diamond faqs selling diamonds - frequently asked questions

GoldFellow®’s gemologists have compiled questions about selling diamonds our customers have frequently asked. If you have questions not covered in this section, please feel free to contact GoldFellow® during normal business hours at 1-877-696-5346.

GoldFellow® Procedures

Do I need to remove my diamonds from their settings when shipping jewelry to GoldFellow®?

If you have diamond jewelry containing smaller stones (between .25 and 1.0 carats)  and you wish to sell the entire piece, there is no need to remove the stones from their settings. You may ship your diamond jewelry along with any gold, silver or platinum you wish to sell. Your diamond offer will appear as a separate line item on your settlement in GoldView®.

If you wish to only sell the stones you may either remove the stones from their settings before shipping – or you can take advantage of GoldFellow®’s gemstone removal program if the stones are larger than 2mm – see your packing slip for details.

If you have GIA Certified diamonds, diamonds over 1.0 ct or you believe your package may exceed our $2,500 automatic  insurance, please call GoldFellow® at 1-877-696-5346 to discuss additional insurance options.

Can I sell my diamond in person?

You can sell your diamond in person at any of our GoldFellow® locations.

Diamond Value

My diamond glitters and looks like all the colors of the rainbow. Does that make it more valuable?

The glittery effect is caused by the cut of your diamond. A well cut diamond should allow light to pass through, bounce around the stone and then exit out the top making it have fire and brilliance. While cut is only one of four factors in diamond grading, it is the most important factor.

Why are large diamonds so much more expensive relative to small diamonds?

Large diamonds (over 1 carat) are far more rare in nature than smaller diamonds. Therefore, the value of large diamonds tends to increase exponentially.

What is the true value of a diamond versus its appraised value?

The appraised value should mean the replacement value of the stone for insurance purposes. But, some retailers may use “appraised value” as a selling tool and may produce certificates from a laboratory indicating “appraised value” and offering the stone at a reduced price. This is misleading and creates an expectation that the stone is worth more than what the consumer paid for it. But, the price paid – not the appraised value – is likely closer to what the stone was worth on the retail market. If reselling the diamond, consumers should be aware the retail purchase price was likely marked up 2-3 times over the actual cost of the stone. So, a diamond which cost $3000 retail is more likely to be worth $1,000 – 1,500 (or less) to a diamond buyer depending on the actual quality of the stone and the market at the time.

Does the cut of my diamond impact value?

Round brilliant and princess cut stones of the exact same carat, color and clarity as other cuts such as emerald for example, will usually be more valuable. The reason is these cuts have more facets which reflect more light. The more facets created by the diamond cutter…the greater the “fire or brilliance” of the diamond…the higher the value.

If I sell my stone to GoldFellow® can I expect to get the appraised value?

The “appraised value” of a piece of jewelry generally refers to the estimated “insurance replacement cost” of the piece at full retail. Therefore the appraised retail value is not what a seller should expect to be offered for the stone at the time of resale. GoldFellow® purchases diamonds based on diamond quality, carat and current market prices.

Are diamonds a good investment?

Not for the average consumer. While those in the diamond industry make money selling diamonds, the average person buying a loose diamond or jewelry set with diamonds may not have the expertise or education to turn a profit on their purchase.

I bought my diamond wholesale. Shouldn’t it be worth more than I paid?

Not necessarily. Remember, even the wholesaler is making a profit on the sale of the stone. Unless you purchased your stone in a very down market, held it until just the right time, the stone is perfect and were lucky that the cut increased in popularity when you decided to sell it, you should not expect your stone to be worth more than you paid – even at wholesale.

Will knowing how many millimeters my diamond is tell me its carat?

No. Measuring the length and width of a diamond in millimeters only tells the actual size of the stone but not the carat which is the diamond’s weight measured in milligrams. However, knowing the measurement of the diamond from the table (flat top) to the culet (pointy bottom of the stone) and the measurement of its diameter will give you an important ratio which helps determine the symmetry of your stone and impacts the cut’s ability to reflect, refract and disperse light. There is an ideal ratio for each shape diamond.

I keep hearing about points. What does it mean that my diamond is 50 points?

The point system is used when describing stones smaller than one carat.

1 carat = 100 points

So, your 50 point stone is one-half carat.

What does “ideal cut” mean?

Diamond grading laboratories such as American Gem Society (AGS) or Gemological Institute of America (GIA) grade the cut of a diamond from highest to lowest beginning with “ideal” and working down through premium, very good, good, fair through poor. While there is an ideal proportion for every cut, “Ideal cut” applies only to round cut diamonds exhibiting the optimum depth and table size to create a diamond with maximum brilliance.

What is a GIA Certificate?

The Gemological Institute of America a non-profit independent organization recognized as the world’s leading authority on diamonds. A GIA Certificate or Diamond Grading Report is an assessment of a diamond’s color, clarity, cut and carat weight. This report is only available for loose, natural diamonds of .15 carats or larger. In addition to grading the diamond, the report diagrams the diamond’s clarity characteristics and proportions. For standard round brilliant cut diamonds, a GIA cut grade is included.

Are all diamond grading laboratories the same?

Although the 4C system (4Cs)of diamond grading developed by the Gemological Institute of America (GIA) in 1953 is widely used by gemological labs throughout the world, the instruments used, the training of the gemologists, number of gemologists evaluating the stone and the types of reports issued differ. And, diamond grading is still highly subjective. Grading reports on the same diamond may differ from lab to lab. This is known in the industry as “grading tolerance”. But, grading tolerance can translate into significant difference in value to a consumer. A GIA certificate is considered by most as the industry gold standard. At the GIA, each diamond is evaluated blindly four times, each by a more senior gemologist. The criteria included in the GIA report include: carat weight and measurements, color, clarity including a plotted diagram, cut grade, polish and symmetry and fluorescence. In addition, the GIA can laser inscribe the certification number onto the diamond’s girdle for added security and assurance. No value is assigned to the diamond.

What does “t.w.” mean after the carat weight on my paperwork?

The abbreviation “t.w.” stands for “total weight” and refers to the combined carat weight of multiple diamonds in the same piece of jewelry. The abbreviation “ct” by itself refers to the weight of an individual stone.

What are diamond facets?

Facets are flat surfaces cut into the diamond which reflect light. The quality of the cut and symmetry of the faceting pattern is critical to the beauty of the diamond. A well cut faceting pattern reflects more light from the top of the stone making it sparkle. Contrary to popular belief, it is not the number of facets – but the skillful and precise placement of the facets which increase value.

What does “Old Miner” cut mean?

An old miner is a diamond cut in the old mine style (also known as Peruzzi cut or triple cut brilliant) which originated in the late 17th century. Hallmarks of this cut are a round, high crown, a deep pavilion, small table and large culet. Though it is considered the predecessor of today’s round brilliant cut, the old miner appears more square than round in shape. The old miner cut follows the shape of the original rough stone and therefore tends to be heavy and deep with poor symmetry. Old Miner cut diamonds began to disappear in the early 20th century as other methods of diamond fabrication and new equipment made other cuts possible. Old Miners are commonly found in vintage and antique jewelry.

What is a “European” cut?

The European cut is considered the predecessor of today’s round brilliant cut. Unlike the old miner cut, the faceting of this diamond creates a round shape. Cut by hand without a diamond saw, the shape may be less than perfect yet the cut’s 58 facets reflect light brilliantly out the top of the stone. Dating from the late 18th century and disappearing around the turn of the 20th, the European cut is commonly found on antique pieces.

What are baguette diamonds? What are they worth?

The Federal Trade Commission set the cut requirement for diamonds at a minimum of 17 facets. Baguette diamonds do not meet that requirement and therefore must be referred to as “baguette” before the word diamond rather than just “diamond”. Nevertheless, baguette diamonds which are generally elongated rectangles with two rows of step-cut facets have their place in diamond jewelry. Often used in matched pairs as side stones, baguettes are placed next to a matching colored center stone to enhance the setting. Baguettes are also seen channel set in rows on rings, bracelets and other pieces of jewelry. GoldFellow® will purchase individual baguettes over .25 ct.