Buying and selling diamonds at the fair price is key to success in any diamond business.
Your ability to source more efficiently will allow you to save more money, some of which you can then pass on to your clients. You will also be more successful at setting the price of your diamonds for the highest possible sales and profit if you are well-informed about the state of the market and pricing statistics.
To help you make better decisions that will significantly impact your company's financial performance, we've compiled a list of three strategies for using pricing and market data.
Analyzing the Market Environment
Understanding the state of the market is essential before deciding on a price or putting in an offer for any diamond. By knowing the average prices, discounts, and comparable diamond sales prices, buyers and sellers can better understand the state of the market and make informed analytical decisions about the diamonds they are trading.
In addition to giving sellers more insight into how to position and price diamonds competitively, real-time information on international diamond trading gives buyers the knowledge and confidence to know they are getting the best deal on the diamonds they buy.
Knowing the Price of Your Diamonds
Sellers use comparable sales data and real-time discounted pricing information to determine the value of their own diamonds.
The Rapaport Price List is widely regarded as the most trusted and authoritative reference for diamond pricing. This Price List gives both trading insight into price indications based on Rapaport’s opinion of high cash asking prices for diamonds that satisfy particular standards and the global standard in the market.
Another amazing tool to review your inventory is RapNet Price List. You can get real-time discounted pricing figures based on real-world asking prices on RapNet, which is a great indication of your diamonds’ market value.
Pricing Your Diamonds to Trade
With uncertainity of diamond prices and its supply diamond dealers need every possible benefits to trade smoothly. High-value diamonds move quickly and generate repeat business. Asking for excessive prices impacts your reputation and turns away clients, so you need to be stay updated on market changes and conditions to know the right price points.
The Diamond Calculator app will calculates the cost of a single diamond and helps you to price your diamond to sell as per the Rapaport & RapNet price list.
You just need to enter your diamond’s shape, weight, color, and clarity, and app shows you the discount off and best and average price for RapNet-listed diamonds within categories (think melee, fancy shapes, or single stones)
Buyers can also use this diamond calculator app to ensure that they are not being taken advantage of and are paying the correct price.
Whether you’re buying or selling diamonds, you’ll make more informed choices that will increase your profit when you utilize credible real-time market and pricing data.
Learn more about how The Diamond Calculator, the greatest option for pricing tools, can make your diamond purchases and sales more informed:
