The beauty of investing in diamonds is that these precious stones will always remain valuable, no matter the passage of time. Of course, the assumption is that these old diamonds maintained their quality in terms of the cut, carat, clarity and color (4Cs), which should be easy when these gemstones are properly stored.

Buyers of old diamonds abound in many places, so it should also be easy to find somebody who will buy the stones. Then again, selling old diamonds require certain steps so that the seller can get the right price instead of being scalped by one of the many unscrupulous buyers who pay a small fraction of the actual market value for diamonds. Here then, are some all-important steps to get a fair deal on the sale of old diamonds.

Get a Professional Appraisal

If you are only selling the diamonds but not the jewelry or setting that came with it, we suggest taking out the stones from their settings. Then, try to keep the diamonds as sparkly as possible by wiping with a clean cloth and storing in a clean, safe and secure place.

Gather information about the fair market value of diamonds according to the abovementioned 4Cs with the best resources being Internet sources. Through initial calculations, the possible market value of the diamonds can then be determined.

Professional appraisal of the diamonds, however, is still a must when selling, for many reasons. You will be informed about the total possible value of the stones by an objective professional in jewelry and the said appraisal of which will be the basis for comparisons between the numerous types of diamond buyers. If possible, ask for an appraisal certification to back up your price.

Choose the Selling Venue

There are numerous legal venues where to sell old diamonds from the brick-and-mortar establishments to the online sites. Your choice in venue mainly depends on your personal preferences in ease of selling and target profit. The following are just a few of these options:

• Local jewelry stores are good places to sell old diamonds especially when you are a customer. Most will give fair prices in the hope that you will come to buy diamond jewelry from them, too.

• Auction establishments can often provide for the highest profits, particularly when the old diamonds are valuable in every sense of the word. The bidding amounts may go higher until such time that your actual profits have more than doubled than expected. We generally don't recommend online auction sites in selling old diamonds, however.

• Online sites buying gemstones and jewelry pieces can provide competitive prices for your diamonds. Just make sure to have the initial appraisal on hand as many con artists take advantage of the relative anonymity of the Internet to fleece owners of their gemstones by as much as 95% of their fair market value.

The most important tip in selling old diamonds is to never sell to the first person who wants to purchase them. Comparison shopping applies to the sale of old diamonds as it does to other products like appliances, jewelry and houses. Once you have found the bidder with the highest price, so to speak, that's the only time when selling the old diamonds is the right decision.