Selling diamonds and diamond jewelry can be a successful venture, but there is certain information to keep in mind to ensure you approach the sale of your items with realistic expectations. Many potential diamond sellers can be surprised and confused by the first offers they receive. So let’s address some common misconceptions about selling diamonds and give you answers to the following popular questions:
- How much is my diamond worth on the secondhand market?
- How is the secondhand value determined?
- Retail value vs. appraisal value vs. secondhand value
- Why is the retail value so much greater than the secondhand value of my diamond?
- Why is the appraisal value so much greater than the secondhand value of my diamond?
HOW MUCH IS MY DIAMOND WORTH ON THE SECONDHAND MARKET?
The most important thing to understand is that: the secondhand market price for a diamond item is typically 25% to 40% of the original retail price.
Why? Well, contrary to popular belief, diamonds are not an investment. High mark-ups at the retail level mean that you may only receive a fraction of the price you paid for your item. Only in very, very rare circumstances will you be able to receive a price comparable to the original purchase price. A quick overview as to why diamonds depreciate in value after purchase:
- Extremely high retail markups that cannot be recouped at resell.
- Used jewelry is often very undesirable on the secondhand market, equating to low secondhand prices. In the case of engagement and wedding rings, few couples are looking to purchase used rings. Much like when a car is driven off the lot, once it is used it loses value.
HOW IS THE SECONDHAND VALUE DETERMINED?
The secondhand value of a diamond is determined by a few factors:
RETAIL VALUE VS. APPRAISAL VALUE VS. SECONDHAND VALUE
Understanding how the secondhand value of your item compares to its retail and appraisal value can be very helpful as you embark on the selling process.
WHY IS THE RETAIL VALUE SO MUCH GREATER THAN THE SECONDHAND VALUE OF MY DIAMOND?
The retail value is so much higher than the secondhand value of your diamond because of:
WHY IS THE APPRAISAL VALUE SO MUCH GREATER THAN THE SECONDHAND VALUE OF MY DIAMOND?
The appraisal value is so much higher than the secondhand value of your diamond because:
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