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Trading diamonds can be a lucrative way to make money. However, the diamond market is volatile, so you must conduct research before attempting a sale, even if you are a seasoned jeweler with years of experience.
Understanding the process and being wary of particular transactions is crucial to avoid scamming. Nightmare stories of consumers having their diamonds switched to worthless gems are not news, but even jewelers must be wary to ensure they do not get scammed and have their business suffer.
As a jeweler, your business depends on getting a fair price for your diamonds, so when selling your loose diamonds, following the tips below is critical to avoid getting scammed.
The Tops Tips To Avoid Getting Scammed
Even with the emergence of lab-grown diamonds, the value of natural diamonds has remained steady. More than that, experts share that their value has increased over the last few years. So yes, now is a great time to sell your loose diamonds through the best possible means to invest that money back into your business.
1. Do Your Research
As a jeweler, you are already familiar with the industry and its ins and outs. Still, when considering selling your loose diamonds, you must pay attention to your industry and see what the market looks like. Check the current market conditions and attend jewelry and gem shows to see what is trending.
You will also benefit from consulting with a diamond expert who may not tell you where to sell loose diamonds but can give you insight into the price point you can expect. Once you research, you will have a clearer idea of the expected price.
2. Find A Company With Rave Reviews
Most brands that purchase diamonds will need you to send them the gems to properly analyze before giving you a price. Since you are trusting your loose diamonds in the hands of strangers, it is essential to check how reputable the company is beforehand.
When doing business with a company through online means, you must be sure that the company has a good reputation before trusting them with your precious items.
Thankfully, plenty of means exist to check how genuine a company is. It is best to go beyond the company's website for proper research. Start with their social media pages. Read the comments and see what other jewelers have said about their experience with the company. You must refrain from doing business with the company if there are several complaints or horror stories.
Reviews on the company's website can give you an idea, but the people behind the company can easily edit such comments. For proper research, visit independent review websites where consumers can rate their experience with the company without being edited. The company you work with should have stellar reviews, with hundreds of customers praising their service and overall experience.
3. Insure Your Diamonds
When shipping your diamonds, always insure them to prevent financial loss in case your package gets lost or you are the victim of a scam. More than that, be sure that the insurance you choose covers you in case of fraud, as not all insurance policies do.
When selecting your insurance policy, speak to an expert who deals in Jewelers Block policies to ensure that your business has proper coverage and your inventory is also covered.
4. Choose A Brand That Provides Secure Transactions
Shipping a bag of diamonds to get evaluated can be frightening because it can easily get lost. For this reason, reputable brands that buy loose diamonds will provide secure transactions by opting for trusted shipping and logistics companies and secure payment methods.
The best online diamond buyers will also make the whole process reasonably easy. These professionals will guide you every step of the way and make it super easy to ship your diamonds safely and get your money securely. They will use reputable money transfer companies like PayPal and professional shipping companies like FedEx.
So when you deal with a company and the process feels too complicated, or the shipping system does not feel as secure as you hoped, take your time before giving in to avoid getting scammed.
Conclusion
Selling loose diamonds is part of your jewelry business. Getting the best price is how you can have a bigger budget to invest in newer and more modern pieces to adhere to the demands of your consumers, stay on top of trends, and continue to refresh your designs
Selling your loose diamonds at a great price is therefore essential, and while you may have years of experience in the business, it is always good to do some homework before selling to ensure you do not get scammed.
Ross is known as the Pambansang Blogger ng Pilipinas - An Information and Communication Technology (ICT) Professional by profession and a Social Media Evangelist by heart.
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