How to Sell Raw Diamonds

Many people have old, unused or unwanted diamonds. Maybe you inherited a raw diamond or have an antique with a diamond that was passed down to you. Perhaps it's from the engagement or wedding ring from your first marriage (that you'd rather forget about). Instead of allowing the diamonds to go to waste and collect dust, you can sell them. The diamonds can be taken out of their settings (unless the diamonds you're looking to sell are already loose, raw diamonds) and sold to any willing buyer.

Instructions

1. Get the diamond(s) appraised. Take your diamond to a jewelry appraiser to find out exactly how much it is worth. Old, damaged diamonds may be worth next to nothing, but you could have a diamond worth thousands of dollars. Use a certified diamond appraiser. Visit the Appraiser Association of America's website, and click on Find an Appraiser to find a specialist in your area.

2. Ask the appraiser for the diamond's Rapaport value. According to the Price of Diamonds website, Rapaport is a company that publishes a wholesale price sheet for diamonds. If you get the Rapaport value from the appraiser, you'll know it's the best price you will be able to get for your diamond.

3. Talk to your family about purchasing your raw diamond(s). There may be several family members who would love to buy it from you, especially if it's a family heirloom or antique.

4. Sell the diamonds to a jewelry store if no one in your family is interested. Be aware that many jewelers will want to purchase the diamond under "dump value." Dump value is between 60 and 80 percent of the diamond's Rapaport value. According to the Price of Diamonds website, you should never take less than 60 percent of the value of the diamond.

5. Place an ad or sell to a consignment/pawn shop. Selling your diamonds this way will not be lucrative; however if you just want to make a little money and have not had any luck any other way, sell to a consignment or pawn shop.

References

• Appraiser Association of America: Find an Appraiser
• Price of Diamonds: How to Sell Diamonds