What Are The Risks Of Selling Diamonds Online? Here’s What You Should Know
These days, it feels like everything can be done online. You can pay your bills, order food, and watch your favorite television series. You can even take online courses or work an online job.
It’s possible to Sell Your Diamond Online, too. All it takes is a few clicks and a trip to the post office. And while this may sound appealing, this type of convenience is not without its drawbacks.
There are many risks to selling diamonds online. Diamonds, after all, are highly prized for their beauty and value. As a result, there’s a higher chance of encountering shady and unsafe situations. Here’s what you should keep in mind.
6 Risks Of Selling Diamonds Online
- Lack Of Choices
Before Selling A Diamond, it’s important to shop around for the best offer possible. This involves speaking with reputable buyers who know what your gemstone is truly worth.
This is nearly impossible to do behind a screen. Besides, even if you request an offer and provide your diamond’s information, the potential buyer can’t evaluate the gem in person.
But when you sell to a local buyer, you open up the door for more accurate (and trustworthy) offers. You can also shop around and ask questions. This leads us to our next point…
- Inexperienced Buyers
Dealing with inexperienced buyers is another risk of selling diamonds online.
If a buyer isn’t a professional diamond expert — like the GIA-Certified Buyers at Southwest Jewelry Buyers — they won’t be able to accurately examine and grade your diamond. This means they can’t assign an appropriate value to your diamond, and therefore, you may be underpaid.
Look at this way: You wouldn’t buy a diamond from an inexperienced seller. So, why should you Sell Your Diamond to an inexperienced buyer?
- Refund Scams
While selling anything online poses the risk of refund scams, expensive items have a much higher risk.
A refund scam, also known as refund theft or refund fraud, involves returning an unsuitable item in exchange for a refund. Specifically, the item doesn’t qualify for a refund because it’s been altered or compromised.
This can happen in several ways. For example, if you Sell An Engagement Ring online, the buyer can replace the diamond with a low-quality or fake crystal. They might also tamper with the construction of the jewelry. So, if they demand a refund and return the piece, you may be left with less than what you started with.
Refund scams are especially likely on platforms like eBay and Amazon. This is because marketplaces typically side with the customer.
In short, you can never be sure if an online buyer is an honest individual.
- Hidden Fees
Hidden fees are typically associated with monthly transactions and big purchases. However, you might be surprised to know that Selling Your Diamond Jewelry online can come with surprise fees, too.
For instance, online diamond buying companies may charge a fee for processing the transaction, while online marketplaces typically take a percentage of your sale. And then there’s the actual delivery of payment. PayPal, for example, also takes a portion of each sale.
Considering the high price tag of a precious gemstone, all of these fees can leave a significant dent in your overall payout.
- Shipment Problems
Selling diamonds online also presents the risk of shipping mishaps. After all, once the diamond leaves your hands, you can’t control what happens next. The package can be delivered late or end up in the wrong hands. It might even go missing from point A to point B.
These things happen. And while you can purchase insurance and request delivery confirmation with a signature, the stakes are simply too high.
On the other hand, if you Sell Your Diamond to a professional buyer, you can complete the exchange in person.
- Delivery Fraud
There’s also a risk of delivery fraud. In this scenario, the buyer receives the diamond but claims it never arrived. As a result, they may demand a refund or take legal action.
Some might find it hard to believe that anyone would do such a thing. But unfortunately, delivery fraud is a very common scam. It’s also quite the headache.
To eliminate the risk, sell your diamond to a reputable jewelry buyer. This way, you will be present for the “delivery” process.
Your Safest Option Is To Visit The Honest Buyers At Southwest Jewelry Buyers.
When you work with our Jewelry Buyers In Phoenix, you won’t have to worry about the risks of selling diamonds online. That’s because our staff at Southwest Jewelry Buyers is committed to providing ethical, honest and professional transactions.
Simply put, when you work with Southwest Jewelry Buyers, you can guarantee a safe and professional selling experience.
To begin the process and Schedule An Appointment, call us at 480-773-8004. We’re available six days a week for your convenience.