How To Sell A Diamond In The UK?
Below we have listed the steps to follow when selling diamonds or diamond jewellery in the UK.
- Establish the quality of your diamond
- Find a diamond buyer in the UK
- Get a quote for your diamond
- Get paid for your diamond
1. Establish The Quality Of Your Diamond
If you would like to get a price quote for your diamond before scheduling an appointment or sending your diamond to a diamond buyer, you will need to know the basics of your diamond. Known as the 4 C's, these will allow a diamond buyer to give you a rough idea of price:
- Colour Grade: Indicates how much colour a diamond displays. Colour grades range from D to Z, with D as colourless and Z a light yellow.
- Cut Grade: Refers to the cut quality and proportions of a diamond. The better the cut of a diamond, the better the diamond reflects light.
- Clarity Grade: Denotes how many internal inclusions and external blemishes a diamond has. While a diamond may look flawless to the naked eye, imperfections can be seen when the diamond is examined under a loop.
- Carat Weight: This refers to how heavy a diamond is in carats, commonly abbreviated to ct.
Other useful criteria to know about your diamond includes:
- Shape: Diamonds are cut into various shapes, with round brilliant as the most popular cut. Diamonds of any other cut, such as ovals, pears or cushions, are referred to as fancy cuts.
- Symmetry: Indicates how well aligned the facets of a diamond are including its crown, table, culet and girdle.
- Fluorescence: Denotes how much a diamond glows when exposed to ultraviolet light. The more fluorescence a diamond displays, the lower its worth.
- Polish: Microscopic surface defects may be created when a diamond is cut and polished. A diamonds polish refers to how smooth its facets are.
- Treatment: Diamonds may treated to artificially improve their colour or clarity. However, treated diamonds are considered less valuable than natural diamonds of the same characteristics.
You can find most, if not all, of this information on any official documentation you have for your diamond such as a GIA report. If you do not have any official documents for your diamond, you can meet with a local jeweller who can give you a rough idea of your diamond's characteristics.
2. Find A Diamond Buyer In The UK
Below is an overview of the most popular diamond buyers in the UK:
Pawnshops:
PROS: This local and speedy diamond buyer can pay you in cash on the spot.
CONS: The payment for your diamond will likely be lower than what you could have received elsewhere. This is because most pawnshop employees are not trained gemmologists who can provide an accurate and honest offer in accordance to the second-hand diamond market.
Auction Houses:
PROS: Auction houses employ diamond experts who can properly price your diamond.
CONS: You must wait for an auction to be held and for your item to be bought, which may take months. When your diamond is bought, the auction house will take a percentage of your earnings. This can make for a long and drawn out selling process with a significant percentage taken by the auction house.
Hatton Garden:
PROS: A convent location for Londoners with various diamond buyers, some of which pay in cash.
CONS: It can be exhausting to keep meeting with diamond buyers who use high-pressure sales tactics. Many buyers in Hatton Garden are not trained gemmologists who can pay you what your diamond is actually worth, which means that you will likely be underpaid.
Online Ads:
PROS: If you wish to sell a diamond in the UK on your own terms, you can create an online ad on websites such as Facebook, Craigslist or eBay. With your own ad you are able to set your desired sale price and select a buyer.
CONS: You must be willing to wait indefinitely for your diamond to sell. Some people may not feel comfortable buying such a high value item from an unfamiliar seller, especially from someone without a history of selling diamonds or little to no reviews. You will also need to be careful of potential scammers who are feigning interest in buying your diamond.
myGemma:
PROS: For a competitive an honest UK diamond buyer, myGemma is your best choice. We offer a free, fast and secure way to sell diamonds, engagement rings and diamond jewellery in the UK, backed by a 100% trust guarantee.
As a leading diamond buyer with a team of GIA trained gemmologists, we can accurately price your diamonds, diamond jewellery and luxury watches according to the current second-hand market.
With our international presence and industry connections, we are able to provide you with competitive offers for your diamonds. You can feel confident selling your diamond, engagement ring or diamond jewellery with us thanks our hundreds of positive reviews we have received from satisfied customers.
CONS: Limited locations for in-person appointments. myGemma provides appointments in NYC only. However, you can always sell your diamond jewellery online.
3. Get A Price Quote For Your Diamond
Getting your quote from myGemma is easy, simply fill out our online form and our experts will shortly reach out to you with a price estimate for your diamond. It is quick, easy and free of charge.
4. Get Paid For Your Diamond
Looking to sell a diamond in the UK? If you like your initial price quote and want to hear your final offer, we offer a free and fully insured mail-in service.
When your diamond arrives at our office, you will be notified and it will be opened on camera and examined by our gemmologists. We will then be in contact you with a firm offer for your diamond and a thorough explanation of its price.
If you like this offer we can pay you by bank transfer. However, if you would like to have your diamond sent back to you, we will mail it back to you free of charge.
Click the button below to learn how much your diamond is worth today.
