The prices can be just half the cost of a similar ring at a big-box jewelry store. Compared to online jewelers, here's the general observation: Diamonds 1 carat and above have similar pricing, since the diamonds are certified by GIA. Diamonds under 1 carat are cheaper at Costco, since they're not certified.

Dubai is deemed as one of the cheapest places to buy diamonds and rightly so. There's a reason that it is regarded as one of the world's top three diamond trading centers—the other two being India and Belgium.

There are a variety of options. Some jewelry stores will buy jewelry, either for resale or for the value of the gemstones and gold or other metal. There are advantages to selling at a local jewelry store near you. At a local jewelry store, you can speak directly to those who will be purchasing your jewelry.

Wholesalers usually offer diamonds at much lower prices than what you would pay at a branded jewelry store because overheads like distribution and marketing costs are already eliminated. This means that you are buying diamonds from the same place, at the same price, as the fancy diamond jewelry retailers do.