June 2016

Like? Share!

Diamonds are forever

Diamonds Are Forever? A Glimpse of the Second-Hand Diamond Market

The slogan “A Diamond is Forever”, has become pervasive in the diamond industry. Young girls dream about the day they will find their prince charming, receive their diamond, and begin their forever. Young men, searching for the perfect way to express their love, head straight for the diamond retailers. But in today’s day and age, more often than not, a diamond doesn’t mean forever. For many reasons, people feel the need to part with their diamond. It may be due to the dissolution of a marriage, financial difficulties, death, or even the desire to upgrade to a larger stone. Regardless, these diamonds now need a new place to call home.

This overabundance of diamonds making their way back into the industry has come to form a lucrative second-hand diamond business that is rapidly growing throughout the US. For many years, pawnbrokers and diamond retailers would buy back jewelry set with smaller stones, and sell them to dealers who purchase “melee” stones for manufacturing and creating new jewelry. These stone would then be re-cut and re-set into new settings, and be sold off as new jewelry. However, today, the necessity for re-purposing used diamonds into new settings is no longer as necessary. Consumer dissatisfaction with the low buy back rate of used diamonds, as well as dissatisfaction among purchasers over the high retail pricing of stones, have led to the formation of many online websites catering to those wishing to buy or sell used pieces. Aside from general sites such as Ebay or Craigslist, site specifically for used jewelry have been formed, such as IdoNowIDont.com, which offers the largest supply of used engagement rings and loose diamonds on the web, and provides GIA certification for each stone sold prior to purchase, so consumers know what is being advertised is, in fact, what they are receiving. Other sites, such as HaveYouSeenTheRing.com or Worthy.com advertise up to 80% discount prices on ring purchases by connecting consumers directly with sellers.

IdoNowIDont’s sales show the value of the second-hand diamond market. Their sales figures are up 300% from 2014 to 2015, and in just a few years, they are already a multi-million dollar business, and set to become a major player in the US jewelry market within the next few years.

Even DeBeers, creator of the “A Diamond is Forever” slogan, has realized the potential value in the second-hand market. Realizing the diamond resale and valuation problems faced by many consumers, and wishing to continue the idea of the lasting value of diamonds, DeBeers officially entered the second-hand diamond business and launched the International Institute of Diamond Valuation (IIDV).

In addition, in an era where people try to be more environmentally friendly and green, the value of buying a used diamond means less environmentally harmful diamond mining is necessary, so they can feel good about buying the used stone, and receive a better price. The benefits of the second-hand diamond market are clear. Sellers receive a better fee for their no-longer needed stone, consumers get a discount on a beautiful diamond, and the environment stays in tact just that little bit longer. A win-win for everyone.


Subscribe to the Diamond Blog

Get the latest technology, grading and retail news straight from the source, straight to your inbox.


The State of the Diamond Industry in 2019: Challenges & Opportunities

Today, the diamond industry is more complex and dynamic than ever, and technology has only deepened the challenges faced by industry players at every stage of the diamond pipeline. At Sarine, our technologies scanned more than 70 million diamonds in 2018, enabling us to take a broad consideration of the changes happening now in the […]

3 Retail Technologies & Trends that are Changing the Consumer Experience

Recent years have seen a spike in the number of retail stores that are closing down. In 2017, there was a record-setting estimate of approximately 102 million square feet of retail space that went out of business. Retailers worldwide are facing significant challenges, and the main culprit is the internet. We live in a world that […]

The Sarine Diamond Journey™ Provenance Report Goes to Africa

Recently, it was announced that a leading diamond manufacturer in Africa, Schachter & Namdar, has adopted the Sarine Diamond Journey™ provenance reports for its two exclusive diamond brands – Brilliant Rose and Proudly South African. This announcement comes at a time when diamond traceability and provenance are the fastest-growing issues in the diamond industry. Today, […]

5 Diamond & Jewelry Trends for 2019

We’re already well into the year, but 2019 is shaping up to be a bold one in diamonds and jewelry. Designers are pushing the envelope with new, creative styles, and reaching back to revive retro trends. Whether it’s a new fancy diamond shape, an engagement ring worn on the pinky, or a chunky chain of […]

SPECTRUM – Diamond Industry News #28

Love is in the air in this edition of SPECTRUM, Sarine’s monthly roundup of diamond industry news and trends. This week, we are celebrating Valentine’s Day with a great piece about how to choose the perfect engagement ring from Good Morning America, and a showcase of 15 gorgeous Valentine’s jewelry gifts, compiled by Business Insider. […]

The History and Future of Lab Grown Diamonds

In 2015, photographer Dillon Marsh undertook a fascinating project to demonstrate visually just how much natural diamond has been extracted from a diamond mine during its entire lifetime. In one dramatic example, a photo of the Kimberley mine in South Africa – also known as the “Big Hole” – is juxtaposed with a CGI rendered […]

The Importance of Diamond Provenance in a Data-Driven Age

In breaking the frontiers of the diamond industry, from manufacturing to retail, technology must strive to reach beyond what it can do today, to the potential of what it can achieve tomorrow. At the same time, technological development that brings true change must be in lock-step with the state of the industry at the current […]

3 Ways Artificial Intelligence Affects Your Life (That You May Not Be Aware Of)

What is “artificial intelligence”? Since the very beginnings of computerization, the concept of artificial intelligence has captured the imaginations of science fiction writers and movie makers. Today, fantasy is already reality, and artificial intelligence, or AI, is implemented in a wide range of everyday applications and devices. As the technology becomes more sophisticated, and as […]

How Technology Has Advanced the Diamond Industry: Sarine Celebrates 30 Years

This year, Sarine is launching celebrations for 30 years in the diamond technology business. When Sarine was established, in the late 1980s, technology in the diamond industry was in its very earliest stages. The kinds of technologies used today by diamond manufacturers and gem labs all over the world, such as inclusion mapping, automated rough […]

How Diamonds Are Produced

After the long natural formation process deep in the earth, the diamond is extracted from the mine in its rough, raw state, and begins on its next journey – to become a polished diamond.   From mine, to jewelry store, to the engagement ring finger of its eventual owner – every diamond undergoes a long […]