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May 15, 2020

Auctioning Diamond: How Does it Work?

Letting go of the past is a challenge to many. Most tend to hold an emotional attachment to the memories, whether it is good or bad. It is the reason why some individuals take a lot of time deciding whether to sell jewelry regardless of its sentimental value.

Jewelry, such as diamond engagement rings, are valuable items. These are assets that could help you financially. Whether you’ve got it as an inheritance, from a romantic partnership, or an awful divorce, selling your diamond ring can be a great start for your future and move on.

Selling a diamond ring requires mental and emotional preparation. Take your time to decide before this empowering conclusion. Once you choose to let go of it and get over the guilt, the next step is to figure out how to sell your diamond ring.

There are different ways to sell a diamond ring. It is important to definitely consider the different options. Choosing the correct selling method is critical to how you can get the most of your valuable ring. And one of these selling options is a diamond auction.

What is Diamond Auction Selling? 

Auctioning diamonds works similarly when auctioning other valuable items. You will have to look for a house that auctions diamonds. The house will set a minimum price for the stone. Any buyer who bids the highest amount will win.

Diamond auction houses accept specific types of diamonds. Hence, not all diamonds are suited for this kind of selling option. Examples of diamonds that houses commonly accept are the following:

  • Rare colored diamond, like vivid red, pink, and blue. Such diamonds perform best at auction houses because of their rarity.
  • Non-fancy diamonds but has exceptional quality and unique characteristics. These are common diamonds with top color, clarity, cut grading, and carat weight.  

How Does Diamond Auction Selling Works? 

In diamond auction houses, they will set the minimum price of your stone according to its value. They usually have specialists, such as Gemologists who examine the exact grade of the stone. If your stone already has a grading certificate, they might as well run another test to guarantee its value. Therefore, if the stone is in great shape and quality, there is a big chance that you might earn more from it.

The auction house will then display your ring for bidding. Potential buyers can bid on the stone at incremental values. The winner is declared by the time no other buyers offer a higher amount.

Take note that auction houses take a set fee or percentage cut of the final price. Consequently, do not expect to earn the exact bidding amount of the stone.

Is Auction Diamond Selling a Good Option? 

Selling diamonds in an auction is a time and labor-intensive method. The process is longer compared to selling a diamond at a retailer. Furthermore, there is no guarantee that your diamond will sell immediately. Likewise, the fees are somehow uncomfortable, especially if you are expecting the get the most out of your stone.

The best choice to sell your diamond ring fast is by going to a diamond ring retailer, such as Speedy Diamond – right here you can assure to earn what you deserve, expect a quick process, and hassle-free payment methods.

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