Before you decide to sell your unwanted diamonds, there are some things you need to know that will help you determine their worth and how much money you can realistically get for them! Next you will need to do some research about the options you have to sell your diamonds; whether it be to an online buyer or a local pawn shop. This guide will walk you through the process of selling your diamonds so that you can get the most money without any doubt that you made the right decision. Ready? Let’s begin!

Step 1: UNDERSTAND HOW YOUR DIAMOND IS VALUED

First things first, you will want to determine your diamond’s worth so that you know what to expect from the dealer. That can be determine using the Four C’s of diamond characterization; carat weight, color, cut, and clarity of the diamonds.

Carat

The carat weight is the factor that has the most influence on price. 1 carat, abbreviated ct. is equal to 200 milligrams, and also worth 100 points (some jewelers use points to valuate diamonds). Depending on how deep the diamond rough is cut, it will weigh more; the deeper, the heavier. When comparing diamonds, if all other factors equal, then the one with the higher carat weight will be more expensive. However, the three other factors make a big impact as well. The pricing of diamonds increases exponentially at intervals such as .50ct, .75ct and 1.00ct, also called “magic weights.” The price of diamonds tend to be higher at the “magic” weights than at the weights a few decimals below or above.

Since it is more rare to find higher carat diamonds, you will see that the price of one two-carat ring is much higher than that of two one-carats rings, and other pieces of jewelry. Take note that the edge thickness, or girdle, of the diamond affects how likely it is to chip, so choose a diamond with a thicker girdle to reduce the chance of chipping.

Color

Diamonds come in tints of yellow or brown, but the most valuable ones are colorless or clear because they are the most rare. This is where the letter classifications of diamonds come into play, according to grading reports by the Gemological Institute of America (GIA). The grading begins at D, which classifies the most clear, colorless diamonds and goes all the way until letter Z with respect to the tint of yellow the diamond has. Use the image below to help match the color of your diamond to a letter. If you’re interested to learn about how diamonds get the color the do, click here.

Now I know what you’re thinking; how about the stunning pink, green, blue and every other colored diamonds? These are called fancy colored diamonds and they have been gaining more popularity in the recent years; in fact various celebrities including Jennifer Lopez showed off their colored diamonds at the 2016 Golden Globes last week. Colored diamonds are worth much more than colorless ones, again because of their rarity and uniqueness. The GIA grading scale noted above does not apply to fancy colored diamonds. Instead, there is a more complex process to determine the value according to hue, tone and saturation. Follow this link to learn more. When determining the price of a fancy colored diamond, the process is complex and left up to professionals with a wide knowledge of diamonds and their rarity. Buyers and sellers negotiate prices according to hue, saturation and tone of the colors along with various standard factors such as size, clarity and carat, but it is not as easily determined as white diamonds are. Follow this link to understand more about the complex grading process of fancy colored diamonds.

Cut

A diamond’s cut is the way the proportions and angles of its facets allow for light-return, brilliance (reflection of white light), fire (rainbow colors seen with reflection of light), and scintillation, or sparkle. The cut is graded on a scale of “excellent” to “poor” and is extremely important in determining the worth of a diamond because it determines how well it shines, sparkles, and wows anyone who sees it. When grading the cut, not only is the quality of the important, but also the shape. The image below shows the different cut grades according to the proportions of the cut; from ideal to very deep. Follow this link to get a thorough explanation of the different cuts and their worth.

The different diamond cut shapes are round, pear, princess, radiant, marquise, emerald, asscher, cushion, oval, heart, european cut, old miner, baguette, kite, and star.

Clarity

Clarity refers to the amount of blemishes and imperfections on the inside as well as the external surface of the diamond. Depending on the amount, size, and placement of these imperfections, the clarity is graded on a scale from “flawless” to “included.” The grade “included” signifies various imperfections, and is the least desired grade. The types of inclusions graders look at are feathers (small cracks or fractures), crystals (minerals that are a different color than the diamond), pinpoints (small embedded crystals), needles (long, thin inclusions), and clouds (cluster of crystals). All of these factors greatly affect the amount of light that is reflected and how well a diamond shines and sparkles. Diamond graders also evaluate the color of the inclusion in comparison to the diamond’s color, as well as placement and size. To see a detailed explanation of the clarity grades, click here. High clarity can be associated as a symbol of purity in many cultures. Flawless diamonds, with no blemishes or inclusions are extremely rare and therefore more valuable.

Step 2: DETERMINE YOUR DIAMOND’S WORTH

Now that you know how to determine the factors that bring value to your diamond, you need to determine a realistic price at which it can be bought. It’s important to note that standards for diamond grading vary depending on the buyer. If you go to a jewelry store that buys their diamonds in bulk from a wholesaler, they might have higher standards for their diamond qualities and would offer less money depending on the color, cut, and clarity. If you don’t already have a certificate that displays the specs of your diamond, you can have a jeweler look at it to give you the info regarding carats , color grade and clarity. That way, you will get a professional’s idea of the most realistic deal you can expect to sell your diamonds for. However, many diamond-buying websites, such as ggcdiamonds.com offer a free appraisal by entering in the characteristics of your diamonds and having them estimate the value. Try a few different sites before you commit to one, and see if it is worth selling your diamond now, or holding onto it for a few more years.

Step 3: RESEARCH WAYS TO SELL

There are a few options for selling your diamonds; selling direct to a jeweler, pawnbroker, someone you know, or selling online to a company that specializes in buying diamonds. Whichever method you choose, it’s recommended that you do your research and try different places and companies to see what the possible offers are. Jewelry stores often offer less than online companies and individuals because they already have a supplier of diamonds in bulk that give them a good deal and allow them to profit more on the sales. Pawn shops also offer less than private buying companies because their selling prices in general are expected to be well below retail value.

Choosing to sell online has various benefits because, normally, the company doesn’t have a physical brick and mortar store, and therefore are able to save money on overhead costs and thus offer you more for your sale. This is where you want to do your research; fill out the free appraisal forms on various sites, read testimonials on their websites, check the reviews and comments on their social media sites, and research news and articles about the companies. You want to work with a company that you can trust; someone who is looking out for your best interest and doesn’t over-promise high returns if they can’t follow through.

When you feel that you’ve done enough research, and feel confident with the offer you’ve been given, go for it!

Conclusion

Whether it’s a diamond earring that lost its pair years ago, or a diamond ring from an engagement or divorce, they are worth a great deal of cash, and only continue to gain value as time goes on. When you’re ready to make your decision to sell, follow this guide to ensure you know how to determine its worth and do your research to find the best offer! Good luck, and happy selling!