Given the escalating demand of diamonds among the middle class in India and China, it doesn’t come as a surprise that diamond jewelry’s price has seen an almost 50% increase in the past couple of years. Moreover, with the constant rise in the demand, jewelers have decided to start filling in their stocks with diamond jewelry purchased especially from the public.

In spite of the fact that now seems the perfect time to cash in your diamonds for a near profit, take note that selling a diamond ring or a pair of diamond earrings can be a major headache. Following are some tips to remember when you finally decide to hock your stone.

• Make sure you’re ready to sell it

More than any other precious stones, diamonds are associated with love and hence, are harder to part with. This is why you should make sure that you are actually prepared to sell your diamond ring before going through with this. As buying and selling diamonds represents a trade like any other, you need to make sure you don’t complicate your transaction by bringing emotions into the picture. Therefore, if you have even the slightest regret about selling your diamond jewelry, it is best to stop and find other ways to get some cash.

• Assess the real value of your diamond jewelry

Simply because your departed aunt always used to mention just how valuable her diamond ring is, that doesn’t automatically make it so. Consequentially, before rushing to the nearest jeweler, it would be wise to inform yourself about the quality and authenticity of your piece. More often than not, you can get an unbiased opinion about the value and worth of your diamond jewelry from a qualified appraiser. In addition to how much you can get for your piece, the appraiser can also point out the strong points and negative attributes of the precious stone, data that you could use later on to negotiate a fair price for the jewelry.

• Set a realistic and shrewd price

It is necessary to mention that the price of the diamond jewelry can fluctuate based on special circumstances and can be very different on specific markets. Not to worry though, as an appraiser can also help you figure out the best selling strategy based on the market trends and help you better understand the potential resale value of the stone. You can use all of the aforementioned data to come up with a realistic price that will attract numerous customers.

• Evaluate all your selling options

When it comes to selling your diamond jewelry, you have two more or less secure options, selling it to the public or to the jewelry industry. As you probably guessed, selling your stone to the retailer is not only safer, but also quicker. Some might argue that by rushing in to do business with a retailer you will not get the top dollar for your piece. On the other hand, with a little bit of research you can be certain to find a retailer that can offer a good price, which is actually close to the stone’s real value.