This post is not about selling your jewelry to a jewelry store, I’ve already talked about that in a previous post here: Selling jewelry to a seweler.
This post is about selling your diamonds and jewelry to an individual.
A lot of people place ads in the newspaper or online with Ebay or Craigslist. This never pans out well.
Chances are, you’ll have a very hard time getting someone interested in your jewelry, let alone one that would pay good money for it.
Why is this?
Because you’re not a real store.
Potential buyers will compare your items to that of which they could get at a jewelry store. And guess what?
The odds are stacked against you.
So here are 10 reasons why it will be difficult to sell your diamond ring to an individual:
1) You can’t compete with jewelers:
Jeweler’s run specials and sales and promotions on their jewelry all the time. Sometimes up to half-off.
And it’s not even the discount prices either, jewelers are respected in the community. They are trusted and professional and have the ability to train people about diamonds, the 4 C’s and quality. They’ll show people the diamonds under a microscope. They have charts to explain everything in crisp detail.
What do you have?
You will have a hard time convincing someone that buying a ring from you is better than what any jeweler could offer, even if your ring is cheaper.
2) No warranties:
You offer no diamond warranty. That’s important for many. Even if your ring originally came with a diamond warranty, these warranties are non-transferable. Once you transfer ownership of the ring, the warranty is void.
3) No Service Plan:
You have no warranty on the mounting either. No plans (usually called Extended Service Plans) to fix or repair the prongs. No plans to cover the cost of sizing, tightening, cleaning, polishing… You have nothing that will help people cover the price of maintenance.
4) No Policies:
You have no exchange policy. No trade-in policy. No upgrade policy. You give them nothing to protect their investment with.
Plus, you offer no return policy. If they buy it from you, they are stuck with it. No ifs, ands, or buts.
5) No Financing:
If they buy it from you they can’t make payments on it. You have no interest-free financing. No buy it now, pay it later plans. No layaway. Can you compete with zero money down?
6) No Market:
Selling to an individual is tricky. You only have one item to sell. So either they like that item or they don’t. It’s not like you have an assortment of 50 engagement rings to choose from. One piece, that’s all. Hopefully they’ll like it…
Plus, the person has to be ready to buy right now. They’ll have to have the money up front. It’s all a game of luck. “One ring. $2,000 Cash. Today.” Not easy is it?
7) No Trust:
How does the person know what you’re selling is real?
It could be a fake diamond. The gold could be plated. The whole thing could be a scam. No one knows who you are. They’re taking a huge risk by buying from you. Would you give $6,000 cash to a complete stranger?
Most people can’t find the documentation on the pieces they’re selling. No paperwork. No appraisal. No certification. No receipt. It’s just a ring. Here you go. You’re giving them no proof of sale. That’s scary. And speaking of scary…
9) Selling is Scary:
People will have to meet you somewhere to take care of the transaction. Strangers coming to your house? That’s scary. Who knows who will show up? Having people come to your home is not advisable. Especially if you’re a single parent with little kids. Be Cautious!
If the items are to be mailed, that’s scary too. They could get lost in the mail. The people could say they never received the item, or that the box was torn open. They could say they had it tested and it was a fake… Not a cool situation to be in.
10) Used Jewelry:
No matter how you look at it, your items are used. They aren’t brand new anymore. Even if you never wore your items much, they’re still considered used. More than likely they will have scratches, dings, dents in the gold, worn prongs, pits, tarnishing and thinned out shanks.
Buying used jewelry will normally require resizings, repairs, fixings, polishings… More money to shell out.
Selling your jewelry is not an easy task.
There are so many obstacles to overcome.
Your best bet is to sell your jewelry to a family member or a friend. Someone who knows you and trusts you. They will often pay more than a jewelry store or pawn shop would.
How to get more money from the sale:
If you want to get the maximum amount of money out of your sale, there are a couple of things you could do:
1) Professional Cleaning:
Have your items cleaned and polished by a professional. Get the scratches out. Have it buffed up to look brand new again. If it looks new, it creates more of a desire.
Have your item appraised. Some people have appraisals with their jewelry already, but the appraisals are 20 years old. Get them updated. You’d be surprised at how much the values have changed.
Jewelry appraisals tell everything there is to know about the ring; metal, carat weights, color, clarity, and it even puts a replacement value on the piece. That’s important. It will help the buyer become more aware of what they’re buying and it will make the item and you more trustworthy.
3) Close up Photo:
If you’re selling in a newspaper or online, you’ll need a great photo. Photos sell. The better the photo you can get, the better your odds of selling. And buying yourself an inexpensive jewelry photo light box is the perfect solution to crisp, clean photos.
So there you go. Now you know why it’s so difficult to sell your jewelry.
You could always trade-it in towards something new, or upgrade it at your local jeweler.
Or just have the diamonds or gems reset into a whole new mounting.
Either way, selling diamonds and gold is not fast or fun.
But I do hope you make the sale.