Many of us have been in situations when diamond jewelry is not needed anymore and does not fit our taste. But a good solution to this is to sell your diamond to a diamond ring buyer in Ft Lauderdale, and you can sell any type of diamond jewelry, be it earrings, necklace, or even a diamond ring.
But you need to know how to sell your diamond the right way; you need to know its resale value. You need to know how much your diamond is worth, and for that, you need to find a good buyer for your diamond.
How to Know Your Diamond’s Worth?
You will know how much your diamond is worth by knowing the following:
- Purchase value
The actual market value of your diamond is not the same as the purchase value of diamond jewelry. This occurs due to retail markups, and they can reach from 100% to 200% depending on the store where you bought diamonds.
The retailers purchase diamonds from wholesalers, and the latter purchase them from the manufacturers. Everyone wants to receive money from the deal to increase their purchase prices. You can purchase diamonds online where the markup is 18 to 20%, and you can also save money.
- Appraisal value
You need to evaluate your diamonds before selling your diamond to a diamond ring buyer in Ft Lauderdale. To evaluate diamonds, industry experts give them an appraisal value and describe the worth of the diamond jewelry. Such appraisals go through inflation at over 100% of the retail price, and it does not showcase the true diamond value.
People who receive their initial appraisal value consider getting a real deal, but it is said that only retail shops benefit from it. When a jeweler chooses the desired deal, insurance companies get more premiums.
- Resale value
If you plan to find a buyer for your jewelry, you must expect a considerable difference between the initial cost and the resale price of your diamond. Diamonds resell for about 25% to 50% of their purchase value.
If you bought your diamond jewelry for about $1500, the resale value could be somewhere near $800 to $900 as per the buyer’s preference. For other stones, you must cut down expectations for the resale value.
Diamond Resale Value
You might be overwhelmed, but the minute you leave the store with a perfect diamond price, it will become half the price. Some factors might impact the resale value of your diamond.
Some of them are:
- Market value
- Basic parameters and quality grade
- The place you are planning to sell your gemstones.
Due to retail markup, the resale price will be at least twice lower than the jewelry shop’s initial value. As diamonds are not known to be more valuable with time, you should not expect a fortune when you look to sell your diamonds.
If you know how much your diamond is worth, it is easier to find a diamond ring buyer in Ft Lauderdale. To get the best value for your diamond ring, you need to research the internet and look for reputed stores to sell your diamond.