If you have a jewelry box full of unworn jewelry, then right now is the time to sell your diamonds, gemstones or jewelry. Due to an escalating taste for discount diamonds in India and China, diamond prices soared in 2011, increasing by 49% at the beginning. This left dealers and jewelers looking for other avenues from which to acquire their discount diamonds and gemstones. Now is a good time to let go of some of that unworn jewelry, even if you do not know much about the art of diamond sales. Fundamentally, there are four pieces of wisdom for selling your diamonds: knowing what you have, setting a realistic price, investigate your options and being emotionally ready to sell.

Knowing what you have: Just because your grandmother says her ring is valuable, does not necessarily make it so. Before you run off to market make sure you get an accurate, unbiased opinion about its quality and authenticity.

Setting a realistic price: This is key to avoiding an emotional letdown when selling your diamonds. You can have your diamond professionally appraised, which will cost you some money, or do the legwork yourself by researching auction sites or pricing new diamonds of a similar weight and cut.

Investigate Your Options: Resellers of diamonds basically have two places to sell their merchandise to: the public or the jewelry industry. Members of the public will generally pay more, but finding a buyer can be an excruciating process. Many will instead sell to a diamond broker who specializes in discount diamonds.

Being emotionally ready to sell your diamonds:  Diamonds are symbolic and sentimental to many people, so it can be difficult to part with any of your jewelry. Diamonds are only material things, however, and your financial peace of mind is not.

Diamonds are eternal, but sometimes they need to find a new ring in which to rest. Don't settle for discount diamonds when you can get the very best for yours.