SELLING YOUR RING ON CONSIGNMENT
Do you desire to part with your old jewelry like earrings, necklaces or an engagement ring? Would you like to consider some of the best ways to sell your diamond and jewelry? Consignment is a very good option but it requires a close study before you go for it. This article aims to explicate on what consignment is all about.
HOW CONSIGNMENT OPERATES
Consignment refers to a situation whereby a diamond and jewelry consignment shop showcases your piece in their shop as part of their inventory for an agreed price. A percentage of 10%–30% is deducted by them once the item is sold.
Before you finally agree to sell your ring on consignment make sure you are clear on the following: The minimum price, additional fees, the exact Percentage of commission they charge, the mode and time of payment and what will happen if your jewelry could not be sold.
BENEFITS OF SELLING DIAMONDS AND JEWELRY ON CONSIGNMENT
• You make more money by selling your ring on consignment. The consignment shop only gets to take a pre-negotiated percentage of the sale.
• Consignment brings you closer to buyers who seek jewelry and are willing to buy at a reasonable retail price.
TIPS FOR SELLING DIAMOND JEWELRY ON CONSIGNMENT
In a consignment plan, the owner gets to retain ownership of his/her ring until it’s actually sold. Therefore you have to be responsible for protecting your jewelry. The following are tips on how to make Consignment of your diamond jewelry safer.
1) It is very good to confirm your state’s consignment laws before going into a consignment agreement. This is to ensure you are aware of your legal rights and responsibilities.
2) You must ensure you check out the background of a consignment shop before consigning your work with them. Your research should include the care they render to items in their shop, do they display items attractively? Do they have similar items to yours? Is the consignment shop attractive? Is the consignment shop accessible? All these questions have to be answered because in consignment you need to be very careful.
3) Do not consign much jewelry if it’s your first time of consignment in a consignment shop. Start with just a few pieces until you are certain that the consignment relationship will be a successful one.
4) make sure the consignment deal is backed legally and supervised by your attorney. Do make sure the contract spells out what is expected of you (artist) and the consignment shop.
5) Consign your ring with consignment shops that are experienced. This is necessary in order to avoid doing business with bad owners of consignment shops. If it’s a new store it’s advisable to consign just a little.
6) Keep good records of diamonds jewelry you have consigned. The record should include when you delivered the jewelry, the duration for the period of consignment, the retail selling price, etc.
7) Do make sure you check in on the consignment shop regularly to check the state of your Jewelry. Also, make sure you develop a good relationship with the shop owner.
8) Have a specific time limit set for the consignment shop to sell your ring and have it stated in the contract. If by chance your ring is unsold at the stipulated time, have it returned back to you? You gain nothing by having it stay longer at the consignment shop unsold.
9) Consult your Insurance agent on your consignment deal on additional insurance coverage on your diamond jewelry. The insurance should include loss, theft, damage, liability etc.
In conclusion, selling the ring on consignment involves both risks and rewards. Successful consignment deals involve selecting the right consignment shop for your diamond jewelry, keeping detailed records of your arrangements with the consignment shop; involve a consignment contract and insuring yourself alongside your jewelry from possible risks.