This blog article will talk about important things to know when considering the resale of diamonds. These are some of the main topics of it:
- What is the resale value of diamonds?
- Can you resell a diamond engagement ring?
- Where can you resell your diamonds or diamond jewellery?
Sometimes in life we are in a position where we need to resale diamonds. Many times this involves unrelated feelings as in a couple parting ways or a family member passing away.
So our first advice is when you handle the resale of diamonds try not to do it from an emotional point of view yet make sure the place you resell to knows to treat this process with the due respect.
Let us dive into the question: what is the resale value of diamonds?
First and foremost you must understand that the price you paid for these diamonds has little to do with the diamond resale price. Think about this – when you bought you paid for many things other than the diamonds themselves. Expenses like branding, advertising, rent, salaries, profit and so on went into the price. The more the item was branded (super brands) the more premium you paid on the material price.
When you are reselling most buyers will not care about those old expenses and will not take them into consideration. The main type of client that will care for this is the private client. Some brands have enough prestige that will allure private people to them. The issue is that it’s not an easy task to resell your old diamond jewellery to the public and many people don’t want the hassle of the time consuming.
So the fact is that the highest resale value of your diamonds will be from a dealer that offers according to the diamond industry price list. This price list is changing and it can go up or sometimes down. So this can create an advantage for you depending on the time you bought the diamonds.
Can you resell an engagement ring?
You can try but this specific item is harder to sell as a complete piece due to the fact that the majority of the local Singaporeans don’t like to offer an engagement with a used ring. So many times the gold of the ring will be scrapped and the diamond will be reused.
If you are not planning to try to sell to a private customer, You can resell your diamond jewellery or loose diamonds to a diamond trader or to a pawn shop.
From what we know of the market, diamond traders will normally pay the best rates for your diamonds and will follow the diamond price list. If they know diamonds they can also buy uncertified diamonds and any size of diamond.
From what we know from our customers, Pawn shops will normally won’t pay for small diamonds, will pay very low for uncertified diamonds and will pay less for certified diamonds.
This is due to the simple fact they are often less expert in the diamond industry so naturally it’s harder for them to take the risk.
In the bottom line we recommend you to continue the path you are already on and sort a few potential buyers using the internet. Check reviews, see how they respond to any questions you send them and then try to get a quote. It will naturally be wise to get at least 2 quotes.
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.
