Diamonds are known as a “store of value,” which is an economic idea that simply means that the stones retain their worth over a long period of time without depreciating. When someone owns diamonds, they own pure value in the form of a fiery jewel. However, there isn’t a magic way to transform diamonds to dollars—it’s necessary to bring in unwanted diamond jewelry to some place that buys them.
But what exactly goes into this process? Who can you trust? Here at Costello Jewelry Company, we want to offer this handy guide for those looking to sell their diamonds in a safe, dependable manner.
Get an Appraisal First
Appraisal needs to be the first step in any diamond selling process. Think of it this way: Gold and other precious metals can be rendered down to bullion form and a universal value can be attached to gold anywhere. But you can’t melt diamond crystals into a bar. Each diamond has its own traits, and it’s impossible to stick a universal price tag on even the same diamond shape. To that end, you need to visit a trustworthy appraiser who can grade your diamond according to GIA standards and give you a fair idea of the value of your jewel.
Figure Out Your Price Point
The appraiser will help you to determine the price range of your diamond, but ultimately, only you can decide how much you’ll be willing to sell it for.
There’s a lot of ways to determine this. How badly do you need cash? Do you really need to make new space in your jewelry box for something new? Have you gotten a divorce and you really want to get rid of your engagement ring? Is there new jewelry you’d really like to buy? The questions are diverse, and you can get an idea of what comparable diamonds are being sold for by browsing online. If your appraiser is good, they’ve also given you an idea of market trends that can point you in the right direction of what you can expect for your diamond.
Find a Trustworthy Retailer
The global demand for diamonds has opened the door for a lot of unscrupulous buyers. You may have seen shady gold buyers popping up around the Chicagoland area, and the same issue exists with diamond buying—which means that the most valuable trait for a diamond buyer is their ability to win your trust.
It’s important to find a buyer that’s bound by a strict code of ethics, has GIA certification, and is a trustworthy member of their community. That’s Costello Jewelry Company. Since 1979, we have been the jeweler of choice for the men and women of the Chicago area. Our GIA graduate gemologists and client service associates have the passion for jewelry, training, and respect for customers that ensures that those customers will always walk away happy.
If you’d like to find out more about the diamond buying process at Costello Jewelry Company, or any of the other jewelry services we offer, give us a call at 866-790-3272 or visit our Glen Ellyn or Naperville, Illinois showrooms today to talk to our team in person!