We all know the accumulated melee and single stones collecting dust in your store represent a missed opportunity to generate cash flow for your business. But, how do you make sure that when you do sell them, you get the highest cash prices and don’t expose yourself to any undue risk in the process?
How to get the highest cash price
The key to getting the highest cash market prices for your diamonds is to expose your inventory to as many competing buyers as possible. Platforms like in-person and online auctions encourage competitive bids from top tier buyers for your diamonds. Selling your goods in international auction houses with global reach amplifies the advantage of competitive bids to get you even higher prices.
If you are selling your diamonds at tradeshows, be proactive about showing your inventory to as many buyers as possible to increase the competitive nature of the offers you are receiving.
How to sell safely
When it comes to diamond trading, working with partners you can trust will ensure you don’t expose yourself to undue risk and provide you with peace of mind. It’s advisable to seek out companies with a good reputation and a proven track record of working with pawnbrokers.
Choose a partner who is well established and has access to top diamond buyers around the world to ensure a reliable and profitable return on your diamonds. Work with a partner who puts special emphasis on personalized care and professional service so that the process is hassle-free, and you can feel confident your diamonds are in safe hands.
Work with a partner who puts special emphasis on personalized care and professional service so that the process is hassle-free, and you can feel confident your diamonds are in safe hands.
Choose the Right Platform for You
After gauging the available sales options such as auctions and trade shows, utilize the platform which generates the highest return with the least amount of headache.
For instance, if you identify auction houses as your best option, you can decide between local, national, and international exposure and single out the one that best suits your turnover timeline and cash return expectations. The global market offers the broadest range of potential buyers, so an auction partner operating at this scale could be beneficial if getting the highest cash price is the most important factor for you.
An ideal partner to help you turn your diamonds into cash will provide exceptional customer service and various value-added amenities. Seek out companies that offer expert guidance and support, while also providing useful services such as: sorting, boiling, certification and other white-glove services to minimize hassle and have everything handled in one place. Opt to work with a partner who treats your diamonds as if they are their own and will work their hardest to get the highest prices for you.
Ensure Consistent Cashflow
As time goes by, the diamonds in your store continue to accumulate, so it’s important to find a solution that provides long-term and consistent opportunities to sell. More established diamond sellers have access to a large number of buyers globally and provide regular sales opportunities, so there are always customers on-tap to buy your goods.
Conclusion
Leaving your comfort zone and exploring new ways to sell diamonds need not be daunting. Experimenting with well-established sellers and auction houses allows you to leverage their expertise, credibility and large network to ensure you get more for the diamonds – with minimal risk.
Michelle Ickowics CEO of Trading & Auctions, Rapaport Diamond Auctions
