While the process to sell your diamond online isn’t incredibly complicated, it is a good idea to be aware of the basic steps before you get started. Once you’ve decided to sell your diamond(s), you will most likely follow these steps regardless of which company you choose.
1. Choose a diamond dealer.
Now that you’ve read our online diamond dealers comparison reviews, you’ve probably made your choice of what site meets your needs.
2. Fill out the Request a Pack form.
This will give you an idea of what kind of payout you should expect from your diamond based on the information you have if your diamond is certified. This is a good time to “shop around” to get estimates on your diamond’s worth. Remember, these are “blind quotes” and will most likely change once your diamond has been formally assessed. These quotes often include a wide-range but give you a ballpark estimate. Fill out the form of our top ranked diamond buyer now.
3. Choose your shipment method.
Usually, you can print a shipping label, request a pack or send your diamond independently. Most companies will offer you a free method of insured shipment of your diamond, however, there are a few who request you to send your diamond on your own in a self-insured package. Make sure you’re aware of the shipping method your favorite online diamond dealer uses.
4. Get your pack ready for mailing.
If you choose “request a pack” or “mail me my pack” the company will send you a prepaid envelope along with instructions of how to mail your diamond to them. It will typically arrive in 2-4 business days, depending on how far the diamond buyer is from you. Sending the package back is free. Most companies use FedEx but a few still use USPS. We recommend that whichever online diamond you choose uses a secure pack to avoid noises or other variables that would allow people to identify your package as valuable.
5. Mail your pack.
Make sure you take note of the prepaid shipping option that you’re using and drop it in the correct box. If you used the “request a pack” feature, many of the online diamond dealers will include a list of nearby drop-off locations to make it easy for you to find one.
6. Receive your payment offer.
At least one of the companies we received allowed you to receive an instant payment and opt out of looking at the offer. Don’t do that! It’s just telling them to give you a lower offer! Make sure you take a look at the offer and let the company know whether you are going to accept or not.
Companies generally send offers in 1 of 3 different ways:
Check: Some companies send a check. In most cases they send it immediately so you have it in your hands as soon as possible. The only downside here is you have to send it back if you want your gold and jewelry back, so it can take a little longer in that direction.
Paypal: Many companies offer to pay you instantly for your gold via Paypal. This is an efficient option if you already have an account; keep in mind you’ll need to pay an extra 2-3% to Paypal for the processing.
E-mail: A few online gold buyers will e-mail or call you with an offer before processing it at all. As long as you’re attentive with your e-mail then this usually isn’t a problem.
7. Accept or reject your offer.
Accept the offer
If you decide to accept the offer they sent you, you’re done! Congratulations! You just cashed in on your unwanted diamonds.
Reject the offer
We recommend you contact the company first before taking any other action. There are a couple reasons for this:
– Some of the companies have relatively short “guarantees”. Our higher rated companies give you 20-30 days to return your valuables, but some are as low as 7 days. If you’re sending items across the country, you want to make sure the buyer doesn’t alter or reprocess your jewelry before you get a chance to have it returned.
– While some companies may increase their offer, the top ranked companies have already offered a fair price. Companies might raise your offer a little bit into a range that you would find acceptable for your valuables. Our top few companies don’t really do that, because quite frankly they said they were already paying the highest rate they could. Some of the companies offering lower payments might marginally increase the offer, but they didn’t raise them as high as our top 2-3 buyers, but they were willing to move the prices up a bit.
If you rejected the offer, return payment as soon as possible.
There’s no reason to wait when returning the check or payment after you’ve talked to the company. If you took payment via Paypal, just refund the payment. If it was an e-mail, simply follow-up with your previous contact and tell them you’d like your valuables back. If you received payment via check, send it back to them through the mail. We recommend using delivery confirmation so you know when the company receives the returned check (with USPS you’ll be spending around $2 total).
Wait for the return of your item.
Complications might arise if you decide not to use a top-ranked company (which is why we ranked them at the top), especially if a return is necessary. However, the use of our top-rated companies should ensure a smooth process.
We’re always looking to improve this section! If you have any tips or experienced something different than we did during our tests, feel free to contact us with details and we’ll get things updated!