Do you have a diamond you no longer wear or want? It could be an old engagement ring for a marriage that never happened, or your grandmother’s ring that is gaudy but still valuable. Regardless of why you want to sell the diamond, knowing the right way to do it is paramount if you want to get a great price.

When it comes to selling diamonds, you will find there are two basic options you can consider. One is to sell it outright, the other is to auction it off. This may be an online auction, or one done in person. Getting to know a bit more about each option can help you figure out which one is best for your selling needs.

Selling Your Diamond Outright

If you decide to sell your diamond to an individual, you will find there are a few things you need to do ahead of time. For example, you will need to get an appraisal for the diamond so you know what to ask for it. You will also have to have a realistic understanding of what someone will be willing to pay. Just because you have a diamond that is determined to be worth several thousand dollars, it does not mean that you will receive this much for it.

Also, be sure to research the buyers in your local area ahead of time. This will help you determine who is a trusted buyer and who should be avoided.

Auctioning Your Diamonds

Another popular option is to auction your diamonds. This can be done in one of two ways. One, you can use a site such as eBay to create your own auction. You can determine a starting price, which will ensure you get at least that much for the item. However, these sites are often extremely competitive and many people are not very willing to spend that much when buying in this manner.

Another option is to use an in-person auction house. One that sells antiques or other items may be ideal. Here you will provide the jewelry and the auctioneer will determine what the starting price is. In most cases, you can get a pretty good price with this method of selling, simply because auctions are advertised and not held very often. This means the buyers will be eager to spend.

Taking the time to learn the differences between selling your diamond outright and selling it at an auction can help you determine the method that is right for you.