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Selling on Diamonds

By deece 30 April 2010 5

I have a diamond ring I’d like to sell. It’s not enormously valuable, but enough to help.

Where would I go to get a good and fair evaluation in Canberra? And where is a good place to sell on to? Alternatively, would I get a better price for it in Melbourne?

Any hints much appreciated!

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Selling on Diamonds
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deece 3:44 pm 05 May 10

Many thanks for the advice all – i’ll see how i go…. fingers crossed!

Inappropriate 2:34 pm 30 Apr 10

Take it to a pawnshop or an estate jeweller and expect to sell it for about 10% of retail.

Or throw it on eBay and you might get more.

caf 2:17 pm 30 Apr 10

The 90-year-old Ponzi scheme that is the international diamond trade is entirely predicated on the end consumers holding onto their diamonds and not re-selling them.

So to ensure that the merry-go-round keeps on turning, you’ll find that most places are reluctant to buy them from you – and if they do, they won’t pay more than wholesale price, which is a massively lower value than you’ve been led to believe that they’re worth.

emd 1:39 pm 30 Apr 10

You could also talk to the ACT Gold guy upstairs at 29 Lonsdale Street in the city. He’ll probably give you a better price than the Gold Buyers stands in the malls.

gordito 9:59 am 30 Apr 10

I was recently in a similiar situation. You will find that there are very few – if any – places that will simply buy the diamond back from you (unless it is one of a kind). In my experience, your best bet is to talk to the place you bought it from and see if they will be prepared to sell it on consignment for you.

I found that Canberra markets are not great for this, and had my diamond sitting doing nothing for 2 years. I then took it to a place in Melbourne and they had it sold within a month.

You might also consider removing the diamond from the setting – that advice was given to me from everyone I spoke to.

I hope that this can help out.

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