Whether you’re interested in starting a business selling diamonds, or you simply have some extra gems that you no longer want, you’re probably trying to determine the best selling method to use. Despite the potential to earn a substantial income by selling your jewelry to diamond buyers in Orlando, you will need to have a strategic plan to be successful. Many people or businesses in Florida interested in selling diamonds and diamond jewelry opt for selling their items on consignment. Here is an overview of selling on consignment so you fully understand how it works before you commit.
How To Sell Diamonds or Diamond Jewelry on Consignment?
Selling diamonds or diamond jewelry on consignment entails agreeing with a 3rd party who will sell your items. They will receive an agreed-upon portion of the sale for their role in selling the diamonds and diamond jewelry. This could be a second-hand store, a jewelry store, a flea market, or another 3rd party owner who will potentially sell your diamond jewelry. The 3rd party seller you choose will attempt to sell the jewelry for as much as possible because the more they sell them for, the more money you both make.
How Does Consignment Work For Diamonds?
Consignment for diamonds works by you seeking out a potential 3rd party seller who agrees to sell your diamonds and jewelry for an agreed-upon price. Once the two of you have come up with an agreement, you will both sign a written contract that states that the seller will provide you with your portion of the sale once the jewelry has been sold, and they will keep their share. After signing the agreement, you will make arrangements to get the diamonds and jewelry to the 3rd party seller’s business and display them along with their other items. Depending on your agreement, the seller will contact you when each piece sells or once everything has been sold. It’s totally up to you when you want to be contacted and paid.
What Are The Benefits of Selling Diamonds on Consignment?
There are undoubtedly many benefits of selling diamond jewelry on consignment. First, you save time and frustration by selling on consignment. You don’t have to worry about managing the sale of the items yourself because the 3rd party seller of your choice will manage them for you. They will seek out appropriate diamond jewelry buyers interested in potentially purchasing your diamonds. This will enable you to use the time you save to work on other business deals or whatever else you desire. You also don’t have to worry about dealing with the hassle of trying to sell diamonds yourself because if you’re not familiar with locating diamond buyers in Orlando or anyplace else, it can be a real task.
Secondly, even though you will have to pay your consignment dealer a percentage of the sale of your diamonds, you are still likely to make more money by opting to sell on consignment. Why? Well, consignment dealers who sell diamonds and diamond jewelry are experienced. Not only do they know how to price diamonds properly, but they know how to attract the right diamond jewelry buyers, so the diamonds are more likely to sell. Jewelry dealers are also experienced with dealing with and attracting the appropriate diamond jewelry buyers.
If you opt for a frequently-visited jewelry store to sell your diamond items for you, another benefit is the fact that your jewelry will receive optimal exposure. A jewelry store that receives numerous shoppers each day will increase your chances of the jewelry selling quickly. The sooner it sells, the sooner you and the 3rd party seller will be paid. The wrong jeweler could have the opposite results. If the jeweler doesn’t have an abundance of business, there will be little chance of diamond jewelry buyers purchasing your jewelry.
Yet another benefit of selling diamonds on consignment is that if you’re an artist and you’ve designed your jewelry, you can gain a customer base who loves your jewelry in this manner.
Advertising and marketing can be very costly, especially for businesses just starting. Selling your handmade custom diamond jewelry by consignment is a great idea for any jewelry designer, especially a new one who hasn’t received any exposure yet. You won’t have to worry about paying any money upfront, which would be a win-win for you and the dealer.
Furthermore, suppose you and the dealer develop a good relationship, and the dealer successfully sells your diamonds and diamond jewelry. In that case, you will likely have the option to sell jewelry regularly through the dealer and make a regular income if that’s what you desire. Of course, you might have other plans once your initial batch has been sold, but if you remain friendly with the dealer, the option will likely always be available for you to do business again in the future.
Are There Any Drawbacks To Selling Diamonds on Consignment?
There are drawbacks to selling diamonds on consignment. One drawback is that the seller is likely to want a large sale. Most jewelry consignment owners negotiate a 60/40 deal, in which you would be paid 60% of the sale, while the shop would keep the other 40% of it. There are other possibilities, such as 50/50, 75/25, or even 80/20. The final price will depend on what you and the dealer agree on, depending on several different factors.
Another drawback of selling diamonds on consignment is that you can’t predict when diamond jewelry buyers will purchase your items. You could luck out, and diamond buyers in Orlando will buy all your jewelry in a matter of days, but it could also sit there for months or even years, waiting for a buyer. This is why you need to research the consignment shop that you decide to make an agreement with because the more of an expert they are in the business, the more successful you both will be.
Fortunately, the internet offers new and improved ways for those looking to sell diamonds and diamond jewelry to earn top dollar. Some diamond and jewelry owners have found themselves making 2-3 times the amount of the maximum worth of the diamonds, which is what every seller (and dealer) wants.
Smart Tips For Quickly Selling Your Diamonds And Diamond Jewelry
- Choose the right consignment dealer. If you choose a dealer whose customer base consists of people looking for mainly gold or silver, then you’re not likely to be successful selling your jewelry. Don’t be afraid to ask for references and check out prospective consignment dealers’ backgrounds. Not only do you want a diamond expert to sell your diamonds and diamond jewelry, but you also want someone who has a proven track record and someone honest.
- Obtain a professional appraisal if you believe your diamonds are worth more than $1,500 or $2,000. A professional appraiser has expertise in determining the value of diamonds, which will increase your chances of getting what your jewelry is worth so that you won’t be undersold. Be sure to tell the appraiser that you want to sell your diamonds, as your appraisal prices may differ, depending on what you wish to do with your jewelry.
- Don’t be afraid to ask questions when interviewing prospective consignment dealers. You might want to ask questions like how long they’ve been in business, what their fees are, and more.
- Be sure to have your diamonds and jewelry professionally cleaned before having them appraised or making an agreement with a consignment dealer. The shinier and cleaner your diamonds look, the higher the chances that diamond buyers in Orlando will buy your items for the price you want. If you don’t want to invest in having your jewelry professionally cleaned, then at the very least, you should purchase some jewelry cleaning solution and clean the pieces yourself. There should be instructions on the back of the cleanser, or you can look online for videos that show you how to clean diamonds and diamond jewelry properly.
- Occasionally, check in with your consignment dealer to find out how things are going with the diamond buyers in Orlando. You certainly have the right to inquire about how things are going, so you will know if you’ve made a good choice or not.
Unless you’re an expert in the field, selling diamonds can be an overwhelming and time-consuming process. Fortunately, we are an anxious diamond buyer in Orlando, just waiting for the right jewelry. So, if you’re ready to make some money for your diamonds and diamond jewelry instead of allowing them to sit around and collect dust, schedule your visit today so you can get started! Our experts are waiting to evaluate your diamonds and jewelry and help you earn some extra money.