Diamond Resources

Here you will find some tips on selling your diamonds and diamond jewelry. Our clients represent some of the best diamond buyers in Long Island City. Since we at Long Island Diamond Buyers are concerned with helping you, the seller, with getting the most out of your diamonds - we have compiled this handy guide for getting the most money you can from selling your diamond. Links to resources will be included at the bottom of this guide.

Before you sell your diamond...

First and foremost, be sure that your diamonds are real. Costume (fake) jewelry will net you little to no value, and can only be sold to those who are willing to buy it in the first place.

Next, once you've determined your diamonds are real, you will want to get your diamonds (including those in jewelry) graded by a reputable third-party. Gemologists will grade loose diamonds for approximately $100 per carat, and the process takes around two weeks. If the diamond already has a grading report, and the seller is certain the diamond hasn't been scratched or damaged since being graded last, a new grading isn't necessary. If the price of a grading is a concern, an appraisal by a local jewelry appraiser may cost less and should only take around an hour - if scheduled appropriately. When the appraiser suggests the current retail value of the diamond, that is the expected price if you were purchasing the diamond - not if you were selling it. If the appraiser offers to buy the diamond, or suggests places where you can sell the diamond, be careful in doing so. Honest appraisers won't have you wondering whether you've been given a low estimate in hopes you'll sell quickly.

If your diamonds are in jewelry, determine whether or not that the jewelry itself has any historical value that would be greater than the market value of the diamonds in it.

Many ways to sell your diamonds...

Once you've determined the value of your diamond, now comes time to sell it. Below is a list of ways to sell your diamond - from best to worst.

Industry Insiders

When you attempt to sell a diamond in good condition to any industry insider, such as a diamond dealer, they likely to make an initial offer of 60% of the diamond's "Rap value" (the value according to the Rapaport Diamond Report). Before you approach an industry insider, you should get a copy of the most recent Rapaport Diamond Report and know your particular diamond's value. The report is updated each week and covers diamonds of varying colors, shapes, grades, and sizes - up to six carats.

Most of the time, a dealer's offer will be far less than the diamond's appraised value. This is because the appraiser provided the diamond's retail value, which will always be more than Rapaport value. If your diamond's retail value is $10,000, the appraiser is likely to appraise it at $10,000. Let's say a diamond that was appraised at $10,000 has a Rapaport value of $5,000. That means the wholesale price of the diamond would be $5,000. The dealer would probably offer you around 60% of the $5,000, so you should expect the dealer's initial offer to be $3,000. To the dealer, there is no reason to expect the diamond to sell for more than the Rapaport value.

There are plenty of reasons a diamond could sell for less than the Rapaport price. A diamond could be chipped, have scratches, or otherwise show damage. These things happen, and dealers know it. So, if a dealer offers much less than 60% of the Rapaport value on a ring you thought was in good condition, ask why and listen carefully.

The General Public

Most people, however, don't want the troubles of finding a diamond dealer, haggling over the price, and knowing that the insider will later turn around to make a profit from their diamond. Some choose to sell to the general public instead. Diamonds, loose and in settings, are easily listed in classified advertisements. If you feel overwhelmed at the amount of diamonds listed in the local newspaper's classifieds, websites like Craig's List and eBay can draw a larger crowd of potential buyers.

In order to attract the attention of top dollar buyers, the diamond must be fully disclosed. Do you have the diamond's grading report? Then post a legible photograph or scan of the report so potential buyers can read it. Post a picture of the diamond, too (preferably with the report). A picture of the diamond alone is probably not as important as the grading report, but people like to see the merchandise they're planning to buy.

To pick a round-about selling price, take a look at the current diamond market conditions. Don't assume you should price your diamond like similar diamonds in the classifieds. Instead, study what others are doing so you can learn from their ideas. Gather the prices of several diamonds and input their characteristics on www.washingtondiamond.com. Loose diamonds sold through classified pages will probably be listed below what retailers would pay, but that amount varies with market conditions. If all the other diamonds are posted at 50% of the lowest retail price, go a little higher. If it doesn't sell, you can always post it again at a lower price. And if it does sell, you'll be glad you didn't undervalue your diamond.

Please note that the best shopping season for diamonds and diamond jewelry is November through Valentine's Day. If you post the advertisement in October, you're likely to find more eager buyers than if you post it in March.

Resource Links

Here, we have a compilation of diamond buying & selling resources and information to help you with your diamond buying & selling ventures. All the links in this list are the best sources of information we could find on the subject. All information listed on these sites is NOT under the control of Long Island Diamond Buyers, so we cannot guarantee it's accuracy. Long Island Diamond Buyers is NOT responsible, nor liable, for the accuracy of said information. If you have questions about the information they (the resource sites) provide, please direct them to the owners of the respective site you found the information on.