Have you ever wondered how it works to trade in or sell a diamond?
I spoke with Bruce Lambert of Gramercy Gifts, a trusted family jeweler in Newport Beach, and he told me all about the process. It really is fascinating! If you want to explore trading in or selling a diamond in Orange County, consider Bruce to be your go-to guy.
Life scenarios that involve trading in or selling a diamond can be due to either happy or not so happy events. Let’s start with the happy first!
How to trade in a diamond
Many couples find themselves in a stronger financial situation a few years into a marriage than they were when they first got engaged and married, so the time may come when you might want to trade in your diamond for a larger or better quality one. Bruce explained the process this way.
Let’s say you want to trade your 3/4 carat for a 1.5 or 2 carat stone (lucky you!) You should be able to take your diamond to a trusted jeweler (trusted being the key word – someone you are truly comfortable with) and trade it toward a new one, sort of like trading in a car – only a lot more fun!
Or, you may be able to leave it on consignment, where you agree to a price and then when the diamond is sold, you can use that amount toward the purchase of a new diamond. This alternative may take longer (maybe only a week or two but sometimes several weeks or months) and leave you without a diamond ring in the meantime, but if you have the time, this way should give you a positive price advantage.
How to sell a diamond
Diamond sales can sometimes involve not so happy events. People might be getting divorced or find themselves in a situation where they need money. Sometimes diamond sales involve an inheritance where the diamond is not needed, and the people prefer to sell it and use the money towards other things. Whatever the case, there are two ways how to go about selling a diamond.
1. Consignment
A trusted jeweler should be able to take your diamond and sell it on consignment. After the diamond is evaluated, an agreement is drafted with a written agreed upon price and payment that is to be issued at the time of sale. The jeweler is then able to contact people who might be presently looking for such a diamond or have the diamond in inventory for when the right client comes along.
The benefit of selling a diamond on consignment is that typically the seller will get a better price for their diamond. The con of consignment is that the process can take longer, sometimes up to several months. If people do not need the money right away, this may be a better way to go.
2. Immediate Diamond Sale to Industry
If people need the money right away, a jeweler can take the diamond and purchase or sell it to the diamond industry and you should get your money within a couple days.
The downside to this is you will get on average 20-30% less than selling your diamond on consignment. The pro is that you don’t have to wait to get cash in hand and it is a sure sale, completed. Depending on your situation, this might be an advantageous way to go.
Most importantly, work with a jeweler you trust!
It is very important whenever you are considering trading in or selling a diamond, that you work with a jeweler you trust. Large, national stores cannot always provide the same relationship that a family/community jeweler like Bruce of Gramercy Gifts can.
Bruce has raised three daughters in Orange County, and is now a proud grandpa who has lived and worked in Newport Beach for over 35 years. To know you are working with someone who has been an active, trusted member of the community is priceless (and important.)
Bruce designed the most gorgeous new setting for my wedding ring last year. Working with him was so pleasant and easy. I loved the personal attention he is able to provide his clients being an appointment-only jeweler.
It also felt good knowing that we were working with someone that came highly recommended and someone we knew we could trust.
Speaking of which, the holidays are coming up! Feel free to *accidentally* send this post to your hubby in case you are hoping for something sparkly under the tree this year. Bruce can custom design any piece sure to delight any OC mom!
Do you have any more questions for Bruce on this topic? Feel free to comment below…
[Disclosure: Gramercy Gifts is a Tiny Oranges Sponsor]
Great tips Jen. I’ve always wondered about the best route to go when the time comes. 🙂
Thanks for your comment Paige! Bruce is awesome, when the times comes I know he can help you!! Happy weekend!