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Selling Diamonds and Jewelry on Ebay or CraigslistMarch 9, 2016 - Diamond Articles
When looking to sell a pre-owned item, many would naturally turn to EBay, Craigslist or other such websites that allow you to sell your goods directly to members of the public. This may apply to selling books, furniture or in fact a whole host of goods, but is it the best option and the right market when it comes to selling diamonds or high-end jewelry?
Selling Diamonds and Jewelry Directly to Members of the Public
Online auctions such as EBay or platforms such as Craigslist are popular routes for selling diamonds and diamond jewelry. Here, members of the public can find your diamond items and make an offer. There is no guarantee of a sale and one of the main drawbacks is that you have to be willing to be patient. The advantage, however, is that these are easy platforms to use and you can negotiate and set the price wherever you feel comfortable.
Some of the disadvantages of selling diamonds to a member of the public include
- Speed of transaction: If you have time on your side and are not in a rush to sell your item, then this can be an option. Not everyone has the luxury of time so if you need the funds soon, its important to be realistic about the time frame when selling in this way.
- Lack of specialist knowledge: Given that you are not a diamond, or jewelry expert, you are put at a further disadvantage when dealing with buyers who also lack the relevant expertise.
- Difficulty in setting a reasonable reserve price: Whilst you are able to set the price you sell for, without specialist diamond knowledge and expertise, it will be impossible to establish a sensible price. Should you rely on the market to dictate the value of the stone, you will likely undersell. Trying to ascertain the value of your diamonds or jewelry based on what similar items are going for is a flawed tactic. The prices you see are asking prices and not what the item actually sells for.
- Less comparable products: Ebay and Craiglist are great platforms for selling a vast array of items (i.e. golf equipment, books, furniture etc.). It easy to establish the market price for these types of items as there are fewer factors and intricacies in pricing. Diamonds and jewelry, however, have fewer like for like items on the market that can be used for price comparisons.
- Unscrupulous dealers: Many professional diamond buyers scour these auction websites searching for great deals from ill informed consumers looking to sell their diamonds or engagement ring for cash.
Alternatives For Selling a Diamond
Diamond buyers are specialized in precious stones, and as such, have the experience and knowledge necessary to offer the best price for diamonds. Dealing with experts who can correctly grade your diamond and price it based on the current diamond market allows you to get the most out of your item.
The advantage of working with diamond experts is that they will help you navigate and demystify the entire process. They will be able to answer any questions you have and provide you with education, advice and information on selling your stone. Unlike selling to an individual where you have to: list the item, provide photos, a description and the specific characteristics of your piece. All of which can be problematic without in depth diamond knowledge.
One of the biggest differences between selling to an individual as opposed to a diamond buyer is the speed of the process. Diamond buyers will be able to have the entire process completed with the money in your account in as little as 48 hours. Online diamond buyers are able to buy from customers wherever they are located, be it Minneapolis, Houston or abroad. Selling to a member of the public relies on someone who is looking for that exact item, potentially in that exact size (when it comes to a ring, for example) and at that exact price. They also need to be comfortable with purchasing a high cost item over the Internet without ever seeing it in person. This combination can make for a lengthy period of time before selling.
Make sure to do your research and look for a reputable, BBB accredited diamond buyer with credible online reviews. At WP Diamonds we pride ourselves on offering a quick and secure service. To receive an a free estimate on your stone, fill out our online form today and one of our diamond experts will be in touch shortly to discuss your diamond.