Diamonds are inherently valuable because of their rarity, beauty, durability, and elegance. They are the ultimate fashion statement, especially among celebrities, and their sparkle is irresistible. When given as gifts, diamonds signify relationship longevity, purity, and everlasting love.
Each diamond jewelry piece, whether an engagement ring, necklace, or earring, starts with a loose diamond, cut and polished, but not placed in a setting. The market for loose diamonds is vast, and many businesses are willing to purchase these precious stones.
Loose diamond sellers can sell online or in person. Read on to learn five channels for selling loose diamonds and choose the best approach.
Digital marketplaces are excellent for businesses wondering where to sell loose diamonds.
Access to a vast customer base is among the most significant benefits of selling loose diamonds online. With many certified buyers shopping online for jewelry, including loose diamonds, there’s a broad base of potential customers compared to selling in a physical store.
Research reveals that 91% of B2B buyers are open to online buying. Also, B2B e-commerce is growing daily, with 17% of B2B sales generated through digital ecommerce platforms.
The following are the benefits of selling loose diamonds online.
- Numerous online marketplaces to leverage, including specialty stores
- Convenience, saving time and effort searching and handling customers
- You can display a wide variety of loose diamonds to give buyers many choices
- Receive cashless payments, which are more secure and eliminate the hassle of handling cash. Also, you are protected from fraudulent buyers and financial transactions.
- Maximize returns since you eliminate brokers in the sale.
Auctions provide a smooth and stress-free experience, something many businesses desire. With many auction options, finding one that appeals to your business and assures a high ROI is easy.
Here are the top reasons why auctions are the perfect platform for selling loose diamonds:
- A broad audience of professional diamond buyers from around the world
- Sometimes higher prices since the highest bidder gets the loose diamonds
- Minimum price protection -most auction houses allow the seller to determine the minimal price for their loose diamonds, ensuring profitability.
- Effortless selling – the auction caters to the loose diamond’s advertising, buyer queries, and meetings so your business has a seamless selling experience
- Confidentiality: Businesses looking for a confidential way to sell loose diamonds should consider auctions since they keep the seller’s identity private.
Local Jewelry Dealers
A local jewelry shop is ideal for quick sales. Identify trustworthy and reliable jewelry shops in your locality and get offers. Never settle for the first store you come across, it pays to get multiple offers, so you choose the highest.
Here are some of the cons of selling to a local jewelry dealer;
- Most local jewelry stores are reputable establishments regulated by the government.
- Offer appraisals so you receive the best possible deal
- Since they specialize in jewelry, they provide accurate evaluations based on market prices
- Conveniently located near you
- Renowned for fair prices and secure transactions
Selling your loose diamonds to a private buyer may fetch you the highest price, but it takes time to get one. You can get a private buyer through social media, family and friends, word of mouth, or a privately listed sale. For instance, your business can post the loose diamonds on social media accounts to get potential buyers. Similarly, listing your loose diamonds in the local newspaper connects you to interested buyers.
A substantial percentage of private buyers are brokers who buy the loose diamonds for resale and make a profit in the process. Others are online vendors, while some may be diamond enthusiasts looking to grow their collections with fine pieces. When selling to a private buyer, remember to exercise caution when meeting the client and documenting the sale.
A good way to sell your loose diamonds fast is through a pawn shop, with 30 million people selling, buying, and pawning items at pawn shops annually. Here are the benefits of this channel.
- Get cash quickly
- Support locally owned and operated businesses.
- An environment-friendly way to sell your loose diamonds for environment-conscious sellers
- Sell any type and condition of loose diamonds; pawn shops do not concentrate on specific diamond designs, shapes, colors, and cut grades.
- You can negotiate the price.
However, pawn shops may not give you the best price for loose diamonds. Some offer as low as 50% of the market value and often consider their operating costs and profit margins in the pricing. Also, pawn shops don’t have a transparent appraisal process, and some use high-pressure sales tactics.
Selling loose diamonds can be daunting, especially for startups and small businesses. Start by getting your loose diamonds evaluated by an expert to understand their worth and find a buyer willing to pay a competitive price. Become a smart and savvy B2B seller with the five channels listed above. Happy Selling!