Selling vs. consigning your diamond
When you’re looking to sell your diamond, there are a few options available to you. You could sell it directly to a registered company who specialises in buying diamonds, you could enter it into an auction, or you could opt to consign your diamond with a jeweller.
Each method of selling will have its benefits and disadvantages. We’ve evaluated the pros and cons, and provided a short guide to selling or consigning your diamond.
Consigning your diamond
There are a number of advantages and disadvantages to consigning your diamond. We’ve highlighted a few of each to help you to make an informed decision.
Consigning your diamond basically means that your diamond is sold through a jeweller. Usually, the jeweller will display your diamond amongst their own stock, notify you when it sells and then take a cut of the sale price.
Consigning your diamond with a jeweller is quite straightforward and hassle-free. The jeweller will handle all the key aspects of the sale on your behalf, meaning you can relax and wait for the phone to ring.
The key downside to this is that you will have to wait for a buyer to enter the shop and take an interest in your diamond, which can take months or even years. In such a limited market, there is no way of knowing when your diamond is going to sell, so if you’re looking to receive funds straightaway, consigning your diamond may not be the best option.
A positive of consigning with a jeweller is that you can set your desired selling price from the offset. However, a price which is too high may discourage potential buyers, so you will need to put a lot of thought into setting the right price.
The slow process of consigning your diamond also cannot provide the guarantee of a sale. You’ll have to wait for a buyer who loves the product and the price and, as previously mentioned, this can take a long time. In addition, if/when your diamond does eventually sell, the jeweller will take a cut of the sale, and if you’ve been waiting a long time for the sale to come, the price you actually receive after the jeweller’s cut may not ultimately be worth the wait.
Selling your diamond
There are several benefits for selling your diamond to a registered company, including the guarantee of a quick sale.
When you sell to a company who specialises in buying diamonds, such as We Buy Any Diamonds, the biggest benefit is that you won’t have to wait for a buyer to come along and take interest in your diamond – there is one already waiting! This makes for a quick and straightforward sale. At We Buy Any Diamond, we follow a very simple process and, once the sale is complete, the funds are transferred directly to you.
You also won’t have to go through the awkward process of haggling on the price. A registered company will provide an expert evaluation and offer their best price upfront. After that, it’s a simple case of accepting the offer! At We Buy Any Diamonds, there are no hidden costs, fees or commissions deducted from your selling price, so you’ll know exactly how much you’re due to receive and when.
Selling your diamond at auction offers no such guarantees. You may receive or exceed your asking price if the right buyers are present on the day, but there is also the potential to lose on your asking price or not sell at all if there are no buyers interested.
There are very few disadvantages to selling your diamond with a registered company. Whilst there is little room for negotiation on the price, you’ll be dealing with trained gemologists who are experts in the field and share years of experience in the trade, with a thorough understanding of diamond grading and the second-hand diamond market informing them to make the best cash offer.
At We Buy Any Diamonds, our team of experts have been in the business for over 30 years. With an unrivalled level of industry experience, we aim to provide the best possible return on your investment. Find out more information or start the process of selling your diamond with us today by clicking here.