You may get a huge financial emergency when you least expect. For example, a terminal illness that is not covered by insurance can quickly drain your savings. You may want to sell some of your assets to quickly raise the money you need for such emergencies. Of course, your home is the last thing you would think of selling to raise money. The best assets to sell would be valuable items such as diamonds and fine jewelry.
While specific jewelry may have a sentimental value to your life, they can actually be good sources of large amounts of cash that can help you get through tough times. There are a number of websites that connect jewelry buyers and sellers, which you can use. If you prefer doing business with a buyer in person, you can take your jewelry to a diamond dealer or pawn shop.
The last few years have seen an increase in the demand for diamonds and fine jewelry all across the world. This explains why many jewelers are buying diamonds from members of the public rather than from wholesalers. However, despite the high demand for diamonds, selling them is not easy for the average person. The difficulty mainly arises from the fact that measuring the value of a diamond can be quite a challenge. You are likely to be overwhelmed with the process of measuring the value of a stone and determining its price.
You should know the value of the diamond you want to sell.
Value of your Stone
Just because you have a diamond ring does not mean it is valuable. If you have some pieces of diamond jewelry passed on in your family, they may not automatically be valuable. For this reason, you should get an accurate value of the stone before you start searching for buyers. The authenticity and quality of the stone will determine its value.
One of the ways in which you can determine the value of a diamond piece is by hiring an appraiser to help you. It is advisable to get help from an appraiser that does not actively participate as a buyer or seller in the diamond market. Such a professional will give you an honest opinion of the condition and characteristics of the stone. Some appraisers will also tell you of the factors that will affect the value of your jewelry on the market.
However, you may not always have to spend money to get a formal assessment of the jewelry. For example, you can take the jewelry to a pawn shop or a professional diamond seller to get it appraised. Get the opinion of multiple sellers as well as pawn shops to have an idea of how much you should expect to get when you decide to sell the jewelry.