3 Ways To Sell Your Inherited Diamonds For Cash

Did you recently inherit diamonds from a parent, grandparent, or other loved one? Are you thinking of selling the diamonds for cash? If the gems don't hold sentimental value, that could be a wise idea. Depending on the size and quality of the diamond, you could make thousands of dollars. Of course, in order to get top dollar, you have to be able to demonstrate your diamond's quality and find the right buyer. That may not be easy, especially if you've never sold jewelry before.

Below are a few different paths you can take to sell your diamonds. You may want to explore each option before committing to a specific route.

Sell to a jewelry store. If you're looking for a fast sale, this may be the way to go. Many jewelers and pawn shops will buy your diamond for cash on the spot. There is a cost to this strategy though. Remember, the jeweler is buying the diamond so they can resell it. That means you won't get the retail price of the diamond. You'll likely get a steeply discounted wholesale price. Also, it's important to be as knowledgeable as possible before you go into a jeweler. Consider getting an independent evaluation from GIA, which is an industry appraisal organization. A GIA report will give you more leverage to negotiate for a fair price.

Sell it online. There was a time when the only way to sell a diamond was through a jeweler or pawn shop. However, now you can sell it directly to an individual. The benefit of doing so is that you could get a near-retail price for the diamond since you're selling it to the end user. There are a variety of websites you could use, from classified sites to auction sites. Again, though, a GIA appraisal will be helpful so you can prove that the diamond meets your description and the buyer's standards. Also, while this approach may yield a higher price, it could also take more time and effort. You'll likely need some patience to find a buyer online.

Sell it through a consignment store. Want a higher price but don't want to deal with selling it yourself? A consignment store could be your best bet. They stock the diamond in their store and then share the proceeds with you after the sale. It may take some time, but you won't have to manage online posts or communicating with the buyer. The consignment store handles all of that work. Many jewelers offer consignment programs, so you may want to call around and check with stores in your area.

Ready to sell your diamonds? Start with an independent appraisal and then talk to some jewelers in the area. They can help you determine the best route to take in your sales process.