Diamond Buyers on Madison Avenue in Midtown Manhattan

This page explains how selling a diamond works at our Madison Avenue showroom in Midtown Manhattan, where we have bought from the public for over 15 years. It covers what we buy, how a diamond is graded on the four characteristics the Gemological Institute of America uses, what a grading report does and does not tell you, how our free appraisal runs, what lifts and lowers an offer, and the questions worth asking any buyer before you hand a stone over.

We are a diamond and jewelry buyer, not a pawnbroker and not a chain. We have bought directly from the public for over 15 years, we test and weigh every stone in front of you, we explain each step as we go, and we pay cash. The appraisal is free and there is no pressure to sell. If you decide to leave with the diamond still in your pocket, that is a perfectly good outcome.

What we buy

We buy diamonds in almost every form. That takes in loose diamonds, whether they are round brilliants or fancy shapes such as princess, cushion, oval, emerald, pear and marquise, and diamonds still set in jewelry: solitaire rings, three stone rings, tennis bracelets, pendants, studs and clusters. We buy single stones and we buy lots, from one earring that lost its partner to a tray of mixed pieces.

A diamond engagement ring is a common case with its own questions, so it has its own engagement ring buyers page. Older and inherited pieces that happen to hold diamonds are often valued best as estate jewelry, and a mixed drawer of gold and gems is covered on the jewelry buyers page. Wherever your diamond sits, you can bring it here and we will tell you which way values it best.

We also look at the metal the diamond is set in. A diamond ring is worth the stone plus the gold or platinum around it, and both are weighed and valued. If the setting is gold, the gold buyers page explains how that side is priced.

How a diamond is valued: the four Cs

The value of a diamond rests on four characteristics the trade calls the 4Cs: color, clarity, cut and carat weight. GIA founder Robert M. Shipley coined the term in the 1940s to replace the vague descriptions dealers had used until then, and the four letters are still the language every buyer and grader works in. You can read GIA’s own account of them on its 4Cs of diamond quality pages. Here is what each one means for an offer.

Color

In a white diamond, color means the absence of color. GIA’s D-to-Z scale, introduced in 1953 and now the industry standard, runs from D, which is colorless, down through faint and light tints to Z. The nearer a stone sits to D, the rarer it is and the more it is worth, all else being equal. The steps between neighboring grades are subtle and are judged against master stones under controlled light, which is why color is read by a trained eye rather than by guesswork. Fancy colored diamonds, strong blues, pinks and yellows, are graded on a separate scale and can be worth more for their color, not less.

Clarity

Clarity describes the small internal features, called inclusions, and the surface features, called blemishes, that formed with the diamond or appeared in wear. A grader examines the stone under ten power magnification and places it on a scale that runs from flawless through very slight and slight inclusions down to stones whose inclusions are visible to the naked eye. Fewer and smaller inclusions mean a higher grade. Many inclusions are invisible without a loupe and do not change how a diamond looks on a hand, but they do change the grade and so the price.

Cut

Cut is the one C made by human hands rather than by nature, and it is what gives a diamond its brightness and fire. GIA introduced its cut grading system for round brilliant diamonds in 2006, judging how well a stone’s facets return light. Cut is not the same as shape: round, princess and cushion are shapes, while cut grade is about the quality of the proportions and the finish. A well cut stone sparkles and carries its weight well, and a poorly cut one can look dull even at a high color and clarity, so cut often moves an offer more than people expect.

Carat weight

A carat is a unit of weight, not size. One metric carat is 200 milligrams, a fifth of a gram, and each carat divides into 100 points, so a stone described as fifty points weighs half a carat. GIA sets this out on its diamond carat weight page. Price does not rise in a straight line with weight: because larger diamonds are rarer, a single two carat stone of a given quality is worth far more than two one carat stones of the same quality. We weigh each loose diamond on a calibrated scale in front of you, so the number is never in doubt.

What a grading report is, and what it is not

A GIA grading report describes a diamond’s 4Cs and its measurements and plots any inclusions on a diagram. It is useful because it comes from an independent source. GIA is a nonprofit institute founded in 1931, and it does not buy, sell, trade or appraise diamonds commercially, which is why its reports are treated across the trade as a neutral standard rather than a sales tool. GIA describes its mission and its nonprofit status on its gemological education pages.

There are two things a report does not do. It does not state a dollar value, because a grade is not a price; the market sets the price, and the market moves. And a report is not required in order to sell. If your diamond came with a GIA report, bring it, because it saves time and settles the grading. If it did not, that is normal, and we grade the stone ourselves at the counter and explain what we see.

How our appraisal works

An appraisal here is done in the open, across the counter, while you watch. We do not take a diamond into a back room. The steps are simple, and we talk you through each one.

1. We look at the stone under a loupe and a microscope. A ten power loupe and a gemological microscope show the inclusions, the cut and the finish, and we point out what we are seeing as we go.
2. We confirm it is a natural diamond. We check the stone against the tests that separate a natural diamond from a simulant such as cubic zirconia or moissanite and, where needed, from a laboratory grown diamond. An honest buyer welcomes this step, because it protects both sides.
3. We weigh it. A loose stone goes on a calibrated carat scale. For a mounted stone we measure it and estimate the weight from its dimensions, since prying a stone out of a setting to weigh it is avoided unless you want the stone removed anyway.
4. We weigh and test the metal. The gold or platinum of a setting is tested for purity and weighed, because it adds to the offer.
5. We explain the offer. We tell you how the grade, the weight, the setting and the current market led to the number, and we answer questions. Then the decision is yours.

None of this commits you to sell. If you want a second opinion, Midtown Manhattan holds plenty of other buyers nearby, and we would rather you feel sure than rushed.

What lifts and lowers an offer

A handful of things move a diamond’s value up or down, and knowing them helps you read any offer, not only ours.

• The four Cs together. Color, clarity, cut and carat are weighed as a set, not one at a time. A large stone with weak color or a dull cut is not worth what its weight alone would suggest.
• A credible grading report. An independent report, above all from GIA, tends to support a stronger offer because it removes doubt about the grade.
• Condition. Chips, deep scratches on the facets or a cracked stone lower the value and can lower the grade. A damaged piece of jewelry is valued on the salvageable stone and metal.
• The setting and the metal. Platinum and higher karat gold add more than a thin or low karat mount. A signed designer mount can add value, although the stone is still the main event.
• The market. Diamond prices move with demand, and certain shapes and sizes trade more readily than others. An offer reflects what a stone can be sold on for, on the day it is made.

What to bring

• The diamond or the piece of jewelry, loose or set.
• Any grading report, appraisal document or original receipt you have. It can speed up the appraisal, though none of it is required in order to sell.
• The box or certificate if the piece is a signed or designer item.
• A government photo ID. New York City law requires a buyer of second-hand goods to record the seller’s name and identification at purchase, so a photo ID is needed to complete a sale, not to get an appraisal.

Why sell with a Madison Avenue buyer

Our showroom sits on Madison Avenue in Midtown Manhattan, easy to reach by subway or on foot from across the city. We are a diamond and jewelry buyer who has bought directly from the public for over 15 years, and we price stones every day, so we know the current market and can tell you plainly what a diamond is worth.

For a seller that means real expertise close at hand. The appraisal is free and done in the open while you watch, the stone is tested and weighed in front of you, and cash is paid on the spot. Selling directly to us removes the layers a stone would otherwise pass through, which is the reason to come in rather than mail a diamond to an address you cannot see.

Questions worth asking any diamond buyer

Whether you sell to us or to someone else, a few questions sort a serious buyer from a careless one.

• Will you test and grade the stone in front of me? A buyer who takes a diamond out of sight is one to be wary of. Everything should happen on the counter.
• How did you arrive at the offer? A real buyer can break down the grade, the weight, the metal and the market behind a number.
• Are you licensed to buy second-hand goods in New York City? The city requires a buyer of used jewelry and precious metals to hold a Secondhand Dealer license from the Department of Consumer and Worker Protection and to keep records of each purchase. You can read the requirement on the City’s license page.
• What happens after I sell? Under city law a second-hand dealer generally cannot sell, melt or alter a purchased item for 15 days after buying it, a waiting period that protects honest sellers and gives the public time to trace stolen property. A buyer should be able to explain it.
• Is the appraisal free, and am I free to walk away? The answer should be yes to both.

A diamond is worth the time it takes to sell it well. Grade it, understand what drives the price, watch the testing happen in front of you, and compare offers if you want to. When you are ready, we are on Madison Avenue in Midtown Manhattan and the appraisal is free.

Questions people ask