Paying top dollar

for your diamonds since 1980

Contact Us Today

Selling Diamonds or Gold? Three Things You Should Keep in Mind

Posted on August 5th, 2013 by Goldman Buyer

Diamonds & Gold Buyer Chicago Did you know that astronaut space helmets have a gold coating on the visor? The gold is so thin that it is transparent, allowing astronauts to see out yet receive less glare and heat from the sun. Today, gold is the most popular investment out of all the precious metals while diamonds, not surprisingly, are one of the top stone investments. If you have been interested in finding a gold or diamond buyer, here are three things you should keep in mind.

1. Understand Changes in Demand

Right now is a good time to sell diamonds, as demand from Chinese and Indian markets has been pushing up the price. Diamond prices increased 19% in 2011, meaning that retailers are more likely to buy from you rather than pricey wholesalers. Why is gold sold off during times of economic weakness? Studies have suggested that gold has a correlation with crude oil prices. In other words, the price of gold is more affected by global events causing changes in demand, rather than production. Although there is no right answer for when you should sell, know that the price of gold goes down when U.S. currency gets stronger.

2. Do Not Undersell

Did you know that all the gold found throughout human history only adds up to 60 tractor trailers’ worth? The gold you have is valuable, and you should try to get 90% of current market value. Experts recommend not selling for less than 70% unless your economic constraints require it. Keep in mind that coins and bars net higher prices than jewelry, however, since jewelry needs to be melted down. Jewelry usually sells at 60 to 80% of market value.

3. Find a Reputable Dealer

There are dealers for gold and diamonds that operate both locally and online. Stone and gold sales online often require you to mail in your jewelry or coins before they make an offer. In this case, you want to pick dealers who give you several days to respond. No response is often assumed to be acceptance, at which point the dealer will mail you a check and you will have little recourse. For local gold and diamond buyers, look for someone who has an established name in the community, and a reputation for fair prices.

Do you have tips for selling gold or diamonds? Let us know in the comments!

← Back

Customer Testimonial

Had a Great Experience

"I drove all the way from the south side just to sell my silver to Chicago Gold Gallery because of the knowledge and professionalism I received on the phone. They gave me top dollar for my silver and were so fast and friendly. I definitely recommend this business!"

Date: 10/27/2017 • 5 / 5 stars ★★★★★

Can't say enough about this place.

This is the most welcoming, non-pretentious place to do business! I was researching where to sell sterling silver I had and ended up choosing here based on the other great reviews. They walked me through the whole process and answered my questions. I got a great price for my items & will go there again.

Date: 09/17/2018 • 5 / 5 stars ★★★★★

Love this place!

Chrissy & Joe are all super friendly and easy to work with. I trust them and they will do whatever they can to help you including giving you advice on what you have or what you should look for. I won't ever go anywhere else and I've recommended it to several friends.

Date: 08/02/2015 • 5 / 5 stars ★★★★★

I would do business with them again

I had a large collection of silver coins sitting in my safe deposit box for 15+ years. Chrissy was so friendly and helpful she even gave me advice about coins I didn't know. She was more than happy to help me for over an hour in between taking care of other customers. They really did give me top dollar for my coins. Whether you are new or a pro with coins, I can highly recommend you take them here!

Date: 02/22/2020 • 5 / 5 stars ★★★★★

Don't Hesitate to call...

I find that Joe at Chicago Gold Gallery consistently offers and pays more for my coins than coin dealers in Chicagoland. He's very nice and easy to deal with. Don't hesitate to call him and preferably visit him.

Date: 12/04/2015 • 5 / 5 stars ★★★★★

How to Reach Us?

Get Directions

Contact Us

Get the most for your valuables.

1236 W. Devon Avenue
Chicago, IL 60660

Phone: 773-338-7787 Email:

Hours: Mon-Sat: 9am-6pm

Especially Wanted

  • Gold & Silver Coins
  • Bullion Gold, Silver, & Platinum
  • Scrap & Old Gold
  • Sterling Silverware
  • Dental Gold
  • Coins & Coin Collections
  • Franklin Mint
  • Collectibles
  • Rare Coins
  • Antique & Modern Jewelry
  • Diamonds
  • Watches - Rolex, Patek Philippe
  • Broken Jewelry
  • Tiffany & Company - Cartier
  • Vintage & Modern Guitars