Diamonds are a very specific commodity that has an inherently high value, and inherently deep emotional connection, and a very specifically governed market. We may think of diamonds as something mystical and magical, but the reality of diamond commerce can be very daunting. We are all familiar with the process of purchasing diamonds, whether as a gift for a loved one or an engagement ring for a commitment of a lifetime, but very few of us know how to sell diamonds.
I am here to tell you that selling diamonds online is the best option you have if you are trying to get rid of some diamonds that have lost their connection with you. The first thing that is worth mentioning is that you will most likely not get market value for this diamond. If you purchased your diamond originally from a store then that is even less likely, due to a host of reasons that include but are not limited to, the profit margins that stores have to keep and the supplier and seller relationships that need to be maintained in a brick and mortar location.
The most obvious reason for why it is easier to sell online is because most online retailers have far fewer overhead when it comes to diamonds, especially online retailers that are selling cultured or lab-grown diamonds like Lark & Berry. Because they have a lower overhead to begin with, you probably got a better value for your diamond in the first place, so you will get closer to that when you sell it back to an online retailer.
The other benefit of purchasing your diamonds online is that most online retailers offer a better return or upgrade policy that helps you to maintain the original value of the ring. Online retailers have much more flexibility because they can focus their business on the diamonds and their quality rather than managing the difficulties that come with owning a brick and mortar location.
Another potentially useful thing to note is that although we keep using this term market price, there is no such thing really for a diamond because it all depends on the way in which it is sold and to whom. There is a term called “call price” which refers to the price that a store will pay to call a dealer with a specific request for a specific diamond. However, a “business price” is usually much lower because it is negotiated down when there are more diamonds being sold in the same transaction/sale. The lowest price for you is the “cash price” which is the price that the store is willing to pay outright without the need to determine if they can even sell the ring to someone else. It is the price that takes on the most risk for the store. In an online selling situation, the online retailer may have more time and opportunity to sell the ring at the higher prices listed above than the cash price, because online retailers have access to more people than a physical location and can thus assume less risk for buying your item, because it’s pretty likely to sell due to the audience size.
Overall, when selling your diamonds, you have to be ready to lose some money in the value, but if you buy your diamond online, and sell your diamond online, you will maintain as much of the value as possible, and keep yourself out of the politics of diamond sales.