Buyback your old diamond ring when needed
Is it difficult to buyback a diamond? Well, that depends on a lot of things. First, we should understand what diamonds really mean to us. We buy them because they are among the most beautiful, precious and expensive stones we know of. Their sparkle, brilliance and allure is irresistible. Of course, this also depends on the quality of the diamond.
The better the diamond quality, the more expensive it will be. You should be wary of cheaper stones. When its quality or pricing is questionable, it is best not to buy such a diamond. We associate diamonds with emotions such as love, romance, gratitude, commitment and companionship. Naturally, no one quite buys a diamond with the intention of selling it off immediately. In fact, diamonds are not the first thing anyone would want to sell in case of an emergency.
When can you sell your diamond?
Quite a few people sell valuables such as gold and precious jewellery as a last resort to overcome financial difficulties. Others sell it so that they can purchase new jewellery at a later date. The resale of diamonds works the same way. However, the only problem is diamond pricing and its complications.
A greater part of the diamond industry does not follow standard and transparent pricing. This makes it difficult for consumers to make a purchase, even if the diamond quality is top notch. As such, diamond prices are always fluctuating which is why it doesn’t have a price index, like gold does. Which is why most diamond jewellers simply refuse to buyback your diamond. Or even if they do, you are likely to be at the losing end.
The most reputed diamond brands have a buyback policy that allows their customers to resell their diamonds. However, there is a limitation when they buyback diamonds. It is the lack of transparency in pricing that makes buyback a task. This problem makes it difficult for the customer to get the right value for their diamond. In such cases, one might not get the right value for their diamond and end up suffering a loss.
What do you need to buyback a diamond?
Brands like Divine Solitaires have a fair pricing mechanism which comes from their Nationwide Standard & Transparent Price List. Some factors like diamond production and the demand and supply affect diamond prices. The brand’s Solitaire Price Index reflects the average price of their diamonds each month. One can refer to the SPI each month to track the changing trends.
When you’re ready to resell your diamond, you’ll need your diamond certificate. It is the most important document for buyback. Additionally, it is also best to keep with you the purchase receipt of your diamond. With these two documents, you can be sure that the jeweller can easily buyback the diamond.
For your own assurance, you can also check the current as well the past diamond prices on the Divine Solitaires mobile application. With the help of your diamond’s UID (unique identification number) you can know its real-time price.
The diamond industry has a long way to go as far as price transparency is concerned. So much so that …