Jewelry is a highly sought-after consumer product that transcends age and gender. It can be found in all price ranges and crafted from hundreds of different materials. Jewelry is often a personal choice, infused with sentimental value and worn in celebration of life’s milestones. It can also be a status symbol, a way to identify a religious or cultural group, or an indication of social rank. The jewelry industry is a highly competitive one, and it’s important for sellers to stay up-to-date on trends and best practices.
There are many ways to sell jewelry, including through an online marketplace. However, selling through a marketplace has several disadvantages including limited control over branding and high listing, commission, and payment processing fees. In addition, most online marketplaces have a built-in audience that may not be the target market for your brand. Starting your own online store gives you full control over your website and brand, which can lead to more repeat sales.
The jewelry trade can be broken down into three tiers: Tier 1 is primarily retail buyers, purchasing from dealers, shows, and estate sellers. They are typically looking for specific stones that are not easily available and will often have the resources to purchase directly from Tier 3 sellers. Tier 2 is middle to upper middle class buyers, who are looking for quality and a certain level of exclusivity. They may have a budget of up to $1 million, but they still expect high-level customer service and a personalized experience.
Tier 3 is the rarest of all buyers, and they are the ones that determine market trends. These buyers are largely made up of collectors and investors, and they have a very clear sense of what they want in a stone. They will often work closely with Tier 1 and 2 sellers to purchase large (7 figure +) purchases. They will also be the ones to contact Tier 1 and 2 sellers when they have a large inventory of stones that they want to liquidate.
Jewelers can also offer customers a trade-in option for watches and pieces of jewelry. This is a great way to make room for new merchandise and can help to subsidize the cost of a new purchase. The benefit of a trade-in is that it’s quicker than waiting for an item to sell on consignment. However, it’s important to note that the resale value of an item can vary greatly depending on its condition and how it was presented.
When offering a trade-in, it’s important for jewelers to have all documentation in order. This includes appraisals and certificates, as well as any other documentation that identifies the piece. This helps to ensure that the customer receives a fair price when they sell the piece back. In addition, it prevents jewelers from losing money on a watch or piece of jewelry that they don’t have the opportunity to sell for full price.
