Is It Ok To Sell Inherited Diamonds?
If you have been left some diamonds from a family member or friend who has recently passed, it can be difficult to know what to do with them. Although selling them might seem like a good option to benefit from some extra cash, many people do not know how to go about it and whether selling inherited diamonds is truly the best idea. While the decision regarding how to manage inherited diamonds can be tricky, if you decide to sell, the process of letting the items go does not need to be.
Take a look at whether selling diamonds is the right idea for you and how to do so in this guide.
Can You Sell Inherited Diamonds?
Yes, selling inherited diamonds is certainly possible if you decide to let go of them. It is an entirely personal decision which should be made with serious thought. Though it is also important to remember that holding on to any inherited object simply because you feel guilty for selling is neither practical nor sensible. You should, therefore, try to only keep inherited objects which hold an important place in your life. By selling inherited diamonds, you could put the money towards your future or something important to you which is not something to feel guilty about.
How To Sell Inherited Diamonds
If you have made the decision to sell inherited diamonds, the process is usually easy and straightforward to navigate. Before doing anything, you should to gather up your diamonds and make sure you are happy to sell every piece as you do not want to regret any decision later down the line. Once you are happy to move forward, follow the steps below:
1. Contact A Wholesaler
To start, it is a good idea to find a reputable diamond wholesaler and contact them regarding your inherited goods. At YL Diamonds, we will ask you to schedule an appointment in our Hatton Garden office in London in order to assess your diamonds in person.
2. Get A Quote
Next, you will typically be required to bring your inherited diamonds into the store so the wholesaler or buyer can appraise your diamond in person. This will give you an accurate quote as to how much your diamonds are worth. If you want to shop around for the best deal, this is then the time to do so.
3. Get Paid
Once you have accepted an offer on your inherited diamonds, the wholesaler should give you the money straight away as an exchange. Alternatively, you can post your diamonds to the buyer using a prepaid envelope and receive a bank transfer the same day it is received. You are then free to use the money however you wish and feel confident knowing you got the best rate for your inherited diamonds.
Alternatives To Selling Inherited Diamonds
For those who are still unsure as to whether selling inherited diamonds is the best course of action, there are a number of alternative ways to make use of the goods. For instance, you could save the diamonds to pass on to a loved one of your own someday. Heirlooms can often signify a connection between people which may make the prospect of passing on the inherited diamonds yourself all the more favourable.
Alternatively, you could have the diamonds made into something else. By getting the diamonds added to a ring, necklace, or pair of earrings, you can give new life to the gemstones and feel content knowing they are still in your possession. Plus, you’ll have a luxurious new piece of jewellery to show off.
Whatever you decide to do with your inherited diamonds, whether you sell them, keep them or get them turned into something else, there is no right or wrong route to take. As long as you are happy with your decision, that is all that counts.