Tuesday, July 16, 2013

Diamond Due Diligence

Diamonds are on our mind today. Here is some info, resources, and a crazy story (and lesson) ) for you to explore. 

If you are looking to sell valuable diamond jewelry, such as heirloom pieces, estate diamonds or even a diamond ring, make sure to do your research first.  At Atlanta Gold & Silver, we have many clients who bring us very expensive pieces they want to sell.  In order to make sure we can give them the price they want from their diamond jewelry, we take our time and work with all of our resources to make this possible.  That does not mean, however,  that we can guarantee you will get the amount of money you think your diamond is worth, but we will get you an amount that will make you happy. Most importantly, we do not pressure our clients to settle. 

If you do have some jewelry that has been in the vault for years and the value is over $8 thousand, or maybe an old engagement ring that you don't want, make sure to get the jewelry certified.  Whether it is a diamond ring, an antique diamond pin or a diamond necklace, it is essential to get it certified and graded by the GIA (Gem Institute of America) every 10 years.   There is a small cost involved, but it will net you a lot more money when you sell. The website is very informational and provides all the information you need to submit your gem for grading.  They even have a page updated weekly that tells you the turnaround time for your diamond.
Note:  An appraisal, from a jewelry store or insurance company, is not the same as GIA certification. In fact, you may notice a large difference between the appraised price and the actual amount you are offered. That is because, appraisals are based on replacement value and the retail price of a similar piece. 

Even if you don't send your stone to the GIA, the site still provides a wealth of information about diamonds and other gem stones, including all the factors and varieties that can increase or decrease the value. Remember, the bigger the size does not always mean the bigger the value. Value is based on the quality of the stone.

If you are in the market to buy a diamond ring, or invest in a diamond, make sure to do your research on the GIA website. With the knowledge about all factors including slight differences in color and cut, you will be a much more informed and smarter buyer. Also, when making a large investment in a stone or diamond jewelry, always insist on the certification of the piece to ensure that you are getting exactly what you pay for.

Now for the lesson:  Always check your pockets.  One Huntington Beach woman made this terrible mistake when she sold a jean jacket in a garage sale for $20.  Later, she realized that her diamond earrings, worth $18,000 were still in the pockets. Read the full story here.

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