What's a Pre Owned Diamond?
Have you ever heard the phrase ‘diamonds are forever?’ Of course, you have. Only, as far as you are concerned, it is after all just a marketing slogan. The thing is, the reason Mary Frances Gerety, the copywriter responsible for its creation, thought of it was because diamonds don’t ever ‘get old.’
Diamonds are forever
A diamond is never worn out and can’t really be considered ‘second hand.’ The truth is, there really is no such a thing as a pre-owned diamond. A ring or any piece of jewelry can be restored like new, even better than a vintage car or a historic watch because, once cleaned, the diamond itself is just as it was before.
We have bought back diamonds from our clients many times in the past when they wanted to upgrade to something a little bigger or with a stronger color. Some have passed through the hands of many important brands, like Cartier, Graff, Chopard, and even Tiffany. Many of the important stones we have had before tend to resurface in the market again and are offered to us. A fine stone will remain completely new, forever. It may require a good cleaning from time to time, but it’ll sparkle after 50 years just as it did the first time it was polished.
It’s actually quite a common practice that a Leibish client will ask to receive a credit for the stone they purchased from us when upgrading to a newer one. And when that happens, just to be certain we are still offering only the very best, we will always resubmit the diamond to GIA for an updated certificate.
A 6 carat vivid yellow next to a similar 11-carat vivid yellow diamond
We sold a 6-carat fancy vivid yellow to a woman who came to our New York office. Now, her husband came back to us as they decided to get a bigger stone, which appears longer on the finger. We immediately sold her diamond and succeeded to locate a gorgeous 11-carat fancy intense yellow with a nearly vivid color face for the lady.
Some Argyle stones we sold and bought back for our stock, making everyone happy.
Argyle diamonds we purchased back
Dealing primarily with fancy colors allows us the advantage as these stones will never lose value. We are always in the market to buy back nice stones we have sold in the past in order to provide an upgrade for an even better one. When people ask me my advice as what gift to buy for a nice present or for an investment, I always suggest fine stones which we could sell again.
One thing you have to understand about fine goods is that the market will never cease to move. One of my clients, who had purchased a remarkable 5 carat fancy vivid yellow emerald, was facing some financial troubles. He came to me and asked if he could sell the stone back, and obviously, I was happy to oblige. Not that much later, he was lucky and managed to sell his business for what he said was a comfortable profit. He had asked if he could buy the same stone back as his wife had always loved it, but unfortunately, by then it was already gone.
The 5.01-carat fancy vivid yellow emerald next to the 5.03 carat fancy vivid yellow emerald
Luckily we succeeded to find a nearly identical 5.03 carat fancy vivid yellow emerald.
Fine goods did very well in the past. When it comes to these pieces, the way I see it, even the biggest brands like Tiffany or Harry Winston will have a very difficult time competing with us. We are a family firm with five pairs of open eyes always scanning the market.
Even while shopping on Bluenile or Amazon, you may find Leibish goods. These stones have perhaps changed owners, but they will never lose their sparkle.
Leibish Polnauer, President and Founder of Leibish & Co. Fancy Color Diamonds