Selling jewelry is much harder than selling your everyday household items. Besides the high price tag, jewelry isn’t a basic necessity that everyone can afford. It is a luxury item, meaning you’ll need to find a buyer that truly wants it. In order to get the best price for your item, steer clear from these common mistakes when selling your jewelry.
7 Mistakes to Avoid When Selling Jewelry
- Skipping the Appraisal Process
Getting your jewelry appraised by an expert is a necessary investment that every seller should make. Putting a price on items as valuable as jewelry is a lot more difficult compared to everyday items. Factors such as condition, authenticity, and history are considered to set a fair bid.
Professional appraisers take these factors and provide a less-biased opinion on how much your jewelry is actually worth. Because they are simply hired to appraise, they have no hidden agenda to provide inaccurate information. Even if you’ve got a strong sense of what it’s worth, it always helps to have a second opinion.
- Selling on a Tight Time Limit
Because jewelry is a luxury item, it isn’t something that will sell overnight. It takes a while to sell precious items to interested buyers who are willing to pay in the range of your asking price. Rushing to make a quick buck will hinder your potential earnings. Give yourself some time and be patient. If you end up selling your item too soon and have a better offer surface after, it’ll weigh a lot heavier on your conscience for not waiting a little bit longer.
But if there is no way around your deadline and you’re in dire need of the money right away, consider options like pawning your jewelry for the time being. This gives you the loan that you need right away and gives you the option to take your jewelry back to sell for a higher price later on.
- Letting Pressure Undervalue Your Jewelry
The constant wait can weigh heavily on your judgment, especially if you’ve been receiving bad offers time and time again. This pressure might cause you to constantly lower your prices just to make the sale. Do not undervalue the jewelry’s worth just because it is difficult to find an agreeable price. Trust that the right offer will come along.
If you do choose to lower your prices, make sure it’s still close to its value. Lowering it any further may prove detrimental to you, especially if you don’t leave enough room for reasonable negotiation.
- Accepting the First Offer
If you’ve been waiting a while now and no offer has been, the first offer you get would definitely ignite your excitement. But don’t let the feeling get the best of you. Not all first offers are the best. It pays to explore options before making a decision.
Widen your search for potential buyers instead of simply waiting for another one to come along. If your first bid is the most ideal or closest to the number you’re satisfied with compared to other outlets or interested buyers, then can you take it. At least you got the peace of mind knowing what it’s worth elsewhere.
- Selling Online
Posting an ad online is certainly one of the most convenient ways of selling jewelry. With a click of a button, hundreds of thousands of potential buyers will easily find your offer. However, there are disadvantages of using online platforms for a transaction this heavy.
For one, most of the online audience may not have the proper knowledge of buying jewelry. They may make offers nowhere close to your asking price because of the discrepancy of the medium itself. With them only having pictures and a description to go by, they won’t be able to fully grasp its worth.
Another disadvantage is the risk factor it carries. The least harm that online selling can do is have people bombard you with inquiries and not place a bid after. The worst-case scenario is you may find yourself in the middle of an online scam. Cons can easily get away with scams on the internet because people behind a screen are much harder to trace. With the possibility of this happening, it’s best to stay on the safe side and sell in-person where there are no barriers in between.
- “Over-advertising” Your Jewelry
It helps to let people you trust know that your jewelry is up for sale. Friends or family are either definite potential buyers or may know people in their network who would be interested in the purchase. But be careful who you choose to tell and what information to disclose. Getting the word out to too many acquaintances that you’re selling expensive jewelry is a safety risk. Mention what it’s worth only if you have the inkling or have blatantly expressed the fact that they are interested.
- Not Going to a Professional Buyer
Where you choose to sell your jewelry can play a factor in how much you can get for your items. Jewelry stores along with some inexperienced pawnshops will give you offers at a lower price because they too will need to profit from the transaction. Some other non-reputable sellers such as online stores may not have the right knowledge or enough experience to know how to sell your jewelry.
The ideal place to sell your jewelry is to professional buyers who know jewelry like the back of their hand. Professionals are trained to assess the value of precious items and can give you one of the fairest prices in the marketplace. Trust ratings and reputation when looking for the ideal professional buyer.
Sell Your Jewelry to the Experts in Phoenix, AZ
If you’re looking for experienced jewelers to sell your jewelry, consider heading over to Biltmore Loan and Jewelry, a highly reputable diamond and jewelry buying and lending business. With a total of 75 years of combined experience, Biltmore is known by many to give one of the highest cash-to-value purchase prices around. Feel free to contact us by filling out our form for more of your questions and concerns.