A jewelry store is a retail business establishment where you will be able to find any type of jewelry or ornaments. This includes necklaces, earrings, rings, brooches, bracelets, cufflinks, pendants, and many more. Even expensive watches like Rolex, Omega, Piaget, Cartier, etc are considered a luxury and jewelry items.
And in the jewelry store, not only can you buy precious prices but also sell your jewelry for a good profit. All you need to know is the process and tips and you are good to go and make a handsome profit out of it.
Selling Jewelry on consignment
Jewelry stores also offer an option where you can sell your jewelry on consignment. If you have a diamond piece that you are interested in selling, you can make a deal with a jewelry store by allowing them to showcase it on their behalf.
This convenient service is very helpful for people to buy or sell jewelry. If you own a vintage jewelry set or an artist who plans to sell jewelry or ornaments then consignment is a great option for you.
Consignment is a procedure where you entrust a store that is expert in dealing jewelry and other valuable metal products to showcase your jewelry for sale. This helps the irregular customer to take a look as they browse. If the customer is interested then the jewelry store will sell it on your behalf.
Some of the jewelry stores or shops may have a time limit and even agree to display your jewelry piece for a specific amount of time. If the jewelry store is unable to sell it by that time, they will return your jewelry to you.
It is advised to read the contracts carefully before you sign the agreement. The main reason is the paperwork might differentiate from jewelry store to jewelry store. Some of the jewelers will agree to pay you upfront. On the other hand, some jewelry stores will pay your cut after making the sale. Therefore if you have any questions or doubts, it is better to ask them right away before drawing up a contract.
How much does a jewelry store charge for consignment?
When you are planning to sell your diamond or other jewelry on consignment, you will be making a deal with the jewelry store. Once the item is sold, the jewelry store will transfer the money to your account or by cash. The rate they can charge varies from jewelry to jewelry. The rate typically local jewelry stores charge is from 20 to 50 percent. However, in most places, the average percentage for jewelry consignment is 35 percent.
Through negotiation, you can set the charge percentage to your convenience. Although some jewelry stores might not be convinced with your proposal of percentage because of their high reputation. But if they have a good network of loyal buyers then your piece can be sold at a higher price and you will be able to profit from the sale even if the percentage is quite over your offer.
Important inquiries before agreeing on jewelry consignment
It is a wise decision to clarify your doubt before you go forward with a jewelry consignment. Here are the inquiries you should do to the jewelers-
- It is important to ask about the method of exposure which is whether the jewelry store advertises or it will be displayed.
- Inquiring whether the jeweler or gallery is planning to change the location anytime soon. If they do, ask what will happen to your consignment and jewelry. This is important to inquire about because there might be a risk of losing your precious jewelry if a store decides to shift.
- Asking what percentage they will keep after the sale is very important. As well as what will be their step if they are unable to sell your jewelry piece.
- Make sure to check in with your store from time to time. This will help to get an update on the status of your jewelry.
How to sell your jewelry for most cash in jewelry stores
If you want to make the most profit out of your jewelry piece then you must have some knowledge before you confidently enter the jewelry store.
Learn more about diamonds
Diamonds are usually the stones that make your jewelry piece more expensive. But if you don’t have the correct idea about diamonds then chances of not making a good profit upon selling them are high. It might be the diamond that is engraved to your jewelry piece might be a rare one but you sold them at the normal rate. The jewelry store will want to buy your piece at the cheapest price possible.
But if you have a good idea about diamonds and how to measure their quality then you can demand a better price upon selling. The best way to know more about diamonds is knowing the 4Cs which are Cut, Color, Carat, and Clarity.
Knowing more about the 4Cs will give you a much better idea about the quality and finish of your diamond piece.
Make an appraisal for an estimate
People do appraisals on their jewelry to have a better idea of how much it is worth. Although it is important to note that the estimate that you will get won’t be the same as the retail price. This is because the appraisal is done mostly for insurance purposes.
Jewelry stores won’t pay the sum that you find on the appraisal estimate but it will give a basic idea of how much it is worth in the market.
Some of the online sites even do a free estimate on your jewelry piece and sell them on behalf of you to their network of legitimate buyers.
Always bring the documents
You will be surprised how the price will increase if you bring all the documentation and certification regarding your jewelry piece. The jewelry stores love to pay a hefty price if you bring all your documentation and certificates with you.