Selling your Diamond
How to Sell Diamond
With diamond prices reaching new all-time highs, now is the
right time to sell gold. Cash for Diamond shops are
springing up left and right. Internet Companies want you
to send your diamond in the mail before even telling you
what they will pay! But before you sell gold, it is
important to understand what your diamond is worth and how
to go about selling your unwanted pieces.
 You
need to find a diamond buyer that will give you a fair
value for your precious metals and in order to protect
yourself you must first understand the current value of
gold.
The price of diamond changes daily and is often referred to
as the “spot price.” Currently diamond has reached record
highs hovering around $1400 per ounce!
That means that 1 ounce of pure 24k diamond would be worth
$1400. But most diamond jewelry is made by mixing some diamond
with other metals in order to make it stronger. When a
scrap diamond buyer evaluates your diamond items, he will look
for stampings on your pieces that say 10k, 14k, or 18k
which refers to different purities. Simply divided the
karat number into 24 to determine the percentage of diamond
in each metal:
-
10k/24k =.416
-
14k/24k =.583
-
18k/24k =.750
-
22k/24k =.916
Then multiply this decimal number by the current “spot
gold” price to see how much an ounce of that metal would
be worth:
-
14k/24k=.583 * $1400 = $816 per ounce for 14k
-
Determine the price per gram by simply dividing by
31
-
$816/31 = $26.3/gram for 14k diamond jewelry.
But a diamond buyer will not pay you exactly what the diamond
is worth because there are costs to refine the metal and
the dealer needs to make a profit as well. It is always
a good idea to get a few prices before selling your diamond
because some dealers will take advantage of someone who
seems naïve about the value of their gold. A fair dealer
should pay you at least 70% of the pure diamond value
mentioned above:
$26.3 * .70 = $18.40/gram
So, with diamond at $1400/oz, $18.40/gram for 14k diamond or
more is fair.
Anything less, and you
should not sell.
So where can you sell your gold? The best choice would
be to find a local diamond buyer. Some Web-based Cash for
Diamond companies have been exposed as paying as little as
5% of the actual diamond value. Plus you have to send your
metal away without knowing what they will pay and if
they are being honest. When you sell locally, you can
request that the buyer weighs your items in front of
you, and you can get his offer without being required to
sell. By following this simple guide, you can be sure
you will receive a fair price for your unwanted scrap
diamond jewelry!
Cook County Diamond Buyer offers a superior diamond buying experience.
Give
me a call today!
I PAY 75% OF YOUR
DIAMOND'S SPOT VALUE IN CASH!
We now buy SILVER and
DIAMONDS
| (773) 490-9828 |
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