Print

How to Sell Loose Gemstones

If you possess a set of precious loose gemstones, you can be both happy and perturbed. Happy because they can fetch you good money, and perturbed because if you sell at the wrong places, you can be ripped off! So, do your research beforehand and get your gems sold at a reasonable price. This Buzzle article gives you some helpful tips on how to sell loose gemstones the right way.
Advertisement
Tip to sell loose gemstones
Brace Yourself!
Gather information about the gemstones you wish to sell. Learn about their history, cut type, demand, and current market price. Without being sure of these aspects, it's difficult to fetch a good price.
While a significant number of buyers buy these precious jewels only when they are studded in a piece of jewelry―earrings, pendants, bracelets, rings―there are some buyers who prefer buying the gemstone first, and then getting it studded in a customized jewelry design they have in mind. In fact, many people, especially the older generation, like to collect these stones purely for aesthetic or sentimental reasons, perhaps as a hobby to adore their glimmer, or because they have been in the family for decades.

There are a lot of reasons why you would want to sell these gems. Firstly, if you don't have any reason to hold on to them, they are a good means to get some instant cash. Secondly, selling them would be an experience in itself, that is sure to teach you some rules in the business. Yes, this whole process is pure business, and you are sure to come across many "businessmen" who are likely to play many tricks to get these pricey stones at the minimum prices. You have to put up your guard and be prepared to sideline such intimidating encounters.

Essential Steps for Selling Loose Gemstones

1. Know Your Gems Well

How did these gemstones come to you? Why do you wish to sell them off? Be ready for these questions that will come your way through interested buyers. Keep in mind that the way you answer their queries, will determine if they can trust you with the purchase or not. It would be good if you know your history well―where do these gems come from? What is their cut? Have these been tested? The reason why you must be prepared with these answers is because the market is loaded with the practice of fake imitations being sold at the price of a real jewel. Also, these imitations are so perfect that it is very difficult to differentiate the fakes from the real ones. Which is why, the next step is, by far, the most crucial one.

2. Get Them Appraised by a Professional

Trust us when we say this―there are many professional buyers out there who are in constant search of ignorant sellers, who fail to identify their product's (in this case, gemstones') true worth. Which is why, make it a point to get the gemstones appraised by a renowned gemological institute, such as the Gemological Institute of America. You can also go through the website of the American Society of Appraisers to find a trustworthy appraiser in your area. This will give you a fair idea of the price of the gemstones, and the price you should quote to the buyers. Getting the report of authenticity would also eliminate buyers who rip you off by stating excuses such as, "the gems are of low quality" or "they are fake".

3. Evaluate Your Options

Once you have the much-needed report in hand, start evaluating your options to advertise your jewels in a target market. You could either target jewelry shops, pawn shops, advertise in the print media or virtual media. We suggest to try all these options if you can, and settle for a deal that seems to be the most profitable. Other than inquiring at jewelry stores and pawn shops, advertising on websites such as eBay, Craigslist, and Overstock may prove to be helpful. In fact, we came across a website called pawnbanc which claims to give a good price for loose gemstones and diamonds. According to the website, it has been acknowledged by high-end names such as Forbes, Entrepreneur, and some major TV networks, and ensure that the transactions are safe and secure.

4. Place the Advertisements

Presentation is extremely important. You need to lure the buyers through effective advertising. For this, you need to click some high-resolution pictures of the gemstones from different angles. Get the gems cleaned professionally if they've been gathering dust in your safe for the past few years. You can place these pictures with a catchy byline in the print media (newspapers, local magazines, brochures, pamphlets) and online sites mentioned in the previous point. Don't forget to mention that these have been tested by a renowned appraiser. If possible, try to provide a copy of the report online, or give important details about its findings so that potential buyers can eliminate any relevant doubts.

5. Insure the Shipment

Seal the deal with the best offer you get. Remember, you must be flexible with your expectations. While we do expect our goods to fetch us maximum money, this usually is not the case in reality. In fact, you may have to deal with some additional costs involved in the evaluation of gemstones, placing advertisements, and shipment. In the end, you may or may not get the desired price, but at least, you won't be ripped off drastically! Once you've got the cash and it's time for you to ship the gems, make sure that the package is insured so that in case it gets lost or misplaced, you can claim the money.

The aforementioned steps will help you avoid the mistakes that most people end up making. For instance, in the absence of a formal appraisal of the gems, a pawn-shop owner, or a dishonest jeweler may offer you half the actual price of the stone. Many might say that these are "fake" and that you should be grateful for the peanuts that are being offered to you for these. On a final note, we would advice you to undertake this task with some time in hand―at least 2 to 3 weeks. It has been observed that urgency or desperation could lead to great losses, you wouldn't want to bear that, would you?
By
Published: February 25, 2014
Post a Comment
Name:
Comments

Rejoice your lovely memories of togetherness on Mother’s Day with this gift of beautiful flowers which will give a perfect touch to your emotions. Send Flowers to Bangalore at cheap rate and keeps the love flowing.
- onlineflowers [April 11, 2014]