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

Posted on August 5th, 2013 by Joe G

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!

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