Diamonds are more than a girl’s best friend; they’re also a massively profitable industry.
The global jewelry market is worth $348.5 billion. If it were a country, its GDP would equal that of South Africa, the 32nd largest economy in the world.
If you want a share of this wealth, you’ll need to figure out how much your jewelry is worth. The best way to do this is to first get it certified as a precious gem and then get it appraised for an accurate picture of its value.
Read on to learn the quality measures used to determine how valuable a diamond is, how to get it certified and appraised, and how to sell it once you know what it’s worth.
Diamond Quality Measures
A standard diamond grading system was developed over 2,000 years ago. It was based on quality factors including clarity, color, cut, and carat weight. These factors and others form the basis of any diamond appraisal because they help determine how rare and precious a precious gem truly is.
Color
Diamond colors are rated on a G-Z scale to determine how much color they have in them. Colorless diamonds are the rarest and the most valuable.
Clarity
Clarity refers to whether or not a diamond has any internal imperfections called inclusions or external irregularities called blemishes. Each of these affects clarity grades based on their size, number, position, nature, color, and/or relief. The 11 clarity grades fit into categories of flawless, internally flawless, very, very slightly included, slightly included, and included.
Cut
Cut affects a diamond’s shape. It determines its pattern or the size, arrangement, and contrast of its light and dark areas. It also changes how light reflects off the diamond. Reflected white light is brightness, flashes of color are known as fire, and combinations of light and dark light is scintillation. Diamonds with higher cut grades appear brighter.
Carat Weight
Carat weight is one of the most well-known measures of diamond quality. 1 metric carat is 0.2 grams or 0.007 ounces.
Each diamond is weighed to 0.001 carats and rounded to the nearest hundredth or point. These small fractions can change the price by hundreds or thousands of dollars.
Other Factors
Branded jewelry accounts for at least 40% of the market, with popular names like Tiffany & Co. and Pandora holding the largest shares. You’ll get a much higher value for your jewelry if it was manufactured by one of these companies.
Jewelers look at everything around the diamond in addition to the gem itself. Elements like its setting and condition may also affect the value you get.
Even the slightest of changes can make one piece of jewelry more valuable than another, and the only way to truly know what yours is worth is to have it appraised.
Certification and Diamond Appraisal
A jewel appraisal is an important step in finding the value of your piece, but you’ll need to ensure that it’s a genuine precious gem first. This means finding an accredited lab to examine it.
The GIA or Gemological Institute of America can certify a gem for you. They’ll analyze it based on measures of diamond quality and provide proof to buyers that you have a precious gem.
Certification doesn’t tell you the actual value of a piece of jewelry as a whole. For that, you’ll have to bring your certification to a local appraiser. Try to find one that doesn’t sell jewelry because they tend to give lower offers to ensure they can still make a profit. For example, don’t get a diamond ring appraisal from a store like Kay’s.
You may have to visit several appraisers before you find one that will pay what your diamond is worth and charge you a fair price for their services. Ask them about current market conditions and where to sell your jewelry.
Getting a diamond appraisal online may be a more convenient option, but you should still be willing to negotiate and look for the best offer if you choose this option.
Selling Your Jewelry
There are several methods to choose from when it comes time to sell your diamond jewelry, including posting it online, going straight to a jeweler, or selling them on your own.
The online market for watches and jewelry is worth over $7.6 billion. It’s one of the easiest and most common ways to sell diamonds.
Find a site that’s offering to buy the type of jewelry you’re selling and provide the requested information about its quality, proof of certification, and pictures. Once you accept an offer, you can securely mail it to the seller.
Another option is to sell the diamond directly to a jeweler. Get an accurate certification and appraisal before you begin to ensure you get a fair value. Don’t be afraid to negotiate and work with several jewelers to ensure you get a fair offer.
You can also attempt to sell your jewelry on your own if you’re confident that you understand its value. List it on eBay, Craiglist, or other sites. You could also place an ad in your local newspaper or advertise the sale using flyers or word of mouth.
Combining more than one of these methods is one of the best ways to ensure that you get an interested buyer. Consider all offers but compare them to the one provided by your diamond appraisal before accepting them.
You should also use the Rapaport report, a price list used by most reputable jewelers. Don’t accept any offers that are less than 40% of what it lists.
More Sales Tips
Jewelry is a massive market for all buyers and sellers, but determining its authenticity and value can be difficult. If you’re unsure, there are plenty of reputable labs and appraisers to take your piece to.
Diamond certification ensures that you don’t have a fake gem and gives you an edge when you seek out a diamond appraisal. Once you know what it’s worth, you can sell your piece anywhere from websites to jewelers to your own backyard.
Read the rest of our content to learn more about finding the true value of your most treasured items.