Guide to Buying and Selling Second Hand Jewellery OnlineBy Angelica Malin
The Internet has revolutionised the way people shop. Looking at the perks of buying online – convenience, wider variety, better prices, and fewer crowds – it is easy to see why there is a growing number of digital consumers. By the end of 2020, around 2.05 billion people are projected to have shopped online. Ecommerce has become so popular that even products most people consider too risky to purchase on the Internet are seeing a rise in sales. Among these is second-hand jewellery.
In 2019, over 29 million people bought jewellery online. The market could grow around 8.1% annually, possibly reaching a value of $20 billion by 2025. Indeed, jewellery can be considered a good investment, and with the online marketplace steadily growing, buying and selling jewellery online can be a lucrative business. However, it does come with numerous pitfalls, and you should exercise utmost caution before making any crucial decision. Here are the factors you need to consider.
Places Where You Can Buy Second Hand Jewellery
Finding online jewellery stores is extremely easy. A search in eBay alone would give you around 800,000 results. Finding a reputable supplier, however, is an entirely different story. With the plethora of retailers who offer curated selections and competitive prices, it is easy to fall into the trap of shopping at the first store you find. Purchasing from an unverified retailer is like blindly paddling in the e-commerce ocean without an oar.
To avoid getting ensnared by scammers and unscrupulous retailers, always do thorough research. Check the background of the vendor, visit its social media channels, read customers’ feedback, and peruse third-party review sites. The website should have plenty of high-resolution images of the product, detailing even the imperfections, such as scratches, loose prongs, unpolished metal. The retailer should be able to tell you the origin of the piece, as well as provide documents to back it up.
If you are purchasing fine jewellery, the piece should come with a certificate of authentication or a valuation document that specifies the product’s worth. Paperwork raises the value of jewellery, and because you intend to resell the product, you should have all the necessary documents. Be sure the seller has a clear and transparent return policy that allows you to send back an item for a full refund or an exchange if the piece is not what you expected. It is best to buy from trustworthy sources that specialize in retailing jewellery instead of private dealers who sell in customer-to-customer platforms such as eBay.
Lastly, listen to your gut feeling. If the website doesn’t look right or if an offer seems too good to be true, move on to the next store.
Places Where You Can Sell Second Hand Jewellery
Before anything else, consider what kind of second-hand jewellery you have – fine, costume, vintage, or a combination of all three. Once you have classified your merchandise, it would be easier to choose where to market it. The point is you need to establish your niche.
Now we go back to the question: where are the best places to sell second-hand jewellery online? Websites like eBay and Amazon are usually the go-to venues for marketing jewellery because they have a large audience. However, you would also have tighter competition. It is better to select a marketplace with a compact customer base, such as Ruby Lane, which focuses on antique and vintage collectables. Not only is the site more highbrow than eBay, but eighty-five per cent of its users are women over 40, a demographic that happens to have the disposable income to spend on jewellery.
You can also check out Jewellery Guru, which markets second-hand designer jewellery, and specializes in high quality used engagement rings and reselling used high-end watches. You can try jewellery specialist shops like Hatton Garden and William May, but they may make low offers.
In the long run, consider creating your website. But in the meantime, keep yourself educated on jewellery and updated on trends, as you need to provide your customers with complete information about the pieces you’re selling.
Getting Your Jewellery Valued
Many people pass the valuation process for its hassle and expense. But if you want to know the real value of your jewellery so you can sell it for a fair price, valuation by a professional valuer is essential. While valuation is mainly for insurance claims, it can be useful in other ways.
Some pieces have more worth than you initially thought, while others are not as expensive as they look. If you’re in the process of buying pre-owned jewellery, an appraisal ensures that you get the right value for your money, as well as confirm that the product is authentic. If you are selling, a valuer can give you an accurate idea of the item’s resale price and recommend whether your jewellery should be remodelled, sold for scrap, or sold as it is.
The process considers every aspect of the jewellery: type, amount, and purity of metals and stones, as well as craftsmanship and provenance. It could take a day or a few weeks to finish, depending on whether the item needs further testing at a laboratory. Some online selling platforms have in-house valuers; in other cases, you would have to contact an independent valuer. Experts say that if you are selling high-end jewellery, you should get at least three estimates.
Sell on Value
When you invest in something, it is worth knowing how much you will get back in return. But let’s face it, the value of jewellery drops the moment you leave the shop.
Except for rare pieces, the majority of second-hand jewellery usually sells for 20% and 50% of its original price.
But how does this make second-hand jewellery a sensible investment? Because jewellery carries intrinsic value in its materials, it is unlikely to depreciate further once it loses its initial value. When you buy a £3000 diamond necklace, for example, you might be able to resell it for £750. However, if you purchased the same necklace second-hand, you would likely be able to sell it for around the same amount you paid for it, probably within a £700 to £750 range. If you are lucky, you might find a highly desirable antique piece that fetches a higher price than its original purchase cost.
Among the factors that impact the resale value of jewellery are the brand, materials used, condition, provenance, and paperwork. When you buy a second-hand piece intending to resell it in the future, be sure to weigh in these