Selling Diamonds

Charlotte wants to know the best way to sell diamonds. Dave recommends a local jeweler, a diamond broker and maybe a local pawn shop.

QUESTION: Charlotte in New Hampshire from My Total Money Makeover wants to know the best way to sell diamonds. Dave recommends a local jeweler, a diamond broker and maybe a local pawn shop.

ANSWER: Typically, a local jeweler or diamond broker, and sometimes in some cases a pawn shop, but what I would want to do—because I’m not an expert on diamonds—if I had one to sell that was of substantial value is I would probably get two or three different bids from people—estimates—what they would give me for these particular diamonds. You lay out your three diamonds or four diamonds or 22 diamonds or whatever you’ve got, and they give you a bid on the package from a diamond broker or pawn shop, even from a local jeweler. In many cases, they’ll have use for them. But get multiple bids and be learning about what you’ve got in the process. You may be blown away as to what the difference is in the bids that they give you. Always gather more information. In the process of doing that, you may even learn someplace else that you should get to give you a bid or give you an offer on those diamonds. The more bids and the more information or options you have, the better deal you’re always going to make because you’re dealing from knowledge then. You’re not just taking one person’s word for it, especially in something you’re not knowledgeable about.

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