What You Need to Know Before You Sell Your Diamond Online

The saying diamonds are forever is true for many different reasons. For one, a diamond will always remain a symbol of sophistication and affluence, which will make people from now until forever want to own one. Moreover, a diamond remains a good investment. It remains one of the highest valued rare gems that will make any person want to own one forever. For such reasons, diamond trade remains strong; and with the current developments in information technology, diamond trade has also reached the Internet. So people can now sell diamonds online, that’s great, right? While it is a good thing, it can also be very risky. When talking about selling diamonds, we can be talking about a gem that could be worth huge deal of money; hence, people who want to sell diamond need to be very careful and very sure in transacting with jewelers. When selling diamonds online, the most important thing to ensure is the reputability of the company. The first thing any seller needs to look up is the company’s profile or business report. Here are the things a company report usually consists:

1.       Rating from the Better Business Bureau (BBB) – BBB ratings will let you know how reputable a company is based from their business performance standards. BBB rates businesses from A+ to F, the highest and the lowest ratings respectively. BBB also publishes information about any unpleasant histories about the company.

2.       Insurance terms – Considering the fact that you will be shipping your diamond online, anything can happen. Know the terms of the company’s insurance policy so you know how they can cover for you in case anything happens with the diamond while in transit.

3.       Terms covering the return period – It is also important to know how long exactly it will take for you to get paid. Your diamond may be worth quite a bit, so make sure you get your money safely and on time.

4.       Shipping – Shipping highly valuables items like diamonds is very crucial. Know what shipping service your jeweler use and make sure it is trusted and reliable.

5.       Appraisal system – It is also important to know whether the company offers and instant appraisal their clients’ items. Online jewelers need to be as responsive as they can when it comes to this. Since clients are not dealing with them personally, they need to make clients feel well received. Your jeweler must be able to make you feel comfortable with their appraisal system as this will determine the price of your diamond. Reputable online jewelers are mostly able to provide instant appraisals.

Selling diamonds online entails a lot of risks. However, reputable online jewelers must be able to make you feel safe and comfortable with their process. Good online dealers will be very welcoming to your inquiries and will make sure all your questions will be answered and all your doubts will be cleared. Do not hastily send your diamonds to any online dealer you find through the internet. It is very important to do your research to make sure that you are transacting with a legitimate online diamond buyer. 

Like to read more similar articles please click the links below:

DiamondTrade 101: How to Clean Your Diamond Jewelries Before Selling Them

I Do – orNot Anymore: Why and Why Not to sell Good to Sell Unwanted Engagement Rings

Cash forJewelry? How to Find a Reputable Diamond Buyer

Do’s andDon’ts in Selling Diamonds Online

Christie’s sets a world record: most expensive ruby necklace sold at auction

Three months after President Obama renewed the ban on rubies and jade from Burma, three pieces of Burmese ruby jewelry made the top 10 sellers at Christie’s Hong Kong on November 26th, 2013, and one set a world record.

Burmese ruby and diamond necklace weighing 87.78 carats sold for $6.4 million at Christie’s Hong Kong on November 26, 2013 - the most ever paid for a ruby necklace at auction. (photo courtesy Christie’s Images Ltd)

A stunning necklace of diamonds and Burmese rubies designed by Etcetera sold for $6.4million at Christie’s Hong Kong on November 26, 2013 – the most ever paid for a ruby necklace at auction.

Another juicy Burmese ruby – a 13.21ct oval set in a ring - sold for nearly $6mil, and a third Burmese ruby and diamond “Flora” necklace by Bulgari sold for $3.8mil.

Oval-shaped Burmese ruby ring of 13.21 carats sold for nearly $6 million - $451,000 per carat - at Christie’s Hong Kong on November 26, 2013. (photo courtesy Christie’s Images Ltd)

Although a flawless diamond necklace brought the top price in the sale, as usual, and a fancy orangey-pink diamond set its own world record that day, Burmese rubies took center stage. Obviously, international demand is strong for the finest rubies from Burma, a top source for this increasingly rare gem, but the ban on their import into the U.S. remains – for now, at least.

Jade and rubies mined in Burma have been banned from entering the U.S. since the Tom Lantos Block Burmese JADE Act passed in 2008. Many gem and luxury jewelry dealers in the U.S. expected the embargo to be lifted over the summer, based on evidence of improvement in human rights in Myanmar, formerly known as Burma, and the fact that Obama waived most of the sanctions in November 2012.

On August 7, however, President Obama issued an executive order extending the current ban on rubies and jade from Myanmar for another year. The order prohibits the importation into the U.S. of “any jadeite or rubies mined or extracted from Burma and any articles of jewelry containing jadeite or rubies mined or extracted from Burma.”

A statement issued by the White House indicates the Obama administration is maintaining the ruby and jade ban due to concerns about labor and human rights in the gem sector.  Hopefully, this final push will inspire significant change by the time the ban comes up for renewal again in the summer of 2014. By then, the U.S. block on Burmese rubies and jade will have been in place for six years.