Diamond Prices Softening
Those in the diamond trade look to Rapaport and RapNet for pricing information. Just this past week, prices for most round brilliant diamonds were lowered 2-5%, on a per carat basis. Noted in the trade report was the softening demand for VS and higher clarity diamonds, as well as triple ex (Excellent Cut, Polish, Symmetry) diamonds of high quality.
What does this mean for you as you try to sell your diamond? There are several takeaways. The most important is supply and demand. Since 2008, when the economy suffered a major crash, luxury spending is down, and spending by the 99% has decreased across the board for luxury items. We see it here at The Diamond Valet – we are overwhelmed with sellers and clients seeking to liquidate, and we are underwhelmed with dealer and retail interest. The next factor in pricing is the quality of your diamond as compared to like quality GIA lab graded diamonds. It is not important if your diamond is graded by GIA, but it is important when comparisons of your diamond are made with similar diamond lots. Many jewelers in the past have made incorrect estimations in color, clarity and overall cut, and once your diamond is properly evaluated and compared, the price may be affected.
An important thought to keep in mind when you are considering the sale of your diamond is not only price, but also experience, and the quality of information provided to you by the diamond buying firm. At The Diamond Valet, we spend time with our clients, so they understand the potential price levels for their diamond, based on the condition of the diamond. If your local dealer is not having this conversation with you, then perhaps you should try our free evaluation service. Whether we buy your diamond or just evaluate it for quality, you will at least properly understand the type of diamond you have.
Get in touch with one of our evaluation gemologists today to figure out what you have, and what it might be worth in today’s cash market.
At The Diamond Valet, we handle it all the way!