China has been one of the biggest international markets for jewelry this decade, and this statistic seems to be growing by the year, as most of the country's newly-rich generations seem to be acquiring a taste for luxury-as-an-investment.
In order to re-sell their diamonds and jewelry however (many of which are inherited from their grandparents or parents), people normally have to seek out the help of gemological laboratories in order to accurately identify and appraise their items. Once this is taken into account, they often liquidate their gemstone assets through friends, word-of-mouth, or through online exchange sites that even allow trade overseas.
Despite this trend, it is not uncommon for the owners to sell off their items for less than what they had originally paid for. Selling your gemstones to pawnshops or even jewelry shops will usually entail low prices, as business people who purchase them only do so for profit. Be prepared to wait a long while, if you are wishing to get your original monetary amount back. Although diamond does appreciate, so loose diamonds (unset) are particularly fast-moving in some countries like the Philippines and India. It is still possible to sell them for a profit, if you are able to get accurate information on price valuations from a reputable gemologist appraiser.
The two biggest trends causing the re-sale of old jewelry these days are: The utilization of money gained for more practical purposes- such as paying for housing, or diversifying assets, and also for diminishing luxury clutter- or basically creating a minimalist way of living. Most Filipinos these days actually engage in the luxury-purchasing of tech-related products. It's been shown that these are sometimes bought by younger generations (even for gift-giving) rather than fine jewelry items. Millennials have also been documented to sell-off heirloom jewelry to people who would appreciate them more, and instead just use the cash to buy iPhones, tablets or new laptops which they could use for both work and leisure.
Diamonds and gemstones are sold and resold according to their identities and grades. People looking to re-sell their jewelry items should consult with a proper gemologist so as not to undervalue or overvalue their possessions, as well as to avoid getting cheated or swindled.
Gemstones and diamonds are some of the most stable hard assets, so selling them for a high price is still very much a viable option, even for the private sector. Just make sure that you know what it is you're selling. Seek out gemological support from experts in the field. Our laboratory has helped Filipinos save hundreds of thousands of pesos by simply giving them information on their gems that could help them better price their items for the market in fair and realistic conditions.
Apart from Japan and the Philippines, other countries in Asia seem to be continuing their purchases of diamond and diamond related jewelry at a steady pace, with some highs and lows peaking throughout this past 2017. China in particular has been consuming a great percentage of the jewelry market, growing its luxury sector by exponentially higher rates compared to previous years.
