person. If the item is in mint condition and they are not opposed to second hand this can save them money and get you a higher payment. Win Win.
So doesn't everybody sell to a private person?
Simply put, it’s the hassle of it all.
A private person will take time to buy, and will be more suspicious. To find them might take a lot of time and effort.
When you do, you will need to answer many questions, provide papers that you might not have and so on. In addition this might expose your personal life and dealings to the people around you. From our experience most people do not want this sort of dealing and effort. Especially if they are selling just one item.
So if I don't want to deal with a private buyer what will be other good ways to get the max out of my diamond necklace?
Trade in – This is a great path if you are not selling in need of cash but for other reasons like you don’t like the piece of jewellery, you grew out of it, it was an inheritance, it has emotional baggage and so on.
If you choose the best place to sell your diamond necklace, consider if they offer trade in. Trade in will allow you to receive a better value of your item. Closer to its original retail value. For trade in options, focus on places that pay fairly for the value of the old items but also offer very competitive prices for the new items.
Consignment – If your item is from a big name brand (Tiffany, Cartier and so on), or is of very good quality of diamonds and high diamond carats you should look for traders that allow you to sell on consignment basis. This way they have no additional weight on their cash flow and can offer more for your item.
In case you want the fastest, smoothest way to sell your diamond necklace the best option is to sell to a professional diamond buyer.
Of course, a private client will likely pay you the most for your diamond ring, but there are a few drawbacks to take into account if you want to sell your ring for the highest price:
- Do you have the time and energy to deal with private customers as they do demand much more attention and might have many questions? If you don’t have stamina for a longer process and more hassle don’t follow this avenue.
- Do you have the papers and the certificates of the diamond ring as any private client will demand them? Not many people (probably none at all) will agree to buy without papers. If you don’t have them it will probably be a waste of time.
- If you don’t have certifications but still want to try selling to a private person – do you have some sort of assurances to the buyer that the diamond ring you are selling is authentic? They will at the least demand that.
- Is it an engagement ring you are selling? If so and from our experience this might be a turn off for many buyers and personal questions might arrive.Are you willing.
- To let your friends and family know you are selling your diamond ring?
- Do you have credible accounts for platforms where you can offer the ring? Some of them are easy but some are a real hassle to start.
If you consider the above and feel you are not the person to deal with the less fun parts in selling your diamond ring to a private person with all the hassle that this move can have, these are some of the other options available.
- Is it an engagement ring you are selling? If so and from our experience this might be a turn off for many buyers and personal questions might arrive.Are you willing.
- To let your friends and family know you are selling your diamond ring?
- Do you have credible accounts for platforms where you can offer the ring? Some of them are easy but some are a real hassle to start.
If you consider the above and feel you are not the person to deal with the less fun parts in selling your diamond ring to a private person with all the hassle that this move can have, these are some of the other options available.
Sell your diamond necklace to the highest bidder - a trader you find online or by referral.
As pawn shops often don’t pay for smaller diamonds, the best way is to find a highly rated diamond jewellery buyer online and get an offer from them. If you can compare at least 2 offers the better.
Selling your diamond rings in Singapore online
As a private person this might be a challenge. Please consider the following points.
- If selling to a private person for their own personal use, not many people will buy online from an unknown person to them without further questions and a face to face meeting.
2. If you are aiming to sell your diamond ring online to a pawn shop – to the best of our knowledge there is no option to sell online but you will be forced to queue up in their establishment.
3. If selling to diamond traders – The best they can offer you when you try to sell them your diamond ring online is a range but it is highly unlikely that any of them will commit to buying before checking the diamond ring you are trying to sell in their office or shop and checking it with professional tools.
So to answer the question of selling your diamond ring online in or out of Singapore and as a private person is that at least some of the process will require you to physically meet the potential buyers and it will be a real challenge to sell your diamond ring completely online without human interaction.
If I don't want to sell my diamond ring to another private customer even if they will pay me more money?
So far, we covered in depth the less traveled avenues that might be the answer to the smart question and would have probably yield the most money for your diamond ring.
The fastest and easiest way to sell your diamond ring will be to a diamond trader/dealer or even a pawn shop that buys diamond rings. In both options you better see that they carry the right licenses from the Singapore authorities.
Can I get cash payment for the diamond necklace I'm selling?
The Singapore laws about hard cash transactions can change but as for now it is at SGD 20,000. Some diamond necklaces will pass that amount and some will be within it.
Regardless of that, we do think that it is better not to sell your diamond necklace for hard cash but to a place that offers immediate cash payment via respectable methods such as PayNow or Bank transfers. This will assure you that the transaction is fully documented even if something happens like you misplace the papers you got and need some proof it happened.
If I don't want to sell my diamond ring to another private customer even if they will pay me more money?
So far, we covered in depth the less traveled avenues that might be the answer to the smart question and would have probably yield the most money for your diamond ring.
The fastest and easiest way to sell your diamond ring will be to a diamond trader/dealer or even a pawn shop that buys diamond rings. In both options you better see that they carry the right licenses from the Singapore authorities.
Can I get cash payment for the diamond necklace I'm selling?
The Singapore laws about hard cash transactions can change but as for now it is at SGD 20,000. Some diamond necklaces will pass that amount and some will be within it.
Regardless of that, we do think that it is better not to sell your diamond necklace for hard cash but to a place that offers immediate cash payment via respectable methods such as PayNow or Bank transfers. This will assure you that the transaction is fully documented even if something happens like you misplace the papers you got and need some proof it happened.
Selling your diamond pendant.
So what is the difference between selling a diamond necklace and a diamond pendant?
A pendant is normally smaller and has fewer diamonds or focuses on one big diamond as a necklace is technically more rich in design and focuses on many many smaller diamonds. So the approach of selling a diamond pendant is slightly different than selling a diamond necklace.
When selling a diamond pendant you will often have a diamond certificate for the main diamond. If the certificate is from a reputable gemological lab it gives you strength as a seller since you know the quality and exact size of the diamond. necklaces, however, are often made of many many small diamonds and have only the store certificate or a lesser lab certificate which puts you at a disadvantage when selling. If you know nothing about the subject of diamond quality but are interested in it, check out our workshop option.
The disadvantages of a necklace are additional as they often carry a very big labour cost, which a trader will not pay for when buying a diamond necklace unless they have already lined up a new buyer for it and can know for sure they don’t have to melt it.
Diamond pendants, on the other hand, often have relatively low labour costs due to their more modest nature. So you are more likely to recover more of your initial investment on purchasing the diamond pendant you are now selling.
Finally, to summarise this whole lot of information, we believe that the best way to sell a diamond necklace is to look for a place that gives various options (as trade in and consignment), and to try and get at least 2 offers. Each buyer might have different calculations and needs and prices might vary.
Skipped on the content? If so, you missed the points that will help you answer your question: What is the best way to sell a diamond necklace?
- Is it a necklace or a pendant?
- Does it have a certificate?
- Are you open to trade in?
- Is it suitable for consignment?
- Do you have the time to sell it to another private customer?
Don’t worry we also skip sometime 🙂 So we invite you to contact us for a free consultation by a diamond and jewellery expert.
Looking to sell your jewelry at the best price?
Contacts
- sales@dianochediamonds.com.sg
- +65 8904 5966
- 29 Kreta Ayer Rd, Singapore 088996
- From Monday to Friday 9:30 AM to 6:30 PM
- Closed on Public Holidays
- By Appointment Only
Contact us for a free consultation and evaluation from an expert gemologist!
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Sell Your Jewellery Singapore
Official diamond and precious metal buyer in Singapore. Accredited GIA gemologists offering transparent appraisals, spectrometry testing, and immediate PayNow payout.
