Diamonds have always been associated with a certain sense of regalness and serenity and have been the primary ornament for royal luxury for centuries.
As such, their trade annually garners billions of dollars, and there is always a significant proliferation of traders and entrepreneurs keen on trying their hand at this lucrative market.
The trade of diamonds is always a holistic process, and all avenues of the manufacturing and selling process are monetized. Given their profitability, loose diamonds are traded widely using RapNet.
However, selling can be challenging if you are just starting out in this business sphere. So, let’s discuss the best channels.
1. Certified Online Buyers
Getting in touch with an individual that deals in jewelry and diamonds differs from approaching an online diamond buyer to sell loose diamonds, primarily because of the costs involved.
Unlike most jewelers, online diamond purchasers don't have overhead expenses.
The second benefit is that an online buyer can pay you a premium price for your loose diamonds. Several buyers in the market pay fairly for used jewelry.
Some businesses have inflated prices to persuade clients to mail their jewelry.
Be careful that the price given over the phone is realistic.. Moreover, conduct some internet research on potential buyers before selecting one.
To determine which buyer to approach, look for reviews, feedback, and some seller suggestions.
You can also find out if a buyer is part of a recognized organization for professionals in the diamond trade.
2. Ebay
Like many other items on sale onthe e-commerce website, eBay is place to setup a business to to sell your loose diamonds.
However, be sure you know your stones' details and provide accurate information.
Consumers need to determine the color, cut, clarity, and carat weight.
Taking a good picture of diamonds for the listing, in addition to the mentioned specifications, is also an essential factor while selling the diamonds on the website
Remember, you'll need to put some effort into determining the diamond photo's ideal lighting for this.
Honesty is essential when listing products on eBay. Online customers are skilled at spotting when you are deceiving them. Be upfront about the costs associated with your listing, PayPal, and any additional selling fees that may apply.
3. Pawnshops
Selling loose diamonds in bulk a pawnbrokeris one of the easiest and fastest options if you need money instantly.
However, it isn't the most lucrative option, given that low prices are sometimes a trait of pawnbrokers!
That doesn't mean a pawnshop won't pay you well for your loose gems. Although this strategy is the least profitable of the above channels, you can still make a substantial profit using it.
Additionally, a significant benefit of placing your loose diamonds in pawn is that you can repurchase them later and resell them for more money, potentially doubling the value of your diamond.
Because of this, you can still consider pawnshops when deciding how to sell loose diamonds for the highest profit!
4. Auction house
Consignment or auction companies are always wise if you have no urgency or immediate obligation to sell your diamonds. Diamond jewelry will be displayed to many buyers in a case and sold when the time is right. Selling loose diamonds is sometimes not possible with auction or consignment companies.
With this approach, vendors might be able to decide the asking price for the engagement ring they wish to sell, resulting in a higher profit.
Additionally, because there isn't much to do other than drop the merchandise off, the yield from consignment price is typically lower.
Ideally, consignment and auctions follow these steps:
- An agreement to keep the item with the consignment business for a specific period is made by the seller in a contract.
- The seller receives the diamonds back if they don't sell them.
- The seller can then return to this list and decide whether to try again at a different price or switch to a different selling strategy.
5. Brokering
If you decide to sell your bulk diamond lot through brokering, you will get the option to sell your items to a carefully curated network of expert jewelry.
Brokering large quantities of diamonds can frequently be a quicker strategy to maximize the value of your loose diamonds. You often receive offers and have an ideal selling window of twenty-four to forty-eight hours.
Moreover, you aren’t personally required to accept any offer made to you, as the brokering company will take care of the propositions.
In Summary
Getting into the diamond business and, more importantly, selling loose diamonds can be highly challenging. However, if you know the proper channels to sell loose diamonds, you can achieve lucrative profits on your products.
All you need to do is keep an eye out and know the right place to sell!
